How is billing done in project management?
Project billing, or scheduled work with specific objectives and deliverables, is the practice of charging and receiving payments from clients for project-based agreement or revenue. This work is often completed over a designated period of time.
What is the best invoice template?
The best invoice template to use for billing purposes is Bonsai. Easily customize one our pre-made templates and send it off. Our software allows you to set up recurring payments so you can automate the entire process.
Does Microsoft Word have a template for invoices?
Using Microsoft Word, you may create an invoice or download one of their templates. However, the billing software from Bonsai is much better. Simply add your logo and the necessary related information, then send the invoice.
Project managers are consistently in high-demand at this time, even with the surge in unemployment across Europe and Asia. Now is the best time as a project manager to make yourself as unexpandable as ever. According to the Project Management Institute (PMI®), new openings for project management jobs would clock 22 million through 2027. So, besides your proficiency in managing projects, you should also consider the administrative part of your job, invoicing, and payment.
Getting paid is a significant part of your job that matters to your business's financial health and its relevance in the niche. As a project manager, you have applied knowledge, skills, tools, and techniques to project activities to meet a project requirement. Now, it is time to get paid for your effort and expect that to be as fast as possible. Creating a project management invoice template is your best bet to request payment officially from your employer.
An invoice is a business document that highlights a transaction between a client and a customer. The document has functions that go beyond identifying the relationship between a seller and a buyer. A well designed and detailed project management invoice template can be a representative of your service or what your business stands for. Hence, you must ensure you craft a solid template and oversee every invoice that leaves your desk to your client.
Why use a project management invoice template
A project management invoice template would help you to bill customers faster so that you can receive payment promptly. As a project manager, your core business activity is initiating, planning to execute, and monitoring projects until you bring them to a close. Your work is time-bound and limited to a budget. So, you have a lot to deal with in terms of the scope of job quality, risk management, communication, and procurement. Administrative activities like invoicing should not have the better part of your time.
A project management invoice template will help you prepare faster invoices if you have to send one or more bills to different customers. Gone are the days where people scribble invoices on paper; today, you can get quick templates on the internet if you can't craft one for yourself. Many online invoicing platforms have search tools to help filter results until you get the project management invoice template of your choice.
See other benefits of using an invoice template:
- It saves time and boosts your productivity
- It helps you create a professional invoice that represents your business well.
- Useful for recurring invoices
- Useful for tracking your projects and outstanding payment
- A good an project management invoice template will help you keep proper records needed to fill forms independent contractor tax files
Elements of a project management invoice template
Essential sections like sender and receiver information plus details of service should not be missing in a project management invoice template. Besides, fees, dates, and payment terms are typical sections to cover when creating the document.
See simple steps to create one below:
- Give your invoice a professional header by including your business name and contact information including email address, phone number, and contact address
- Add your business logo if you have one and include the date you created the project management invoice template plus an invoice number to track the document
- Add your receiver information including name, contact and mailing address, email and phone number
- Next is the project details. You should enter each activity as a line item with a brief explanation of what you have done
- Include your fees for each service and create a field on the project management invoice template to put the total amount due
- Add your payment terms like preferred method and payment due date.