5 best practice concepts for your billing process
As the technology support industry matures, providers are requiring greater efficiency and flexibility out of their billing. The contracts and billing process has become the conduit that allows you to clarify the relationship expectations between you and your customer, while ensuring that the promised services are being billed accurately. Success of the business is dependent on clearly defining, auditing, and reporting on the services you agree upon.
Knowing what you can deliver to your customer and communicating the fulfillment of these expectations will build a loyal and trustworthy reputation, resulting in a long-term, profitable relationship.
To ensure your business gets to that point, we’ve developed five best practices concepts you need to consider for your billing process.
Know the Source of Truth – Accurate data is key to the billing process. Ensure your source of truth for each part of your billing data has been defined, reconciled and updated on a rolling basis. All billing records vetted against a source of truth assure the accuracy of what you are sending out.
Certainty with automatic payments – One of the best things you can do to increase cash flow is automate payment collection on a recurring basis. Take the bottleneck out of the collections process with a payment gateway for automatic payments.
Agreement billing automation – Use Agreement automation to control and bill the contract details established with customer. Also, with the complexity of services, cloud, and transactional billing ensure that you are automatically updating product additions and transaction detail.
Your invoices are a window into your house – Verify your invoices accurately and positively represent your brand because most customer finance managers will not visit your office, they will look at your invoices.
Reduce risk with down payments – Requiring a deposit for projects and big purchases reduces your risk and assists in your cash flow.
Take the complications out of billing by employing these best practices in your business.