When it comes time each month to invoice your client in construction, if you haven’t done it before it can be an intimidating experience. There’s proven methods and ways to do it that have been used by large companies throughout the world. What is a progress billing and how do you do it?
A construction progress billing is a document that is submitted to your owner each month that reflects progress on site and advises on how much is owed. A progress billing is essentially an invoice with more detail than would typically be provided.
In order to put together a construction progress draw you need a few key pieces of information. A contract and budget amount for both your own quantities and those of your subcontractors. You require a billing from each of your subcontractors and an idea of what your own costs are on a monthly basis.
Once you have each of the above pieces of information you can combine them within this easy to use spreadsheet template. It is designed to be simple to use with equations set up so that the effort to complete is minimal.
Please note that some knowledge of Microsoft Excel is required. This file will work with all modern spreadsheet software (Microsoft Excel, Open Office or Google Docs).