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Tip of the Week: Manage your cashflow with progress invoices

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When it comes to invoicing, many businesses have a tendency to wait until the end of a project has finished before sending off a bill. This might have been an easy way to do things before you were using WorkflowMax, as previously you would have needed to collate all the time and cost information from everyone involved, pass that on to your accounts person, and then have them send off an invoice at the end of the month after a project has finished.

But now that you’re using WorkflowMax, sending one final invoice may not necessarily be the best way to be doing things - and it isn’t exactly ideal for your cashflow. Sending progress invoices instead means you can bill for part payments as you work your way through the stages of a project. This is particularly beneficial for projects that are going to extend over long periods of time, or where you don’t want to take large financial risks.

This approach works for you as you can keep the cash coming in throughout the duration of a project. You’re also less likely to face payment delays if your clients can send through more manageable amounts at a time, and lessen the likelihood of writing off time should your clients default on payments. For your customers, their own cashflow is more manageable as they are not faced with one large lump sum at the end of a project.

With WorkflowMax sending progress invoices throughout the life of a project is a super efficient process. You can create a progress invoice based on a fixed amount or actual time and costs incurred.

The videos below take you step by step through the process for firstly billing on a fixed price based on your quote, and secondly for sending a progress invoice based on actual time and costs.




For more help on invoicing through WorkflowMax, check out the Invoicing and Financial channel on WorkflowMax TV - our awesome online hub jam-packed with video tutorials to help you get the most out of WorkflowMax.