Fixed-bid milestone billing is not a high science. But so many consultants aren't using the basic tools for the job. If there's one thing that's ignored in the freelancer toolkit, it's milestone invoicing. (look down for a video)

 

consultants love ST

"We just whizzed up a Word document"

"Until we found this"

 

The overwhelming majority use a spreadsheet and word processor for client invoicing. And sure, that works to get started. Nobody can dispute that.

But if you're past the point where simple office tools no longer work for you, watch the video and scroll down for some more info and new ideas.

 

 

Milestone billing is just the start

With an sweet system like ST, you can set up invoicing milestones to support fixed-price contracts. In other words, you agree upon a fixed bid for a job, but you also agree to break the bill into parts. Often there's an invoice at the start, another in the middle, and one final invoice at the end. The project is considered fixed bid because the total amount cannot change, but you have agreed to send multiple invoices that total up to that amount.

 

You can set up milestones in the following form:

  1. Percentage of the total fixed bid contract
  2. Fixed dollar amount
  3. Date range for all time and materials

 

consultants love ST

"Percentage of fixed amount worked for us"

 

Once you set up milestones for a project, you can use them for invoicing. Just choose the milestone when creating a new invoice, and the subtotal will update immediately.

 

There's more to consulting than invoicing

Having a slick invoicing system is great, but there's more to the consulting formula than invoicing. What about your projects? Tasks? Employee scheduling and availability? PTO accruals? You probably want a slick system for those things too.

 

consultants love ST

"We came, looking for an invoicing system"

"And found project tracking and management was included"

 

 

Integrated project tracking

Back up from invoicing for a bit... What feeds it? When you think about it, you soon realize that employee time tracking is what feeds the invoicing engine. You have consultants working projects and tasks, each one tracking billable and non-billable hours. Those hours must flow freely to the invoicing system for the engine to run efficiently. That means you need integrated project tracking. You need tasks. And you need enough project management to keep things going forward. You're now a few steps above the spreadsheet and word processor. You're into some structured projects. And the time and expenses logged for those projects are the raw materials for invoicing.

 

consultants love ST

"Track time and bill it"

"Track time and bill it"

"Track time and bill it"

"That's our formula"

 

Time tracking and invoicing software

All you need now is a time tracking solution that matches your projects. You can use an Android or iOS time tracking app, or choose to enter time manually into the timesheet, or start and stop a timer. In any case, your project time flows right into the invoicing system. Just choose an invoice milestone and out pops a client invoice which you can save as PDF and send to your clients.

 

consultants love ST

"Everybody already had Android's, so we used those"

"We sync time with the cloud"

 

 

Video transcription:

Every consultant and freelancer knows that fixed bid contracts… and Standard Time®… rule the consulting universe!

1. You sit down with the client

2. Agree on a fixed price

3. Set some milestones for payments 4. And start the gig. Now you go to work with Standard Time. Track your billable hours and invoice clients for each milestone.

Click, click, click.

It’s just about that easy.

That is why fixed bid contracts… and Standard Time®… rule the consulting universe.

Get ST here.

 

Watch the YouTube consulting and project management playlist

 

 

 

 

 

 

 

    More videos to explore

  • Whiteboard (60 sec)

    Introductions to time tracking and project management. Get ideas, get inspired, try new things, and learn what your timesheet can do Read More
  • Short Intros (60 sec)

    Short intros to the basics of time tracking and project management techniques. Learn how employees use the timesheet. Read More
  • Instructional (3 - 6 min)

    Screencast videos with deeper instruction for project management, employee timesheets, PTO, expenses, and client invoicing Read More
  • Animated (30 sec)

    Introduce and inspire use of the timesheet and project management techniques. You will learn what can be done and be tempted to try it. Read More
  • Interviews (2 - 3 min)

    Interviews about timesheets, project tracking, PTO, and management techniques. Get the general concepts of time and project tracking. Read More
  • Old-Timey (60 sec)

    Tracking time and expenses in the modern world? See the most modern technique for time sheets and time management Read More
  • Quick Questions (2 - 4 min)

    Answers to quick questions we have received regarding the employee timesheet, projects tracking, and PTO. See the product in action. Read More
  • Cartoons (60 sec)

    The lighter side of time tracking and project management, in cartoon format. Learn what the makers of Standard Time really think! Read More
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