Invoicing your work can be done in multiple ways. This is a crucial point when setting up a project's structure.
When setting up a new project, you can choose between multiple invoicing preferences. You'll need to enter an hourly rate first. The invoiceable tracked time will then be added up and you'll be able to see how much of your budget is still available. Even if you work with a fixed budget and don't invoice tracked time as such, these budget calculations can still be useful - be it for internal reporting, or checking whether the budget you set out initially was realistic.
You are able to select the billing method for each milestone when creating the project. This way, you don't have to go back and edit each milestone individually afterwards.
Invoicing preferences for the entire project:
- External price per user: in this case, what matters is who performs a task, and not what type of task is performed. Timetracking to be invoiced will be calculated according to this hourly rate. You can set an hourly rate for each user by navigating to Settings > HR. You'll notice you can also add an internal cost per user, which will be used to calculate the profit.
- Price per work type: if you select this invoicing preference, your price will be based on the task and not who completes the task. To set the hourly rate per work type, simply go to Settings > Calendar.
- Fixed price per hour: this allows you to set a fixed hourly rate for this specific project, regardless of who performs which task.
Do note, however, that you not only have the option to specify invoicing settings for the entire project. You can also determine your invoicing preferences for single milestones. Would you like to invoice a particular milestone? Will you work with a fixed budget for that milestone, or does your fee depend on the amount of time and materials you need to invest? These questions will all need to be answered when you create your milestones.
Invoicing preferences for the milestone:
- Invoiceable: This means that the milestone as such is invoiceable and can be invoiced to your client.
- Non-invoiceable: You also have the option to set the entire milestone as non invoiceable, which means that all timetracking for that milestone is non invoiceable by default.
- Fixed price: Here, the set budget is the important value. It doesn't matter how much time or money you actually spend on the project, you simply invoice the budget you set out initially.
- Time & material: if you choose this option, you will invoice the actual internal and external cost. The invoicing preferences for the entire project will have an impact here.
Last but not least, you also have to choose for every individual task or meeting whether it should be invoiceable or not. This, of course, is of more importance in case you do track time in order to invoice it to your client.
Invoicing preference for a task or a meeting:
- Invoiceable: if you choose this option, tracked time linked to this task or meeting will be added to the budget spent and you'll be able to invoice the task/meeting to your client.
- Non-invoiceable: this means the related timetracking of this task or meeting cannot be invoiced to your client.
Once you've defined all possible invoicing preferences, you can start invoicing. To do so, Teamleader offers two options: either invoice your original deal or create an invoice based on the project and your milestones.
You can find more information about how to invoice your project here.