If you work on fixed-fee projects that span several weeks or months, percent-complete billing is a useful method for billing work in progress. BigTime has always supported fixed-fee billing, but now you can create invoices by simply deciding what percentage of a project’s fixed fee you’d like to bill.
And, by default, that percentage is linked up with your project manager’s assessment of percent complete (so you can bill based on how far along the project is).
Using the new Percent Complete invoicing style
In the next update, you’ll see some new enhancements to the fixed-fee invoicing style in BigTime IQ. When you create a fixed-fee invoice, you’ll see Percent Complete as a drop-down option in the draft invoices column headers. (This makes it easy to switch between Milestone view and Percent Complete view.)
In the Percent Complete view, just edit the percentage values to update your invoiced amounts. BigTime will update the amounts on each line item automatically, so you can put away your calculator and move on to more important tasks.
More control over invoice details
For some firms, a quick percentage figure is enough to determine how much to bill. Other users may need a little more info, like: What percentage of the total budget has been billed to date? How do budgets break out between fees and expenses? Is there outstanding WIP on any of the line items? For these users, we’ve added some advanced settings.
You can get to these settings via the new Settings icon on the fixed-fee invoice page.
As you can see, the system lets you configure the view to include all this data right on your draft screen. There’s no need to jump from screen to screen to see the billing history before you decide what to bill this month — BigTime puts all the data you need at your fingertips.
Plus, we’ve added new options that help you make your customers aware of where you stand within Task completion. Budget Status fields let you optionally show prior billings and amounts that you included on each Fixed Fee Invoice.
This customizability works hand in hand with BigTime’s existing options for styling and customizing the print/PDF invoice documents that your customers receive.
Watch this space!
Our engineering team is working now to test and finalize this much-anticipated new feature. We’ll post again soon with updated info. As always, we recommend that you check this blog periodically to check up on the latest improvements to BigTime IQ.
Not using BigTime yet?
Want to see the power of BigTime with Quickbooks?
REQUEST A DEMO