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

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

Even before invoicing, you need to determine the right pricing for the project and estimate the margin. The first step is to list all the resources needed to complete the project and the workload required to deliver it.

   a. Define all necessary resources

   b. Setting the right selling price

   c. Choose the right billing type

2. How to manage the risk of project overruns?

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

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

b. How to monitor project invoicing to limit risks

3. How can I get paid faster by my customers?

Issuing project invoices is only the first step. The next step is to ensure that the customer's payment is collected. There are a number of steps you need to take to get paid more quickly.

   a. Invoice faster by automating the invoicing process in management

   b. Automate communication to bill deadlines earlier

   c. Better control regarding overdue payments

   d. Manage customer reminders effectively 

4. How to manage complex billing arrangements

Some projects require more complex invoicing.

   a. Multiple due dates management with instalments

   b. Billing to an entity other than the project entity

   c. Complex billing addresses

   d. Electronic invoicing

5. How do you handle tax billing and multi-currency invoicing?

Most invoices must show the amount of tax: VAT or other taxes.

   a. Tax invoicing depends on many criteria

   b. Multi-currency billing

6. How to manage invoicing between different entities within the same company (inter-company flows)

   a. What is interco billing?

   b. How do you manage intercostal billing?

7. How can we simplify communication with our customers?

Invoicing is an important part of customer communication. Communication must be clear, reliable and professional, otherwise your company's image may be tarnished. A number of best practices can be put in place to ensure that communication on invoicing issues is as perfect as possible.

   a. Send Activity Reports

   b. Include more information in invoice appendices

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

8. How can I change certain parameters during the course of a project that will have an impact on invoicing?

Sometimes it's necessary to modify certain billing parameters while the project is underway. Here are the most frequent changes to expect:

   a. Change in project invoicing terms 

b. Add a purchase order to the project.

9. How do I set up a project quotation and invoicing tool?

All of which goes to show how important it is to choose the right project invoicing software for your needs. Invoicing is a complex subject, where the risk of error is high, and which can waste a lot of time if the tools are not adapted.

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

   a. Ensure that the tool meets your needs

   b. Check that history imports are easy

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