Progress billings are common in a number of different industries including construction projects.
Progress billings are common in a number of different industries including construction projects. General contractors, painters, electricians, and plumbers use progress billings as part of their businesses. The cost of raw materials, labour, and delays in construction are some reasons why the industry uses progress billings.
Progress billings is series of invoices issued at different stages of a long-term project. The progress billings invoice includes total value of contract, approved changes in the contract, percentage of completion of the work done approved by consultant, Adjustment of the advance received and percentage and amount of the retention. Retention money is a money held on reserve up till the agreed period by the parties for the satisfaction of the owner regarding the completion of the work.