Progress Billing
Progress Billing is a payment system commonly used in construction and contracting where contractors receive payments in stages as work is completed, rather than all at once. Think of it like getting paid for each floor of a building as it's built, instead of waiting until the entire building is done. This approach helps contractors manage their cash flow and ensures clients only pay for work that's actually been completed. It's also sometimes called "progress payments," "milestone billing," or "phase billing."
Examples in Resumes
Managed Progress Billing for construction projects valued over $5M
Created and processed monthly Progress Billing reports for 15+ active projects
Supervised Progress Payment documentation and client approvals
Typical job title: "Project Accountants"
Also try searching for:
Where to Find Project Accountants
Professional Associations
Online Networks
Example Interview Questions
Senior Level Questions
Q: How do you handle disputes in progress billing situations?
Expected Answer: Should explain process of documentation review, negotiation strategies, and resolution methods while maintaining client relationships. Should mention importance of detailed records and communication.
Q: How do you establish a progress billing schedule for a large project?
Expected Answer: Should discuss breaking down project phases, considering cash flow needs, coordinating with project timeline, and ensuring compliance with contract terms and industry standards.
Mid Level Questions
Q: What documentation do you typically include with a progress billing submission?
Expected Answer: Should mention items like completion certificates, work photos, material receipts, time sheets, and any required forms or lien waivers.
Q: How do you track percentage of completion for billing purposes?
Expected Answer: Should explain methods of measuring work completed, documentation processes, and coordination with project managers to verify progress.
Junior Level Questions
Q: What is a typical progress billing cycle?
Expected Answer: Should explain monthly billing cycles, basic required documentation, and simple approval processes.
Q: How do you calculate a progress billing amount?
Expected Answer: Should be able to explain basic calculation methods using percentage of completion and contract values.
Experience Level Indicators
Junior (0-2 years)
- Basic billing preparation
- Documentation organization
- Simple calculations
- Basic contract reading
Mid (2-5 years)
- Complete billing cycle management
- Client communication
- Payment tracking
- Contract compliance
Senior (5+ years)
- Complex project billing oversight
- Dispute resolution
- Process improvement
- Team management
Red Flags to Watch For
- No experience with construction or contracting billing cycles
- Lack of attention to detail in documentation
- Poor understanding of contract terms
- No experience with industry-standard accounting software
Related Terms
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