Service businesses rejoice: Mavenlink now supports Fixed Fee billing and invoicing! This feature is available to all Mavenlink Premier users on both new and existing projects. In the past, Mavenlink users could track project costs on a “Time and Materials” (T&M) basis. (What's the difference between T&M and fixed-fee? Check the only 25-word project-management glossary you'll ever need to know.) Fixed fee items could only be billed as additional items. Starting now, Mavenlink gives you the choice of Time and Materials or Fixed Fee billing. What’s more, you can bill for either type in the same project. With Mavenlink’s flexible invoicing tool, you have the option to submit purely Fixed Fee invoices, Time and Materials or a blended invoice with both Time and Materials and Fixed Fee items. This means you don’t have to know in advance which billing method you and your client prefer. Ready to get started? Read on for a tutorial on Fixed Fee invoicing. If you are a Mavenlink Free or Teams user, click here to request a tour of our Premier features.
Using Fixed Fee Billing and Invoicing
When creating new projects, Mavenlink will now ask which “Default Task Billing Type” you prefer. (All existing projects are set to Time and Materials by default. Changing that setting will only affect new tasks created, not existing ones.)
Regardless of the billing type default you set, Mavenlink gives you the option to use either type for an individual task, deliverable, or milestone. Users with financial access in the project workspace can select the desired billing type in the “Bill As” dropdown available in a task’s detail view.
Important note: You can still allocate and track time for your Fixed Fee tasks, deliverables, or milestones -- just as you can with Time and Materials items. Billing more hours to a Fixed Fee task won’t increase the invoice balance, but can still be useful for tracking project costs.
To invoice for your Fixed Fee items, click on the “Create Invoice” button found on the “Payments” tab of the Activity Feed module.
Once you’re on the invoicing creation page, select the items you wish to bill for. You can either use the budget on the task as your fee or collect a percentage of that amount. You can also use Fixed Fee items to collect a retainer or upfront payment.
Click “Send Invoice” to post the Invoice in your Mavenlink Project, which will notify your client. Now you’re ready to get paid!