How to invoice milestones of a project?

How to invoice milestones of a project?

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There are different kind of service sales: prepaid volume of hours/days (e.g. support contract), billing based on time and material (e.g. billing consulting hours) or a fixed price contract (e.g. a project).

In this section, we will have a look at how to invoice milestones of a project.

Milestone invoicing can be used for expensive or large scale projects, with each milestone representing a clear sequence of work that will incrementally build up to the completion of the contract. For example, a marketing agency hired for a new product launch could break down a project into the following milestones, each of them considered as one service with a fixed price on the sale order :

Milestone 1 : Marketing strategy audit - 5 000 euros
Milestone 2 : Brand Identity - 10 000 euros
Milestone 3 : Campaign launch & PR - 8 500 euros