The invoicing process of businesses of today have moved towards multi-tier from, single tier. With new technologies and online solutions, invoicing has helped businesses to finish the complete B2B communication cycle using simple tools and processes. Here are some essential of a Multi-Tier invoicing process.
Sending Of Estimates
As a supplier of goods and services, businesses, send a detailed quote to customers helping them to understand and approve the transaction details and the price etc. The estimates act as a proof of that that both the parties agree to the deliverables and the price. They also act as a future point of reference for the vendor for creating the invoice.
Receiving of Purchase Orders
The process of sending of purchase orders is another important proof of the transaction. You can send a purchase order to your vendor, once you have approved the estimate. This is a document to give a go ahead to the vendor for the transaction.
Contractors and Sub-Contractors
In single tier invoicing, invoices are sent from from the vendor to the client. Whereas in Multi-tier invoicing, An invoice is sent from a vendor to a client, and then from the client to his client. This process also involves, sending of invoices in a multi-tier format. An online invoicing solution helps manage this sort of multi-tier invoicing very easily.
Multi-tier invoicing helps in simplifying the process of management of expenses with ease. The king of invoicing helps in adding expenses to invoices with ease. Expenses can be recorded and management from a separate dashboard and these can be directly converted to invoices. Expenses can now be marked as billable and non-billable and these can be tracked for complete financial management.
Time and Productivity Management
Time and task management has become an important aspect of multi-tier invoicing. Managing the hours worked on the services being delivered is important for invoicing purposes. time tracking solutions help in managing the hours worked and productivity achieved. Similarly, a task management tool is used for management and completion of tasks in a timely manner.
Sending out invoices on a monthly basis is the key to managing the productivity of subscription based billing model. In this model where a the business has a large number of subscription client, an online recurring billing solution helps in setting up recurring profiles to generate and set invoices on a recurring basis. This helps managing the productivity of the invoicing process and managing a large number of clients with ease.
Billing Statement Management
In a multi-tier invoicing process, one can easily manage billing statements that can be sent to the client inbox, online. One can also avail, self service client portals, to help the clients access billings statements and other invoicing data.
A business looking to for a Multi-tier invoicing solution, must choose an online invoicing software like Invoicera. Invoicera helps businesses in managing the complete B2B Communication cycle. It is a feature rich tool that helps with estimate management, purchase order management and time tracking along with a host of other beneficial features. Know more about enterprise billing management.