3. How to get paid faster by customers?

Invoice faster by automating the time-based invoicing process

When billing for time spent, the customer expects to receive an invoice at a certain frequency. In the context of a time-and-cost project, invoicing is often done every month.

In order for invoicing to be carried out as early as possible in the month, a few processes must be put in place that speed up:

• Validation of the times achieved by the customer or by the manager, with an online approval workflow. This facilitates exchanges and makes invoicing more reliable
• Automatic retrieval of Activity Reports for the preparation of invoices. The data submitted must allow for automatic preparation of invoices
• Bulk sending of invoices from the invoicing platform. Here again, a suitable tool saves many hours of work on invoicing

Automate communication to invoice due dates earlier

In the case of fixed-price invoicing, it is most often a communication problem that leads to a payment cycle that is too long.

Field teams and project managers don't always have in mind the importance of confirming to the invoicing teams that a step has been completed that allows them to invoice a deadline.

These project teams need to be able to easily indicate when a due date can be invoiced. Ideally, from their project management tool, they should be able to confirm that the deadline has been met, which notifies the invoicing teams. With this example of automated communication, invoicing can be completed immediately and payment is therefore received faster than if the invoice had been issued late.

Better control regarding overdue payments

To improve cash flow, it is necessary to be able to monitor unpaid bills. It is important to be able to consult a report on unpaid invoices: the aging balance is a report that allows you to analyze unpaid invoices and classify them according to the number of days that have elapsed since it became unpaid. The objective is to prioritize the relaunches. Indeed, the more time passes, the less easy it is to recover a debt.

This reporting must be easily readable by the invoicing teams and must make it possible to prioritise reminder actions.

Effectively manage customer reminders

If customer reminders cannot be systematically automated, it is possible to simplify the process considerably. Here are the steps to improve dunning:

• Set up an automatic notification system when an invoice goes unpaid. This information must be automatically transmitted to the collection managers but also to the project managers who sometimes find it easier to win the case with the client. Invoicing software usually allows you to create this notification system.
• Be able to automate reminders, depending on the customer and on the project. Automatic reminders aren't always the best option. Interpersonal skills and knowledge of the context are essential for effective debt collection. However, for a large number of projects, an automatic reminder with cadenced emails can increase the effectiveness of the system.

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?

2. How to manage the risks of project overruns ?

3. How to get paid faster by customers?

4. How to manage complex billing arrangements

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

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

7. How to simplify communication with customers?

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

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

The 9 problems of project invoicing