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?
1. How to estimate costs, prices and billing type for a billable project?
2. How to manage the risk of project overruns?
3. How can I get paid faster by my customers?
4. How to manage complex billing arrangements
5. How to handle tax billing and multi-currency invoicing?
6. How to manage invoicing between different entities within the same company (inter-company flows)?
7. How to simplify communication with customers?
8. How can I modify certain parameters during the course of a project that will have an impact on invoicing?
9. How can I set up a project quotation and invoicing tool?
a. Ensure that the tool meets your needs
Every company has its own specific needs. It's time to look for the software solution best suited to those needs. Several approaches can be used to identify an initial selection of suitable software:
- Ask companies in the same line of business which software they use
- Search software comparison sites such as Capterra, G2, ...
- Search the Internet, specifying your requirements: "project billing", "project billing software", etc...
Draw up a list of the 6 to 8 most relevant software packages. Contact the software to discuss your specific needs. Demos help you understand the software's understanding of your particular needs and how it can meet your requirements.
At this stage, it's a good idea to draw up a pre-established list of questions to ask, to ensure that your approach is exhaustive and consistent across the different solutions.
b. Check that history imports are easy
When the solution is implemented, it is highly likely that historical data, or at least data for the current year, will have to be imported into the software.
So make sure your software has a bulk data import module, so you can enter all your billing history, by customer and by project.
This module should enable you to carry out imports yourself, without the help of an integrator or the software publisher's teams. It should be simple enough for you not to spend too much time on it.
c. Ensure that the tool meets all standards and supports electronic invoicing
Invoicing software must comply with standard norms and be able to adapt to invoicing in all the countries in which your customers are located.
So check your special cases to confirm that they can also be handled with this billing tool.
With the switch to electronic invoicing, check that your invoicing tool also meets the required criteria, so you don't have to change it in the near future.
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?
2. How to manage the risk of project overruns?
3. How can I get paid faster by my customers?
4. How to manage complex billing arrangements
5. How do you handle tax billing and multi-currency billing?
6. How to manage invoicing between different entities within the same company (inter-company flows)
7. How can we simplify communication with our customers?
9. How do I set up a project quotation and invoicing tool?
