Many organizations underestimate the impact of the billing process by considering it another workflow in the business cycle; however, its relevance in a project or service-driven organizations is key to improving the collections ratio and maintaining healthy cash in-flows. So how does Acumatica help to achieve an efficient project billing process?
Robust tools that meet the most complex billings rules
Acumatica’s robust billing rules allow companies to comply with the most complex and unique billing requirements by facilitating the configuration of multiple types of billings and project allocations.
Following are some of the most common billing methods handled in Acumatica:
- Subscription or Recurring Billing – These include invoices for services that are billed on a recurring basis. For example, a recurring monthly invoice for access to websites such as newspaper archives.
- Milestones – This type of billing is created when certain milestones have been attained. Usually the milestones are specified on the Project/Services contract.For example, a Design contract establishes that 10% of the contract amount will be invoiced when the design starts, 40% upon approval of the first draft and 50% upon completion.
- Percent Complete / Progress Billings – These billings are issued based on the percentage of work completed. An invoice of this type usually shows the original contract amount, approved changes, paid-to-date, percentage of the job completed-to-date, the amount currently due, and the total amount outstanding to be paid at the project’s completion.
- Time and Materials – This billing type includes the actual number of hours worked and materials consumed.
- Cost Plus – The invoices of this billing type include resources and/or materials cost and previously agreed upon added amount, also known as markup.
Providing flexibility to meet the business needs
With Acumatica, the user can standardize billing processes across companies, contracts, projects, customer classes, etc. This is particularly useful in organizations that require consistent business processes across the entire organization.
For example, a multi-company, multi-national organization in which workflows must be consistent in order to simplify the analysis and reconciliation among companies, services, entities etc.
However, Acumatica also has the flexibility to set unique billing rules per entity (company, contract, project, customer type, etc.)
Generating automated, accurate billings
An effective billing process should not only be efficient but also accurate. The quicker a company can deliver precise invoices to its customers, the shorter the collections time.
Acumatica automated tools not only allow the user to generate accurate and reliable billings, but also, to schedule invoice delivery (via email). This significantly reduces time and margin for error, saving valuable employee-hours that can be reinvested into more profitable areas of the business.
Increasing customer satisfaction
In addition to providing accuracy and reducing time / errors, Acumatica’s intuitive and easy to access inquiries and reports simplify the search for specific invoices, payments and/or customer balances.
These tools are available to be accessed directly by customers – depending on the company’s policies and configuration. However, if the applications are only accessible by the company’s personnel, the easy-to-follow audit trial allows employees to quickly access the information requested.
There are numerous benefits to having an efficient billing process and Acumatica Cloud ERP can help your Organization to achieve those many benefits.
Use the form on the right to contact us today to request a free consultation or contact me directly: Maria (Angie) Barron at (310) 435-3628 or at firstname.lastname@example.org