Progress billing is a payment method used by companies to invoice and receive payment from clients for work that is in progress. This payment method is commonly used for large or long-term projects where the work is completed in stages or phases. Progress billing involves submitting invoices to the client at predetermined intervals, such as monthly or quarterly, based on the completion of a specified portion of the work. Effective management of progress billing requires accurate tracking of project progress, timely submission of invoices, and clear communication with clients regarding payment terms and expectations. Properly managing progress billing can help to improve cash flow, reduce payment delays, and support positive client relationships.
