Digital is the buzzword in the agency business and this has led to the emergence of a large number of agencies across the globe. There is a high level of demand for such agencies, ensuring that they are growing at a fast pace too. Research suggests, that digital agencies will continue to grow at a healthy pace over the next 5-10 years.
The key focus of every digital agency is client retention. Ensuring that the client is completely satisfied, and not looking for an alternative, is the key to digital agency success. The latest trends in the digital agency business include – platform creation, data analytic and Internet of Things. Helping clients, create a digital brand is the key focus for every digital agency. Here are some digital agency invoicing tips and tricks for 2016:
Cash Flow Management
This is a crucial area where every digital agency must focus. An agency has to ensure that every client is clearing each invoice on time. This is very important to pay salaries on time and sustain the business in the long run. Ensuring that one is working with the right set of clients, who are making on-time payments, is crucial. Timely follow up for payments and automatic payment reminders are useful in making sure payments are flowing in, on-time. Adding an interest penalty or a late fee is crucial to receive timely payments. One should also ensure that invoices are sent in a timely manner, so the client can process the invoices, faster.
Recurring Invoicing and Auto-Billing
A useful way to retain agency clients and get more business, is to set-up recurring invoices. This helps in sending out monthly bills to clients without creating them manually, every-time. Auto-bill profiles can be set up as well. These help in sending out bills automatically. The payments in this case are linked up and transferred automatically, as well. Automated billing improves the level of client satisfaction and ensures client retention and faster payments.
One can improve the services to the client by customizing the invoice according to client requirements.
Focusing on the Core Business
It is crucial for every business to have an online invoicing solution, that does all the hard work as far as online invoicing and payments in concerned. Staff members can be trained to use such a solution, to get on-time payments for the invoices generated. This helps in focussing on strategic and creative aspects of the business and providing satisfactory services to the client. Sending out paperless bills to clients ensures cost savings and managerial efficiency for the business.
Integrated Time Tracking
This is an extremely important aspect of digital agency invoicing. Sharing detailed timesheets with the client, along with hourly bills, helps the client understand the level of productivity achieved by the business. Using an integrated time tracking and invoicing solution is helpful in sharing timesheets with clients and easily converting them to invoices.
Integrated Expense Management
Expense management is also one of the most crucial aspects of managing digital agency invoicing. Recording expenses in an expense management solution and directly converting billable expenses to invoices, helps in managing the process efficiently. Expense control becomes easier as well and helps in improving the profitability of the business.
Customizing Invoicing According to Requirements
Many of agency clients are global and need invoicing to be done in a particular way or in a particular language. One needs a digital agency invoicing solution to help such clients with their specific requirements. Such solutions also provide the option of online payments, with the help of multiple choice of payment gateways. Invoice templates can be easily customized to showcase the brand identity of the agency. Additional fields can be added with respect to specific taxation requirements of a particular country.
Choosing an invoicing solution like Invoicera would certainly help a digital agency manage the invoicing process more efficiently and receive faster payments. Invoicera has got features like late fee, automatic payment reminders, integrated time tracking and expense management and online payments to help a digital agency in all aspects of invoicing.
Know more about the advantages of receiving payments online.