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Invoice Types
Interim Invoice
Definition
A partial invoice issued during a long-term project before final completion.
Overview
Interim invoices help maintain cash flow during lengthy projects by billing for work completed at regular intervals or milestones.
Example
A construction company issues monthly interim invoices for 30% of total project value as work progresses.
Best Practices
Specify which phase or percentage is being billed. Reference the total project value.
Common Mistakes to Avoid
Not matching contract terms
Over-billing
Poor documentation of work completed
Frequently Asked Questions
How often should I send interim invoices?
Follow contract terms. Common intervals are monthly or upon milestone completion.