Billing

Software designed to handle time and billing tracking as well as invoicing customers for services and products. Billing software can track the hours worked by employees as well as expenses associated with projects or clients.

Most time and billing software applications also create billing cycle reports to display information such as hours worked, expenses incurred, how much to bill clients, and which clients owe money for specific projects.

An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.

Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days in which to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice.

In the rental industry, an invoice must include a specific reference to the duration of the time being billed. So in addition to quantity, price, and discount, the invoice amount is also based on duration. Generally, each line of a rental invoice will refer to the actual hours, days, weeks, months, etc., being billed.

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