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

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

Before even 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 carry out the project and the workload to deliver it.

   a. Define all necessary resources

   b. Setting an adequate selling price

   c. Choose the right billing type

2. How to manage the risks of project overruns?

Depending on the type of invoicing of the projects, 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 mitigate risk

3. How to get paid faster by customers?

Editing project invoices is only the first step. Then you have to make sure 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 earlier

   c. Better control regarding overdue payments

   d. Effectively manage customer reminders 

4. How to manage complex billing arrangements

Some projects require more complex invoicing.

   a. Multiple due dates management with instalments

   b. Billing to a different entity than the project entity

   c. Complex billing addresses

   d. Electronic invoicing

5. How do I account for tax billing and multi-currency billing?

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

   a. Tax invoicing depends on many criteria

   b. Multi-currency invoicing

6. How to manage invoicing between different entities of the same company (intercompany flows)

   a. What is interco billing?

   b. How to manage intercompany invoicing?

7. How to simplify communication with customers?

Invoicing is an important part of customer communication. Exchanges must be clear, reliable and professional, otherwise your company's image can be damaged with the customer. Several good practices can be put in place to ensure that communication on billing topics is as perfect as possible.

   a. Send Activity Reports

   b. Integrate more information into invoice schedules

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

8. How can I modify certain parameters that will impact invoicing during projects?

Sometimes you need to change some billing settings 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 do I set up a project quoting and invoicing tool?

All of these topics demonstrate the importance of choosing project invoicing software that is right for 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 adapted.

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

   a. Ensure that the tool meets your needs

   b. Make history imports easy

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