There is need for customers to carry out effective billing process. These services are provided by billing consultants. The process largely depends on agreements between the clients and the service provider. It may include different forms of agreements raging from written contract to others.
For instance, such agreement set payments at the end of the project or on completion of a specific milestone. This may range from quarter to full completion of the project or it might be upon submission of a draft report of the given activity. The invoices are then sent to the client upon completion of the agreed milestone.
However, if the work is done continually and bill your clients for the given number of hours or days that you work including the expenses (travel, photocopying). Then you collect the charges and bill them to your clients at the end of the agreed-upon billing period. This is usually done at the end of each month or calendar.
The following can be done to promote effectiveness of your billing process. Front load your billing. While you can chose to invoice your client after reaching milestones, it is important to load your fee into the front of the project rather than doing so at the end.
This can be done by requesting for advanced payments or making the initial payments higher than the later. Upfront payments enable you to obtain financial head start and thereby minimizing the common risks such as, client delaying the payments or making the payments at the end of the project. Such money may be used to cater for the cost of the project.
Billing clients more often is important. This will ensure more often payments thereby improving your cash flow. Standard consultants prefers monthly payments however, daily or hourly payments increases individuals cash flow.
At the end of every billing cycle or on completion of the milestone agreed upon by the client. You should make an immediate billing. This will ensure immediate processing of your invoice by the client hence, immediate payments.
In the past, invoices took longer time to be delivered through post office. This thereby lengthening the delivery invoice in time. Use of email is essential to reduce the cost and to promote prompt delivery. You should embrace the use of emails as well as encourage your clients to do the same.
Offering a discount for prompt payments, this will help to motivate the clients to make earlier payments. You should offer small discounts such as less than one per cent to payments made within ten or twenty days. Offering discount will make you lose bit of the cash however, in the long run it positively increases your cash flow hence, making it worthwhile.
Monitor client payment closely. It is important for the billing consultants to monitor the status of their invoices to make sure that the clients pay their bills on time. Making phone calls in necessary to ensure that payments are made on time as well as initiating collection procedures.
For instance, such agreement set payments at the end of the project or on completion of a specific milestone. This may range from quarter to full completion of the project or it might be upon submission of a draft report of the given activity. The invoices are then sent to the client upon completion of the agreed milestone.
However, if the work is done continually and bill your clients for the given number of hours or days that you work including the expenses (travel, photocopying). Then you collect the charges and bill them to your clients at the end of the agreed-upon billing period. This is usually done at the end of each month or calendar.
The following can be done to promote effectiveness of your billing process. Front load your billing. While you can chose to invoice your client after reaching milestones, it is important to load your fee into the front of the project rather than doing so at the end.
This can be done by requesting for advanced payments or making the initial payments higher than the later. Upfront payments enable you to obtain financial head start and thereby minimizing the common risks such as, client delaying the payments or making the payments at the end of the project. Such money may be used to cater for the cost of the project.
Billing clients more often is important. This will ensure more often payments thereby improving your cash flow. Standard consultants prefers monthly payments however, daily or hourly payments increases individuals cash flow.
At the end of every billing cycle or on completion of the milestone agreed upon by the client. You should make an immediate billing. This will ensure immediate processing of your invoice by the client hence, immediate payments.
In the past, invoices took longer time to be delivered through post office. This thereby lengthening the delivery invoice in time. Use of email is essential to reduce the cost and to promote prompt delivery. You should embrace the use of emails as well as encourage your clients to do the same.
Offering a discount for prompt payments, this will help to motivate the clients to make earlier payments. You should offer small discounts such as less than one per cent to payments made within ten or twenty days. Offering discount will make you lose bit of the cash however, in the long run it positively increases your cash flow hence, making it worthwhile.
Monitor client payment closely. It is important for the billing consultants to monitor the status of their invoices to make sure that the clients pay their bills on time. Making phone calls in necessary to ensure that payments are made on time as well as initiating collection procedures.
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