What is Progress Invoicing?
Progress invoicing is a type of invoicing method whereby you issue bills to your clients progressively on the percentage of work that has been completed.
Such invoicing method will help to ensure consistent cash flow in your business, lower risk for customers and increasing team motivation.
Benefits for vendors
For example large projects like building a building or a complicated software are complicated and involve completion of many components. You company cash flow may be limited if you are only going to collect the total sales by the end of the project or only at the start of the project. Progress invoicing is a way to consistently bill to your customers. This means that your company's cash flow will be in a regular basis as well. This can ensure consistent and healthy cash flow in your company, and help you buy more supplies, or hire additional people when needed.
Besides, getting paid regularly can also keep up your company's team motivation. Team motivation when working on a long term project can increase your team spirit, and efficiency. This is especially true when the projects involve external contractors as well.
Benefits for customers
Other than benefiting the company, progress invoicing also reduces customer's investment risk. They don't have to invest a big sum of money upfront and be afraid that the vendor does not complete the job as agreed. Moreover, your customer can rest assured that work on the project will continue because you are not taking their deposit and leave without completing the project. This is because they will issue the payment according to the work that is completed.
Progressing Invoice in TreezSoft
TreezSoft progress invoicing is available in TreezSoft as add-on modules. All our clients can subscribe to it by following simple steps outlined in the blog post named “How to subscribe for Treezsoft (Progress Invoicing)?”
This add on will be automatically integrated to your accounts in TreezSoft. This is because TreezSoft uses series of automation and integration process to enhance our client's accounting experience with us, and increase the efficiency of their daily business operation.
You can continue reading on add-ons in TreezSoft blogs through these links:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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