We recently had a query from a regular client – “I have a budget deadline coming up and I would like to know if it’s possible to prepay for credit to be used in the future? It would be even better if it were possible to invoice my organisation for this.”
Budget Deadlines
It is the time of year again when budget deadlines loom and there is a requirement on a large number of projects for researchers to have spent their funding in full prior to this date. Universities and some funding organisations take any unspent money from research projects back into the general pot for redistribution again the following year. The project managers then have to make fresh funding applications.
Stressful Times
Every year we are contacted by worried researchers who are getting perilously close to their budget deadlines but have not finished their projects. Our business is transcription, so very often queries relate to research interviews and focus groups not being completed.
For over 15 years we have been taking orders from researchers who have not quite completed their projects on time for future work. This can be a useful technique for any service and not just transcription.
Technique for Spending Budgets In Time
- Contact the supplier and inform them you will have future work.
- Estimate how much that is likely to be and ask for an invoice to be raised.
- Ask the supplier to submit the invoice to your funding provider.
- When you are ready to complete the work simply contact the supplier.
- That’s it.
You are in time for your project deadline, the supplier is available to complete the work when called upon and your funding provider gets an expected invoice for the work anticipated.
What happens if the work costs less or more?
Fairly simple – the supplier either refunds the funding provider or issues a supplementary invoice. We often find that clients estimate for higher amounts of work than is actually required and are used to issuing credit notes to universities and funding institutions.
Any questions?
Contact our Managing Director, Anna Gresty on 01745 813306 or email anna@tptranscription.co.uk. She would be more than happy to discuss any queries or concerns.
