Life of a Project: Fixed Fee With Installments

In this video, Dominic takes us through a comprehensive guide on managing a fixed fee project with installments using Klient. He demonstrates the process from project creation to task management, monitoring, and reporting.

NCreating a new project from the customer account page
NLeveraging templates for quick project setup
NAssigning tasks and milestones
NMonitoring progress and generating reports
NReal-time adjustments and team alignment

Understanding how to effectively manage fixed fee projects with installments is crucial. This video addresses several key aspects:

$Ensure accurate billing: Knowing how to set up installment payments helps maintain precise financial records and avoids disputes with clients.
$Improve project efficiency: Leveraging templates and dynamic lists can save time and reduce errors, making project management more efficient.
$Enhance financial control: Tracking uninvoiced items ensures that all billable work is accounted for, improving cash flow and profitability.
$Streamline invoicing: Automating the invoicing process reduces administrative tasks and ensures timely payment, enhancing client relationships.
$Optimize project delivery: Managing the project lifecycle effectively ensures that projects are delivered on time and within budget, leading to higher client satisfaction and repeat business.

1. Introduction (0:00 – 0:13)
Greetings everyone! Dominic for another ‘How I Solved It with Klient’. This time on the lifecycle of a project, in the case of a fixed fee with installments. We’ll cover from beginning to end. Here we go! Starting on the customer account page,

2. Project Creation (0:13 – 0:39)
We can directly create the new project from here. We can leverage project templates or task templates to quickly create a project leveraging our business knowledge. Obviously we can create a project from scratch, but using past experience is always a plus. Information that is preloaded based on the template selected can be kept as is or modified.

3. Task Management (0:39 – 1:21)
The project cloning process will take tasks or any other informations to the project reference and bring it over into our new project. Already, we have a project billing created based on an immediate payment, but if we wanted to change that for multiple installments, we can quickly modify our project configuration. Then we can change the project billing that was automatically created, maybe to create a 50% payment upfront and then use that same project billing line and clone it to create the final payment.

4. Monitoring and Reporting (1:21 – 2:02)
And that’s it. We now have two configured project billing lines for installments, and we can also use dynamic list views to list all uninvoiced items on our project. Now ready to generate the invoice for a certain period, listing may be just installments so that we can quickly create that invoice record to send the PDF to our customer. After reviewing, the document can be generated directly from our system so that we can with one click, send an email, leveraging email templates and also our contacts related to our account.

5. Conclusion (2:02 – 2:09)
That’s it. Project creation to invoicing in a breeze. Thanks!