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Minimize Your Billing Errors with Time and Materials Invoice Template
Time and Materials Invoice Template
Regardless of the fact that whether you are an SME or a large multi-national company, you can improve your cash flow and increase the profitability of your company by maintaining a simple time and materials billing record. These records can later be converted into a time and materials invoice, thus simplifying the process of billing and ensuring minimum errors.
Undertaking a project on the basis of time and materials billing is highly beneficial for an organization as it reduces job risk by making sure that you get paid for the work you do (regardless of any upcoming problems). Billing your job on the basis of time and materials used makes you more dynamic as you are no longer dependent on any specific outcomes to calculate your profitability. This helps you in responding to the changing priorities and needs of your clients instantly. Additionally, all the efforts expended on preparing a pre-sales design, planning and research, forecasting or quotation writing are considerably reduced.
In the given time and materials invoice template, you can make use of multiple data entry columns to enter data and prepare a final invoice easily. This invoice consists of several columns like customer information tab, materials information tab and labor information tab. You can make use of all these to enter all the relevant information pertaining to the project being undertaken. Once all the columns have been updated, you can review the final copy of the invoice. Post editing, this time and materials invoice copy can be distributed by means of an e-mail or in the form of a hard copy.