As a Digital Agency owner it is extremely crucial for you to focus on your business and ensure that the revenue is consistently rising. This becomes a huge challenge when there are a host of other things to manage – these could be related to human resources, finances, productivity and invoicing. Invoicing a crucial aspect of a business and can be a reason for trouble if not managed well. Invoice Disputes, exceptions and delayed payments are some of the hassles of invoice mismanagement. These in turn could lead to serious situations like improper cash flow which no business would want to get into.
Here are some tips to manage your invoicing process in a simplified way and focus on your core business:
1. Integrated Time Tracking and Invoicing
As a service provider it becomes really challenging to send out accurate bills for the hours worked on a project. Using a cloud based tool that helps you track the hours worked on a project and directly convert these into invoices clearly helps you solve this problem. A single tool that helps you take care of the project productivity, on-time delivery, billing and payments is what you want.
2. Speed of Invoice and Payment Generation
As an Agency owner, you are extremely worried about the speed at which invoices are being sent out. There are lots of invoices that get delayed from your end that can be really frustrating. You need to ensure that you are using a tool that can schedule your invoices and send them to your client mailbox in a timely manner. This in turn would increase the chances of the invoice being cleared on time.
3. Tracking Invoices and Payments
With a large number of clients, it becomes really difficult to track invoices, in a timely manner. An invoice tracking and management system ensures that each of the invoices can be reviewed, to understand the exact status – Viewed, Paid, Due etc. This ensures timely and necessary action on the said invoices.
4. Personalised Client Portal
Sharing the statement of accounts to the client, on a regular basis can be a big hassle. A system that helps the client to view the invoices, as and when required, would be really helpful. This would help you focus on your business while the client gets all the required information easily.
5. Invoice Aging Reports
Since many of the clients in the Agency business enjoy a credit period, it is very important to analyse the aging reports of invoices. This helps in getting an understanding of the average age of client invoices and take necessary action. You can ensure that the average age of invoices goes down, by revising your payment policies and insisting on earlier payments.
6. Expense Management and Billing
It is extremely important to manage your expenses well, while you are running an Agency. Having an expense policy in place, helps in controlling the expenses and making sure that your staff members are recording only genuine expenses. Besides that, you need to use a billing solution that easily converts your billable expenses into invoices.
7. Simplifying the Payment Process
Many a times payments get delayed purely because of complicated processes. Manual collection of cheques can become a big hassle because of additional resource allocation for co-ordination etc. A simplified online payments system with a click on the invoice, helps the client to conveniently pay up before the due date. This not only solves the problem of delayed payments to a great extent, but also helps in improving the relationship with the client.
Invoicera is an integrated time tracking and billing solution tailor-made for digital agencies. The product provides all the features that a digital agency is looking for in an invoicing system. Besides that it is a cost effective solution with a great service track record.