Rajeev Khandelwal's project-finance and advisory background connects funding with progress on the ground. A milestone invoice can support cash flow during delivery, yet the word milestone is not sufficient by itself. If the supplier and customer recognise different evidence of completion, an apparently earned payment can become a prolonged discussion rather than a usable source of operating cash.
Define the observable event
A milestone should connect to something the relevant parties can identify, such as an agreed deliverable or completed test. The actual terms require appropriate review, but operational clarity is straightforward: each team should know what must happen before the invoice is issued. A vague percentage of completion invites different interpretations precisely when the business needs certainty about collection.
Identify the acceptance route
The person who sees progress may not be authorised to approve payment. Knowing the route between technical confirmation and financial release helps prevent an invoice from circulating without a decision. It also allows the project team to prepare the right material before the milestone, rather than discovering the customer's requirements only after the payment is expected to arrive.
Keep minor omissions proportionate
An unresolved detail can delay acceptance even when most work is complete. The agreement and working process should explain how such issues are recorded and resolved. A clear list of outstanding items supports a focused conversation, reducing the risk that the parties repeatedly debate the whole project when the remaining problem is narrow and capable of being addressed.
Forecast from the acceptance process
The cash plan should include realistic time for review, queries and payment processing. That makes funding needs easier to anticipate and gives management an early warning when evidence is incomplete. Milestone finance becomes more dependable when the institution treats documentation and acceptance as part of delivery, rather than as administrative work that follows the technical achievement afterwards.
