As 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.
by Kim Koster
Jun 06, 2019