Create a New Billing Strategy for Your Business!

22/01/19 11:24 AM By Nico

Just like any other transaction, billing is also one of the most important activities for any company, especially for business-to-business enterprises. You can’t get paid unless you send your clients an invoice that summarizes the services rendered, as well as a detailed expense report of how much they owe.

While there are different and countless ways to send an invoice - like sending a mail, an email or through third-party software or portal, you still need to find the best billing methods and practices that will work best for both you and your clients’ business operations.

So how can you set up a smart billing strategy suitable for your business model? Here are some of the critical practices you can follow:

  1. Automate and digitize

Whenever possible, automating your billing process is one way to do it quickly and easily without human error. The old practice of manual billing, which relies on tracking down and collating paper timesheets, entering information in Excel and manually conducting cross-check to verify and make sure the data is accurate not only wastes administrative time, it also leaves rooms for errors and delays.

Automating and digitizing billing means getting rid of the potential errors, plus it also saves money by eliminating extra effort it may cause.

  1. Organize

It is always important, especially when it comes to billing solutions, for you to be able to keep your team organized to easily keep track and keep an eye on your outstanding invoices. Without access to a centralized view of invoices and bills, your company will possibly lack the ability to determine the overall cost and quickly follow the process.

  1. Communicate

Clear communication during every project can keep you and your clients on the same page when it comes to payment expectations, as well as making sure that the overall process is followed. Understand the level of invoice detail a client needs from the beginning and from there, keep a proactive communication every step of the way.

Keeping tabs and frequently updating your business process such as creating new strategies will not only help you see which aspects of your current billing you need to work on, but it also allows you to generate new ways that can also benefit you and your clients.

Improve your business process. Devtac has a talented team of Utility and Billing Experts that will deliver seamless solutions including implementation, customization, integration, data migration, training, and support. Contact us now!