Definition
In FirstBit, progress tracking and billing follow the actual work done at the construction or project site. The system links on-site work updates to financial entries, ensuring that billing accurately reflects the actual progress.
Progress tracking refers to monitoring the actual work completed on-site. This is typically captured in a document called a progress report, which reflects the percentage of completion for different tasks.
Based on this recorded progress, the team generates billing documents such as:
- Payment Applications
- Payment Certificates
- Progressive Invoices
To align billing with project cash flow, the process also factors in advance payments received earlier.
Progressive Invoice
It is a bill for the portion of work completed in a project so far, after adjusting for advance payments and retention.
In FirstBit, a progressive invoice is built through a series of linked documents:
Advance Invoice → Payment Received
Progress report → Payment Application Issued → Payment Certificate received → Progressive invoice (arrow for advance offset link) → Credit Note
- Advance Invoice: Issued to request upfront payment before work begins.
- Payment Received: Records client payment and marks it for offsetting.
- Progress Report: Captures the percentage of work completed on-site.
- Payment Application Issued: Drafts the billing claim based on reported progress.
- Progressive Invoice - Final invoice issued, linked to the certified amount with advances deducted.
- Credit Note -(if needed): Used to adjust or correct previous invoices.
Noted: The system automatically or manually deducts advance payments from progressive invoices to bill only the net payable amount.