In these fast-paced times, it has become extremely essential to constantly renovate and reform your basic business fundamentals. Careful planning and constant innovation have become prime factor that determines a digital agency’s growth and market value.
In order to survive in such stark competitive times, the need for switching to new bespoke software cannot be undermined. Every now and then there is an introduction of new technology which adds to your ease of doing business and supplements your processes. If you are one of those firms who still wish to stick to its traditional way of doing business, then how do you plan to compete with those who have imbibed much more advanced modus operandi?
Reinventing the business processes is a challenge that every digital agency faces. We have to understand that every business has its own requirements, needs, and functions which determines how it works.
Here are some daily mistakes for a digital agency in their billing and work management:-
1. Delayed Invoicing
Creating invoices is definitely a huge pain area for many digital agencies nowadays. Creating a detailed invoice is a tedious task that involves a longer period of time. Despite being so time-consuming, it is still not able to free of manual errors.
Apart from consuming time extensively, sending recurring bills and subscription bills becomes a mess! Such types of bills have to be sent in a stipulated period in order to maintain a steady flow of cash. When these get delayed, it leads to an account deficit and hence becomes a major problem for the accountant who is managing AR & AP.
Invoices act as communication between you and your clients. Hence due to delayed sending, the whole system of communication breaks down. The client remains unaware of his bills and that leads to possible fines ultimately resulting in a declining client retention rate and hampered customer satisfaction.
2. Managing on the client on one table
Every business depends on the revenue it is generating from its actions. Harboring a huge clientele seems like a win-win situation for your digital agency, isn’t it?
With such a huge clientele, you need to upgrade your existing systems in order to meet their demands and expectations. Negotiations and agreements are fine, but a healthy customer relationship is what drives further business to your agency and help you maintain a stronghold in your domain.
With multiple clients come multiple accounts and in order to manage them, you need much more efficient resources. Any mismanagement could risk your whole digital agency at the risk of huge loss and blemished social image. Once the words get out, it could lead to a domino effect on your business leading to a downward spiral! That’s the last thing you would want for your business, right?
3. Local behavior with the global clients
Breaching territorial boundaries and extending operations across the borders is a dream which digital agencies harbor. But seldom do agencies actually innovate their custom software in order to cater to a large client base.
Serving global clients comes with its own challenges and communication chaos. Adherence to your client’s requirements in terms of their currency, denomination, and language is a huge obstacle that most of digital agencies fail to follow.
Sending invoices in the language and currency native to your client leads to much better understanding and communication. The invoices which do not adhere to this often become a scapegoat of confusion which inadvertently hampers your business and ROI.
4. Billing without tracking time
Outsourcing your employees to work on your client’s projects is an efficient way to acquire multiple projects in a limited time frame. Most of these projects are time-based wherein you can charge your client on the basis of hours spent on their project
Sending accurate invoices brands you as reliable and trustworthy. But often several digital agencies face the conundrum of billing clients as per the time spent on their project. The time record is often inaccurate leading to the wrong invoice.
These mismanaged datasheets often jeopardize your account sheets leading to chaotic management. Your efforts, time, resources and a lot more go for a toss if you don’t manage your projects with custom software.
5. Chaotic workflow and approval process
Every business has its own established hierarchy verticals which makes the whole process much more smooth and convenient. An established workflow even boosts your productivity and makes your work less time-consuming. But what happens when the hierarchical setup breaks down?
In the case of non-customized management, the whole invoicing approval becomes too tedious and delayed. Since the members are unable to interact at a single platform, the communication becomes ineffective.
Moreover, the accounts go haywire as the records become too obscured to be analyzed leading to wrong interpretation and eventually a severe cash flow.
It’s high time we understand what our clients expect from us and what do we need to do in order to meet up to the market demands. If you wish to stay relevant in your domain, you have to constantly innovate your business activities and use bespoke software for managing your AR and AP, managing your clients, projects etc. in order to boost their utility value.
But as always there are no challenges that can’t be handled. With the advancement of custom software, handling the above-mentioned problems is very easy. How does custom software help in your business? Well, we’ll leave that for the next blog.
Invoicera is one of the leading online invoice software in the market. The cloud-based invoicing and billing software has catered to more than 3.5 million users around the globe for the past 16+ years. The software can be customized according to individual business needs and works for Enterprises, Small Businesses, and Freelancers.
The invoicing software offers many unique features customized to the specific business needs of freelancers, small businesses and enterprises. It helps you to automate and simplify your business processes and communication with online invoicing and payments, expense management, recurring/subscription billing, client/vendor panels, time tracking, invoice approval process, multilingual & multi-currency support, staff permissions, financial reporting & analysis, purchase order management.
- Invoice approval process/ customized approval process
- Two-factor authentication
- Multiple business access
- 30+payment gateways
- 3 layers account security
- Staff management
- AR & AP Management
- Multi-lingual compatible Invoices
- Online invoice software
- Subscription billing management
- Project management
- Time tracking software
- Custom workflow management
- Expense management
- Enterprise Customized Invoicing solution
- Multi- Business Management
- Third-Party Integration
Q. .How can software help me to focus more on the creative part of the business rather than accounting and billing?
A. Invoicera focuses on automating your entire business process to ease out the clerical jobs. Therefore, you can focus more on your creative concepts.
Q. Why Invoicera is the Best Invoice Software for a Digital Agency?
A. Invoicera is a digital marketing agency software with features completely customized for your digital agency business making it a choice of 75 major enterprises and 3.5M businesses around the globe in the past 16 years.