Tip of the Week: Sending fixed invoices by milestone
There are many ways within TimeSolv to generate fixed fee invoices for your clients. However, when you know you’ll be sending fixed fee invoices on a regular basis or when certain milestones are met for a matter, using our matter plan is a great option and that is our Tip of the Week.
To enable a matter plan, go to Client -> Client & Matters and select or create the matter you’d like to create a plan for. Once you’ve selected the matter, head to the Budget tab and check the “Enable Matter Plan?” box. From there, choose your billing arrangement to be either Fixed Fee – Time and Expense or Fixed Fee Time Only. By default, the Billing Event will be a Milestone. You can then choose to budget by Task, Matter or Timekeeper. For creating fixed fee milestones, it doesn’t matter what you budget by.
Make sure to hit save at the bottom and then click the View Plan button.
Now that you’re viewing the matter plan, you need to create a phase to hold your milestones. In this case, I named the phase “Fixed Fee Payment Schedule” because I’m going to set up a payment schedule for this matter that covers four months.
After you’ve created a phase, click on the New Milestone button in the upper right corner. Name your milestone and the amount you want to invoice when completed. You’ll now notice on the right a link that says “Complete & Generate Invoice.” You’ll want to click that link when it’s time for you to generate that draft invoice. Keep in mind, this is the ONLY place you can generate a fixed fee draft invoice.
After you’ve generated your draft invoice, you’ll see it with all your other draft invoices and can edit as you would any other invoice.
You can create elaborate matter plans that include tasks assigned to your timekeepers and milestones that are dependent on tasks being completed and much more.
If you’d like more help on creating a fixed fee schedule or how to leverage our matter planning features, call us at 1.800.715.1284, email us at support@timesolv.com or Contact support.
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