What to Look for in a Billing and Invoicing Tool

Unanet Infographic It's True Cash Is King cropped for site.pngAs a professional services company, it is critical to be able to automate and shorten the bid-to-bill lifecycle. Professional services organizations need revenue recognition and billing to be completely in lock step. The concept of billing and invoicing does not need much explanation as we deal with bills continually in our daily lives. Billings/Invoices typically are a form that contain information like name, address, payment terms, a unique id, elements of cost, direct costs, and indirect costs applied. Choosing a billing and invoicing software can help you maintain accuracy and efficiency.

But how do you find billing and invoicing software that will give your company all the features it needs for success? When looking for a tool, it is important to have…

  • A time application that is a part of the project based ERP system so that billing can be done quickly
  • Traceability of all transactions
  • Ability to create multiple, standard invoice formats to be used across projects, showing summary or detailed level information
  • Hide or show Cost Element detail on Cost Plus Invoices
  • Include Fixed Price, Time & Materials, Pre-Bill Labor, and Additional Items on the same invoice
  • Defer items from the current invoice for future invoicing
  • Add one-time items such as additional fees or discounts

The Benefits of Billing and Invoicing Software

Once your organization finds the right system, you will enjoy the following benefits:

  • Billable expense markup ensures company or project-specific markups can be applied.
  • Manage different contract types including Time & Materials, Fixed Price, Pre-Bill Labor and Cost Plus.
  • Estimate and record what is billable, billed and earned.
  • Enable review of draft invoices by project management roles.
  • Manage bid-to-bill lifecycle in Unanet, or feed data to other systems
  • Feed other systems with accounts receivable, or journal transactions at summary or detail level.
  • Flexible invoice formats per project to reflect client needs and level of detail. 

Streamline Your Billing and Invoicing Process with Unanet

When searching for the perfect billing and invoicing software for your organization, Unanet is the clear choice. Our software can automate the “bid-to-bill” lifecycle, allowing your organization to forecast and track revenue across different contract types, and provide authorized managers with real-time insight. Our software promotes faster invoicing which in turn results in a faster closing of the books and reduced DSOs.

By providing a single integrated system to manage the entire services bid-to-bill cycle, Unanet gives businesses the opportunity to replace their disparate standalone systems, resulting in greater productivity, fewer errors, lower costs, and less stress for your team.

Download our ebook to learn more!


Selecting an ERP for Professional Services eBook

Kim Koster

Kim Koster

Kim is an experienced executive who brings over 30 years of experience in project management, project accounting, EVMS,  government contract and accounting compliance, and communications.

"We selected the Unanet PSA product suite because it works, is simple to administer, and has rich functionality."- Brian MacDonald Director of Information Systems L-3 Communications Corporation
An invoice that used to take 1 person 2-3 days that is now complete in 30 minutes, and a report that used to take 2 hours that is now produced in 2 minutes! - TJ Guarino, Tessada


Being able to see where we are on projects REAL TIME instead of waiting for Monday processing has made it much easier to let clients know exactly where we are with their projects. Unanet has set a higher standard for project reporting and there is more to come!. - Jenny Clark director, solvability


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