What is an invoice? #
An Invoice is a request for payment for materials sold or work performed. An invoice can either be sent by a contractor to their client, or received by a contractor from their vendors or subcontractors. In Knowify’s case, we use the word invoice to refer to the former—i.e., requests for payment sent to the client—, and bills to refer to requests by vendors or subcontractors for payment from the contractor.
Also known as: Bill, Pay-app (in some cases)
Invoicing process #
Based on the invoicing triggers specified in the contract—the end of each month, certain completion milestones, etc.—the contractor prepares an invoice requesting payment from the client. The invoice will also specify such things as the payment term (i.e., how quickly the client has to pay) and remittance instructions.
Types of invoicing #
Managing invoices in Knowify #
Knowify has comprehensive invoicing features to support you no matter how you bill. T+M, fixed price, AIA-style pay apps, and more—however you bill, we’ll have you covered.