Enterprise Billing Management – Best Practices 2016

Enterprise Billing Management

Building a relationship with customers is the key focus of most large enterprises. The overall inclination to pay up on time is related to the value being delivered to the customer. The idea here is to look at the entire B2B communication cycle holistically and optimize the revenue and payments for the business.

Integrating CRM and Invoicing

The process of building a relationship with customers involves changes in the pricing or the subscription plan, new offers, upselling and cross selling of services and other such activities.

  1. The process of providing the requisite services and receiving the payment for the same, has to be integrated.
  2. Automation of systems on the other hand, helps in scaling the business operations to the desired level.
  3. A self serving portal is very helpful in the of automating the sales and billing process of of a business.
  4. This helps clients to login to their account and access the required information about the status of their orders and invoices.
  5. Integrating the sales, billing and customer support helps in improving process efficiency and helps in building deeper relationships with clients.

Managing ERP Along with Billing

Enterprises are looking up to newer cloud based apps for improving the overall productivity of the organization. The newest requirements of large businesses find the earlier solutions to be redundant and are looking for integrated solutions. Traditional ERP systems are struggling with the numbers of services being provided, the time to market and the visibility of transactions.

Here are some common issues with traditional ERP systems

  1. The systems are extremely inflexible according to the needs and requirements of the business
  2. A change in systems involves a large amount of investment in processes
  3. There is a need for a single process for B2B communication cycle
  4. There is a huge maintenance cost of enterprise resource planning applications
  5. The upgradations of existing systems is a huge concern
  6. Processes are built according to software while it should be the other way round
  7. The systems are not global and do not cater to regional requirements

The service business has become complex with the ever-changing demands of the consumer. The client is looking for solutions which are more customized and the procure to pay process, thereby become complicated. Integrated billing solutions that are based on the cloud are helping businesses find the most appropriate solutions to their existing problems. These solutions help in integration with legacy ERP solutions to provide custom workflow management. Bespoke solutions help in improving the return on existing as well as new business processes.

Automating Processes

Manual invoice processes are fast giving way to automated ones.

  1. Automated solutions reduce the resources required in manual invoicing processes.
  2. Manual invoice verification and approval processes are full of complexities and the chances of invoice disputes and exceptions are very high in such processes.
  3. In manual processes, the time consumed in manual sending of invoices is much higher and leads to a slower quote-to -cash cycle. This delays the process of payments, hampering the cash flows in the long run.
  4. Financial management is a very important aspect of enterprise billing management.  Generating automated reports of outstanding invoice, estimates, purchase orders and invoice ageing help in managing the finances effectively and efficiently.  Running multiple reports help in complex revenue and sales forecasting with the help of simplified processes.

Choosing a cloud based enterprise billing management solution like Invoicera helps in simplified management of customized business invoicing requirements. Here are some of the key features of Invoicera, meant for large enterprises.

  1. Integration with ERP, CRM and E-commerce platforms
  2. Custom workflow management
  3. Bespoke Invoicing solutions
  4. Advanced reporting systems
  5. Multilingual invoicing solutions
  6. Multiple payment gateways
  7. Complete B2B communication cycle
  8. Self serving client portals

Also read more about the advantages of switching to a customized invoicing solution.

One thought on “Enterprise Billing Management – Best Practices 2016

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