December 17 by Catherine Desedare
Billing is not a one-sided affair—it can be both extremely beneficial to the customer and the business, but it can also be laced with stress and frustration. That frustration can derive from contract terms not being reflected in the invoice, incorrect numbers,or billing cycle errors. Billing is a vital part to keep a business afloat and the quicker you bill, the quicker your revenue can be used as working capital. That’s why when choosing a billing solution you need to make sure you get the right one that will take stress away, not add to it. Check out my 5 best practices you need to take with you when choosing a vendor for your billing needs.
5 Best Practices When Selecting A Billing Software Vendor
1. Ensure that your invoices get into the right hands
Getting your invoice to your customer can seem like a simple check box process, but when your invoice does not make it into the hands of the right person it can cause pain for both the you and the customer. Issues can arise with inefficiency, overdue charges, or missing cash flow. To eliminate that mess, look for an automated billing solution that is connected directly to your CRM. With all other communication going through your opportunities, you are less likely to commit errors and your bills will make it to the right person.
2. Integrate, integrate, integrate
Integration is one of the key components in eliminating stress during the billing process. When your software is streamlined in a cloud based solution, you are less likely to get hung up on data and contractual errors. With an integrated approach you’ll eliminate data migration and the administrative hours associated with it, while increasing visibility and payment turnarounds. As an added bonus your customer service will see some positive returns as well with real time account updates including bottom line balances and a next billing cycle timeline.
3. Make it easy for your team to update and adopt
One hurdle to a successful billing software purchase is user adoption. Be sure to involve your team in the buying process, since they will be the ones using it day in and day out. Understand what they need most of a new solution, and look for a solution that will make their job more convenient. For instance, being able to pull up an account for any customer at any time depends will allow them to be more responsive and accurate. Place a lot of weight behind the user interface. A tool that is intuitive and easy to use, will make on-boarding a quicker, smoother process. Finally, picking a billing solution that easily integrates into what you currently are using or even better is an add-on will also help you see the benefit from day one. Watch how one company did just that by selecting billing software that integrated with their current CRM.
4. Take the pain out of administrating and reporting
The best solutions will give you a flexible UI that you can drag and drop features to best suit your business needs. Even better solutions will let you expand your reporting capabilities so you can deliver key numbers that business drivers need. Setting up the capabilities should be painless, easy and happen with just a few clicks—you shouldn’t have to run custom code to modify your billing invoice.
5. Don’t forget about security
With cloud based billing solutions, you eliminate the headache of maintaining levels of security and leverage your platform’s capabilities. Do your due-diligence, and make sure you review potential software’s security reviews.
Master These Billing Best Practices For A Smooth Process
Billing typically can be overlooked and seen as a very basic process but due to that mind-set and the apparent simplicity is a reason why many businesses struggle with it—especially when an organization is fragmented across the globe. Streamlining your billing software and completing your Quote-to-Cash process will ensure you’ll have speedy billing schedules—the quicker you bill the quicker you get paid! Without a streamlined system you’ll fall back on manual methods of transferring data, processing expenses, managing rebates all resulting in more stress on you. Take that stress off yourself and automate your billing process—won’t only make you happy at the end of the day but also will positively affect your growing business.