One of the most critical processes for any successful business is billing. To advance your own AEC firm’s billing processes, it’s important to understand four key ways that can help.
BST United Kingdom
Reading, England, United Kingdom
+44 (0) 118 963 7463
Amsterdam, The Netherlands
+31 20 799 7709
Sydney, New South Wales, Australia
+61 (0)2 8310 4013
BST Asia Pacific
+65 6832 5031
Getting your billing to run efficiently, is an important step in optimizing your firm’s cash collection. But if you have a poor billing process that takes too long to get invoices out the door, that makes it difficult to collect the cash you need, when you need it.
While it’s very possible for you to fix your firm’s billing issues, you can’t think of it as a one-and-done process. It takes time, and some trial and error, before you can get it right. By setting the expectation that billing cannot be fixed overnight and that it requires constant effort from all persons involved, you’ll make the chances of fundamentally improving this process much higher.
There are four key elements you must pay attention to when working on your firm’s billing process. Let’s investigate each.
Now you know the four ways you can improve your billing process – but what does all of this really mean for your firm? Well, it means you can expect a positive impact in two key areas:
When your client’s Accounting department can rely on the accuracy and timeliness of your billing practices – that’s going to make one happy client. Don’t underestimate how much of a factor that will play in their decision for awarding future project work. The impact on client satisfaction alone should be a good enough reason to improve your firm’s billing processes.
Interested in learning more about the billing process? Check out The Ultimate ERP Glossary for AEC Firms, which includes 150 terms that will help you learn not just about billing, but about the entire project lifecycle. Download your free copy by clicking below!