Timesheet Invoice
Definition
An invoice billed from recorded hours worked, common for consultants, agencies and professional services. It ties billable time and rates directly to the amount charged.
Related Terms in Invoicing & Sales
Milestone Billing
Invoicing a customer in stages as defined project milestones are completed, rather than all at once. It aligns cash flow with delivery on long projects and is common in construction and software.
Progress Billing
Billing a long-running contract incrementally based on the percentage of work completed. It keeps cash flowing during a project and is closely tied to percentage-of-completion revenue recognition.
Retainer Invoice
An invoice for an advance payment a client makes to secure future services, drawn down as work is performed. The retainer is a liability until the services are delivered and earned.
Invoice Factoring
Selling unpaid invoices to a third party at a discount for immediate cash. The factor collects from the customers; the business trades a slice of the invoice value for faster access to funds.
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