Billing Terminology
I am the income generated from services performed.
What is revenue?
This is the business date that first round of billing materials will be sent to me from finance.
What is the 5th business day?
Finance is expected to send me these 3 billing documents.
What is billing worksheet, finance tracker, and AR statement?
I need to be reasonably assured in order for revenue to be recognized. After all, cash is king.
What is collectability?
I am a document that assigns price for services performed
What is an invoice?
I am due within 3 business days of receiving draft billing materials from finance.
What is feedback to finance?
These two things should be completed and entered into Workamajig before the monthly billing process starts.
What are job creation and estimates?
I need to be established in order to recognize revenue and am typically represented with a dollar amount.
What is price?
I am billing instruction that is used when revenue is uncertain to be earned or payment received.
What is a hold?
I am the third step in the billing process. I require feedback from the CE and finance team and finalize earnings and billings.
What is invoice approval and revenue recognition?
What are invoice and revenue?
I represent organizational efforts to create a client project. I need to be performed in order for revenue to be recognized.
What are services?
I am the process that matches revenue to the time period it was earned.
What is revenue recognition?
I am the final step in completing the monthly billing process and a key step as it helps track company performance.
What is a forecast?
In project based billing, revenue recognition should closely align with the metric.
What is project completion?
I am a physical document that must exist in order for revenue to be recognized.
What is a contract or SOW?
I am billing instruction used when it is certain that revenue CAN NOT be billed or collected
What is a write off?
Under no circumstances should the monthly billing process exceed beyond this calendar date.
What is the 15th?
Finance needs these two key pieces of feedback after billing materials are reviewed.
What is invoice direction and revenue recognition?