With so many different ways to invoice and manage projects, it’s important to find the one that best fits your business needs. That’s why we’re here to help you discover the new flexibility of project billing options introduced in Bizzey.
Introducing:
- Time & Materials
- Fixed Fee
- Non-Billable
Time & Materials
Time & Materials is one of the most common project billing options in the industry. It allows you to bill your clients based on hours worked and materials used rather than a fixed fee or cost-plus contract. This type of billing is widely used because it offers both parties more flexibility when it comes to changing project parameters and accommodating new requirements.
Time & Materials contracts are particularly useful for projects with an unknown scope or those that may evolve over time, such as software development or technical support services. They also allow you to charge customers for additional work that was not initially included in your original estimate, which is an advantage if sudden changes occur during the course of a project. This makes Time & Materials a great option for businesses looking to have more control over their invoicing and pricing model.
When setting up a project with billing set to Time & Materials you'll be asked to set your rate be it hourly or daily. With this selected billing type set all your resources you track inside of Bizzey will be automatically marked as billable to the end customer.
Overriding the billing state is allowed
Fixed Fee
Fixed fee billing is an increasingly popular project management billing option for businesses. It involves the customer and service provider agreeing on a fixed fee up front, so that the cost of the project is known from the start. This makes it easier to manage budgets, as well as to keep track of costs in cases where multiple projects are running at once. Fixed fees can be calculated hourly or per project dependent on what works best for both parties involved.
This type of billing gives customers more financial flexibility, allowing them to plan better and make adjustments when necessary without having to worry about unpredictable bills later down the line. This method also reduces disputes over billable hours, as all costs have already been agreed upon prior to beginning work on the project. Fixed fee pricing gives everyone an idea of how much will be spent throughout each stage of a project, ensuring transparency and accountability from both sides.
When setting up a project with billing set to Fixed Fee you'll be asked to set your budget. With this selected billing type, all your resources your track inside of Bizzey will be automatically marked as non-billable to the end customer since you are asking a fixed price for the project.
Overriding the billing state of a resource is still allowed.
Non-Billable
Non-billable work is an essential component of project management and client relationships. It allows for flexibility in how a business can operate and how projects are handled. Non-billable activities can include internal meetings, research, training, and other tasks that don’t directly generate income but are an essential part of running successful business.
By understanding the non-billable elements associated with each project, businesses have more control over their budgets and resources. This helps ensure that projects stay within scope without sacrificing quality or efficiency. Additionally, by accounting for these non-billable costs up front, businesses can better predict future financial outcomes and remain profitable throughout their projects.
When setting up a project with billing set to Non-Billable, all the resources your track inside of Bizzey will be automatically marked as non-billable to the end customer.
Overriding the billing state is NOT allowed.
