00
Days
00
Hours
00
Minutes
00
Seconds
Sign Up to Our Webinar! 'Become a Pricing and Forecasting Maestro with GoProposal and Futrli'
Register Now

Improving your company's billing process

Read our introductory guide to improving the billing process in your company.

A company's billing process is one of the biggest sources of issues and errors in small business operations. Late payments and other issues can have a serious impact on your organization's cash flow. Having an efficient process set up helps prevent outstanding invoices not being paid. Keep reading for our short guide on how to improve your billing process and become an even more successful business.

Piggy bank
A company's billing process is one of the biggest sources of issues and errors in small business operations.

Improving your billing process

There are several key steps to go through when improving your billing process.

Payment terms

It is crucial to establish a clear agreement with the client on what your payment terms are. This includes clarifying the types of payments accepted, payment deadlines, any late payment penalties, and how the amount on the bill is calculated. Having clear payment terms agreed on early in the client relationship can help prevent the tedious process of chasing late payments.

"Terms of Service" written on typewriter
It is crucial to establish a clear agreement with the client on what your payment terms are.

Automation

Automating your payment process can help streamline your billing and collection process. There are several automation tools available to help you create invoices, send overdue invoice reminders or create invoices using templates. By automating and replacing things like manual data entry, using billing software can help maximize efficiency and eliminate the potential of human error.

Payment options

The more payment options you allow, the smoother the payment process will be for the clients. Having several options in your billing system can also help attract international clients. You could even consider alternative payment options, for example, cryptocurrency, to maximize the scope of your company’s payment methods.

Bitcoin
The more payment options you allow, the smoother the payment process will be for the clients.

Mistakes in invoicing

It is crucial to keep the number of mistakes in your invoicing process as low as possible, preferably at zero. Mistakes can slow down billing and collection considerably. Eliminating manual data entry by using billing software can help reduce errors. If you decide to go manual, have your team double-check every document before you send invoices.

Woman in office
It is crucial to keep the number of mistakes in your invoicing process as low as possible, preferably at zero.

Direct debit payments

Direct debit as a payment method can help reduce late payments as it just pulls the amount on the due date. Customers do not have to take any action which reduces the opportunities for error.

Watch the Webinar Recording

Start Your Free Trial

Let informed predictions and powerful reporting guide your business. Be ahead of the curve with Futrli.

Get business advice here

Our blog holds tips, how to’s and general business advice.

Futrli News

Futrli's February 2024 Release

This is some text inside of a div block.

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat.

Futrli News

Futrli's February 2024 Release

Accountants

3 Apps to beat accounting blues and scale your firm

Chris Downing catches up with three accounting app innovators to discuss the apps that they have developed that directly help accountants.

Accountants

Where most prediction software falls short

Tread carefully when looking for prediction software. Find out how to dig deeper into your predictions with the tools that count.

Small Businesses

Cash is King! 4 ways to keep your cash flow healthy.

Cash flow is essential to your business’ survival. Read our top 4 tips for taking control of your cash flow.

Small Businesses

10 Common Cash Flow Forecast Hurdles

If there’s one thing that all small and medium-sized enterprises should prioritise, it’s their cash flow. Read on to find out the top 10 most common issues.

Accountants

Empowering Accountants: How to Embrace Uncertainty with Futrli

The future is far from certain. Find out how Futrli helps accountants wade their way through murky, grey, “This might happen”-type scenarios.

Small Businesses

Inflation affecting your hospitality business? Take back control with these three steps.

Acting quickly is key to ensure you can ride out the incoming storm. Find out more in this article.

Small Businesses

Why cash flow forecasting helps businesses survive downturns in trade

Learn how cash flow forecasting is crucial for surviving slower trading periods.

Accountants

The 7 reasons why SMEs struggle with cash flow management

Find out the 7 major reasons why your clients’ businesses struggle to achieve a positive, healthy, consistent cash flow.

Accountants

Take clients from compliance to scenario planning in five steps

Scenario planning helps your clients imagine different environments or realities in the future, guiding the plans and decisions your clients make.

Accountants

Flash reports and why to build them

This short guide covers what Flash Reports are and how you could use them as a speedy solution for your clients’ reporting needs.

Small Businesses

Head of Accounting and Futrli COO discuss challenges and solutions for small businesses.

Read Dan and Helen’s thoughts on how SMEs can protect themselves during what is set to be a challenging year.