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Managing the invoicing workflow and getting timely payments for the goods and services sold, can be a complex process for a small business. There are numerous activities to be carried out, to make the process fruitful and efficient.
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Contents • Introduction • Estimate Management • Purchase Order Management • Invoicing • Online Payments • Time Tracking and Billing • Project Management • Expense Billing and Management • Staff Management
Introduction • Managing the invoicing workflow and getting timely payments for the goods and services sold, can be a complex process for a small business. There are numerous activities to be carried out, to make the process fruitful and efficient. • An integrated online solution with a host of different features, can help small businesses in simplifying this process. Here are some ways to manage the invoicing workflow, using an integrated solution.
Estimate Management • Creating and managing estimates is the first part of the invoicing workflow. An estimate is the initial document that contains the details and the pricing of the goods and services. • An estimate is sent to the client for an approval so it is confirmed that the client is comfortable with the terms and pricing of the deal. An estimate must be created accurately using an online solutions and due approvals must be taken before sending out invoices to the client.
Purchase Order Management • The next important step in invoicing workflow management is purchase order management. Purchase orders are documents sent by clients to vendors. A business owner has to insist on getting timely purchase orders from the client. • Purchase orders must be received before starting the project or delivering the goods to the clients. The document acts as a proof that the client has approved the pricing and other details of the goods and services to be delivered.
Invoicing • Invoicing is the 3rd and the most crucial aspect of workflow management for small businesses. Using an online solution helps in sending out timely invoices to clients. • Using features like invoice scheduling are helpful in sending out invoices at a convenient time. Adding a late fee and and interest on late payments, ensure that the payments are received in a timely manner. One must ensure that the sent invoices are free of error and contain all the necessary terms and conditions, including the due date of the invoice.
Online Payments • Once the invoicing has been done and the invoices have been received by the clients, payment collection is important. Online payments are helpful in creating a mechanism for instant payments for the invoices raised. This helps in expediting the payments process, saving time and resources. • A choice of global payment gateways, ensure that the client can make the payment, using the payment gateway of choice. • Tracking all the invoices and keeping a check on unpaid invoices is also a very important part of the process. Following up with clients who have not paid up has to be managed simultaneously.
Time Tracking and Billing • This is also a key aspect of the invoicing workflow, for the service industry. Integrated time tracking ensures that all activities are tracked and hours are logged. An integrated solution helps in both – time billing and as well as productivity management.
Project Management • This is a useful step in invoice workflow management in case of businesses who bill for project milestones. A project management solution helps in tracking the status of each task and the work-in-progress of the project. • This helps in managing efficiency of the project along with, billing for the project. Invoices must be raised according to the details of the tasks accomplished, so the client gets an accurate overview of what all has been done.
Expense Billing and Management • This is an important aspect of invoicing workflow for service businesses like digital agencies. Many service based businesses charge clients for the expenses they incur on the project. This makes recording of expenses crucial for a business enterprise. • An expense management and billing solution helps in recording and tracking expenses with ease. New expenses can be easily added and marked as billable or non-billable. These can be billed for, while creating relevant invoices. Expense management also helps in tracking and controlling business expenses. It also helps in tracking invoices for tax deductions.
Staff Management • The invoicing workflow can be managed easily, when delegated to relevant staff members. The staff members must be assigned to clients and must be given complete responsibility for invoicing and payments for that particular client. • Online solutions help in adding new staff members and setting up permissions and approval processes for them. This makes the workflow more productive and free from errors.
Choose The Right Tool An integrated invoicing solution like Invoicera is helpful in simplifying the Invoicing workflow for small business.
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