Invoicing clients and approving invoices from subcontractors is essential but routine, detail-oriented, and time-consuming. Challenges include incoming invoices that do not align properly with contractual milestones. For client invoicing, issues include billing on time, including contractor bills, missed billing opportunities, and compiling good-looking progress reports.
Project managers have to be involved in payment flows because they possess detailed knowledge of the project tasks and status. They're in a position to evaluate the work of subcontractors, demonstrate the completion of contractual stages to clients, and bill the client for the work.
What makes contractual billing easier and less time-consuming? A contract billing tool can:
- display a list of contractual stages and payments,
- keep a tally of amounts from previous invoices,
- force subcontractors to break down their invoices along the lines of agreed contractual terms,
- assist with client reporting,
- interface with your accounting team so that they can manage the actual invoicing and payment,
- notify you when it's time to bill your clients,
- show you the project hours logged by each person in your team and the amount of work done since you last invoiced your client,
- make contractual changes easier to track and reduce the chances of missed billing opportunities,
- organize your contracts, delivery milestones, dollar amounts, and invoices in one place,
- reveal financial insights from your contractual information, invoices, and timesheets.
If your project team suffers from missed billing opportunities, a lack of financial awareness, or does not know how their project stands financially, then they need a contract and billing management system designed for project managers.
Managing project finances consistently well is challenging due to its opacity and the sheer number of moving parts. The StageProject™ software is a contract-management, online billing, and reporting system that offers a window into each project's contractual relationships, stages, invoices, and overall financial health.