The 9 problems of project invoicing and how Stafiz helps you solve them?

August 10, 2023

1. How to estimate costs, prices and billing type for a billable project?

Before even invoicing, you must determine the right pricing for the project and estimate the margin. The first step consists of listing all the resources necessary to carry out the project and the cost to deliver it.

   a. Define all necessary resources

   b. Define an appropriate selling price

   c. Choose the right billing type


2. How to manage the risks of project overruns?

Depending on the type of project invoicing, the risks of overruns are not the same and do not have the same impacts.

   a. What are the risks based on each project billing method?

b. How to monitor project invoicing to limit risks

3. How to get paid faster by customers?

Editing project invoices is only the first step. You must then ensure that the customer payment is recovered. Several actions are necessary to get paid faster.

   a. Invoice faster by automating the invoicing process in management

   b. Automate communication to invoice due dates sooner

   c. Better control regarding overdue payments

   d. Effectively manage customer reminders 

4. How to manage complex billing arrangements

Some projects require setting up more complex invoicing.

   a. Multiple due dates management with instalments

   b. Invoicing to an entity different from that of the project

   c. Complex billing addresses

   d. Electronic invoicing

5. How to take into account tax invoicing and multi-currency invoicing?

Most invoices must indicate the amount related to taxes: VAT or other types of taxes.

   a. Tax invoicing depends on many criteria

   b. Multi-currency billing

6. How to manage invoicing between different entities of the same company (interco flow)

   a. What is interco billing?

   b. How to manage interco invoicing?

7. How to simplify communication with customers?

Invoicing is an important part of customer communication. Exchanges must be clear, reliable and professional, otherwise the image of your company may be damaged with the customer. Several best practices can be put in place so that communication on invoicing subjects is as perfect as possible.

   a. Send Activity Reports

   b. Include more information in invoice annexes

   c. Send invoices by standardized email in addition to electronic invoicing 

8. How can certain parameters be modified during projects that will impact invoicing?

Sometimes some billing settings may need to be changed while the project is in progress. Here are the most common changes to expect:

   a. Change in project invoicing terms 

b. Adding a purchase order to the project.

9. How to set up a project quote and invoicing tool?

All of these topics demonstrate the importance of choosing project invoicing software that fits your needs. Invoicing is a complex subject, in which the risk of error is high and which can waste a lot of time if the tools are not suitable.

So what are the criteria for choosing the right project invoicing software?

   a. Ensure that the tool meets your needs

   b. Verify that history imports are easy

   c. Ensure that the tool meets all standards and manages electronic invoicing