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Because the invoice is built from a report. Somebody decides what is billable, types it in, and drops a milestone or uses last year's rate.
Unbilled delivered work is the largest single leak in most services firms, and it is invisible precisely because nobody is looking at delivery and billing together.
Invoices assemble from delivered milestones and approved billable hours in Loop, priced at the contract rate. Expenses coded to a project reach the invoice at the agreed markup.
What has been delivered and not billed is a figure rather than a suspicion.
It will not decide whether to bill an overrun. It shows the position and records the decision.
It also will not allocate overhead to projects — that is a policy choice you configure.
Revenue recognition follows delivery because both read the same record, so accruals are calculated rather than estimated.
Project margin in Loop and the P&L in Books agree by construction rather than after a reconciliation.
Products, not integrations. Each one reads the same record, so a join is a permission rather than a sync job with a mapping screen behind it.
Yes, delivered-not-billed is visible and accruable.
Drawn down by logged hours with the balance visible.
Yes, by milestone or by percentage complete.
Half an hour on your own numbers is usually enough to say whether Books is the right place to start.