![]() ![]() ![]() There is several benefits to using interim invoices: What Are The Benefits Of Using Interim Invoices? Of course, the frequency and amount must be agreed upon at the start of the project and covered in any contracts. Rather than taking legal action or writing off the outstanding debt, you could try and agree on an installment plan or partial payment based on the idea of interim invoicing. Another scenario in which it might be useful to resort to interim invoicing is if your client is having financial difficulties. If you would usually invoice at the end of a larger project, it might make sense to issue interim invoices monthly. The situation in which to use an interim invoice will vary between different businesses and projects - but as a general rule of thumb, most smaller businesses like to have cash coming through the books regularly. On a larger project or a project that takes a lot of back and forth, this can be useful as you know you are not waiting until the final deliverable to get paid and your customer does not just have that one large final invoice to pay at the end.Īn example of a service that may get invoices with interim bills is the building of a website - this might take a long time, so a payment schedule with interim invoices could be a good solution for both provider and client. These interim invoices would be based on a cost estimate that the customer has agreed to. This system is often applied in the case of large purchases or longer projects. Companies can invoice a client in regular installments for a purchase or service. What Is An Interim Invoice?Īn interim invoice, also referred to as a progress invoice or progress bill refers to an invoice of a partial amount of an order. This is why we've compiled this short guide to what interim invoices are when they should be used, their benefits, and how to create them. Businesses that offer interim invoice options are allowing their customers to make smaller, more manageable payments and it ensures your business has regular revenue coming in. Interim invoices can be a great tool in allowing for that flexibility. As a small business owner, it can be incredibly useful to be more flexible in your credit and invoicing process. ![]()
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