Socket has a range of billing options to suit your practice and client needs. Below is a breakdown of the different methods available.
They are either Recurring or One-Off and this determines whether any additional invoices will be generated in the future.
Services that are On Completion will show in Work Management, and are available to be 'marked as completed'. You'll need to do this in order to generate an invoice in a connected billing app such as Xero.
Monthly or In Advance methods will generate invoices in your Billing Plan. You'll need to 'Approve Plan' to generate an invoice in a connected billing app.
Recurring Billing Methods
These invoices will generated on a recurring basis and will continue until a client is marked as closed.
1. Monthly Billing
An invoice will be generated every month. The first invoice will be generated on the 1st of the month when the client’s confirmed start date falls, provided the start date is in a future month. This invoice is recurring and will be shown in your Billing Plan.
2. Quarterly Billing - In Advance
An invoice will be generated every 3 months. The first invoice will be generated on the 1st of the month when the client’s confirmed start date falls, provided the start date is in a future month.
This invoice is recurring and will be shown in your Billing Plan.
4. Quarterly Billing - On Completion
An invoice will be generated when the work is completed. The service will renew automatically and be available to 'mark as completed' in Work Management.
3. Annual Billing - In Advance
An invoice will be generated every 12 months. The first invoice will be generated on the 1st of the month when the client’s confirmed start date falls, provided the start date is in a future month.
This invoice is recurring and will be shown in your Billing Plan.
5. Annual Billing - On Completion
An invoice will be generated when the work is completed. The service will renew automatically and be available to 'mark as completed' in Work Management.
One off Billing Methods
6. Once - On Completion
An invoice will be generated when the work is completed. The service will be available to 'mark as completed' in Work Management. This will not renew.
7. Once - In Advance
An invoice will be generated on the 1st of the month when the client’s confirmed start date falls, provided the start date is in a future month and will be shown in your Billing Plan. This will not renew.
8. On Acceptance
An invoice will be generated as soon as the proposal is accepted. This should only be used in conjunction with a connected invoicing system such as Xero.
If you have any questions about these billing options or need help choosing the best one for your clients, please get in touch with the team.