Managing Cost and Hour Estimate for Projects
Tracking project time and billing is essential for accurate invoicing and effective project management. Follow these steps to ensure your projects are properly billed and tracked in Firm360.
Steps to Manage Project Billing and Time Tracking:
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Set Hour and Cost Estimates:
When creating a project, be sure to set your estimated hours and costs to provide a clear budget for the project.
Note: If Task Level Estimates are added to a Project the Task Estimates will override the Project Estimate.
2. Assign Time to the Correct Project:
As time is entered, ensure it is assigned to the correct project. You can monitor the progress of time and billing against your original estimates from the main project screen.
3. Add Charges for Client Billing:
When you're ready to bill the client (e.g., 20% of the expected total), go to the main project tab and click “Add Charge.” Any un-invoiced time entries will automatically be marked as “Not Billable.”
4. Generate the Invoice:
Click “Invoice” to generate the invoice for the amount you’ve charged. Time entries will also be included for time-tracking purposes.
5. Update Invoiced Amount:
After creating the invoice, the “Invoiced” amount on the main project page will be updated accordingly.
Note:
Any future time entries will be marked as "Billable" initially but will be switched to "Non-Billable" once charges are applied.
Following these steps will help you keep track of both time and billing to ensure accuracy and efficiency in project management.