We've just launched a new Resourced Time & Materials fee type, which has all the benefits of Fixed Fee budgeting (i.e. the Fee Estimator tool, Timeline, Resource Schedule, etc.) with Time & Materials billing.

More on this topic: How inconsistent project pricing could be costing your business

What is a resourced time & materials fee type?

To all intents and purposes, Resourced Time & Materials is exactly the same as Fixed Fee - until you come to billing your client.

CMAP spreads your fee across the duration of your project to provide an automated fee forecast, saving you a whole bunch of time & effort by eliminating the need to populate your invoice schedule manually.

 

CMAP automatically spreads a projection of fees

 

Referring to the example above, imagine we're in the process of getting ready to send out the invoice for October. 

CMAP's automatic fee forecast has October's fee calculated at £2,666.67,  but when we click the Approve button, the screen below pops up. 

This is where we confirm the time that we can actually bill.

 

The "Approve Time to Invoice" screen, where you confirm the time and expenses that can be billed 

 

As you can see, this screen lists all the staff who have booked time to the project that month in chronological order.

So all that's left to do is select the tick box next to the recorded time that can be billed and leave non-billable time unmarked. Time entries left unmarked won't be included in the fees on the invoice.

Here, you can also choose which of your associated expenses can be charged back to the client.

You can even limit to half/full days if you only bill in those clean blocks (as below).

 

CMAP automatically rounds up/down to full/half days 

 

Once you're happy, scroll to the top and click Approve For Creation to arrive at the Invoice Creation page.

Here CMAP automatically inserts a line for fees and expenses.

 

CMAP automatically populates your invoice lines 

 

Confirm your Invoice Template, Contact, Address, VAT Rate and Invoice Date, and hit Create once you're happy .

CMAP will create your invoice in PDF or Word, including a second page detailing the time and expenses breakdowns, like so...

 

CMAP includes a second page summary of time and expenses on the invoice

 

Et voilà! Your invoice is ready to be sent to the client.

We're really pleased with this new functionality as it saves so much valuable time and is another great example of our Ideas Forum driving the product forward!