That’s the gist, and now let’s look at these two project billing types in more detail. You charge for a specific service based on the number of hours you’ve put into it. You charge a fixed, flat fee for a specific service – you always charge the same for this service, regardless of the number of hours you put into it. There are some basic differences between the two types of project billing you should consider before making your choice: Want to easily calculate the rates that’ll make sure you cover your expenses and reach your ideal target salary? Here’s an extensive guide on the subject, where you can also use Clockify hourly rate calculator for billing. No matter what project billing type you choose, you’ll also have to determine your expected income – this is the amount of money you’ll have to earn in order to pay your bills, cover the cost of your work material and software you use, pay taxes and insurance, but also ultimately make a profit and hit your target annual salary. There are 2 main project billing options for projects and tasks you can choose from – charging a flat fee or billing by the hour. In any case, there are several project billing types you can implement in your project billing process. Yet, freelancers often handle this task on their own. In companies, this process is often handled by the accounting department of a company, or an accounting specialist you’ve hired outside of the company.
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