We’ve developed robust Billing functionality to help you get paid faster. Once you’ve agreed on the payment schedule, payment type, and the budget with your client, you’re ready to get started using Mavenlink’s billing services.
First, begin to generate all the items you’re going to bill for -- time, expenses, and fixed fee items. Once your team has created these items, you can choose from two invoicing options: you can either create and send invoices within Mavenlink or export your billing items to QuickBooks and invoice there. You can also invoice multiple times during a project’s lifetime. In addition to this flexibility, you can add fixed fee, time, and expenses items all to the same invoice. If you don’t know what type of invoice you’ll be creating, don’t worry. You can always set a Task, Deliverable or Milestone to be Fixed Fee or Time and Materials whenever you do know the billing type. Please note that once you’ve invoiced for a Fixed Fee item, you cannot change its billing type
With Mavenlink’s Invoicing tool, you can set additional invoice and billing preferences on a per project basis, such as: the project’s currency type, your team’s roles, billing rates and cost rates, how the burn rate is calculated, and whether to enable change orders.
WHAT THE MAVENS KNOW
- Margins are lifeblood of any business. Without margins a business can’t grow. With Mavenlink’s Margin Report, it’s easy to not only see your margins for Time and Materials projects, but also project future revenue by using Mavenlink’s resource planning tool.
- Mavenlink allows you to mark tasks and time as non-billable. Keeping track of non-billable items is as important as your billable items because that’s how you get accurate margins.