Billing consultants enables you to effectively undertake billing process. This is largely dependent on the agreement made by your client. It may be inform of a written contract or any other form of agreement denoting billing and payment process.
For example, the agreement may set that; payments should be made at the end of completion of a given milestone. This may be on quarter completion of the project or draft report submission. Such invoices are submitted to the client upon completion of a milestone.
However, individual may choose frequently do billing to the client according to the number of hours or days worked for. This may include the cost of expenses such as photocopying, traveling among others. He or she notes the charges and bills them to the client according to the agreed period or at the end of billing cycle. This may be done on a monthly basis or according to the period agreed.
The following can be done to promote effectiveness of your billing process. Front load your billing. While you can chose to invoice your client after reaching milestones, it is important to load your fee into the front of the project rather than doing so at the end.
This can be done by requesting for advanced payments or making the initial payments higher than the later. Upfront payments enable you to obtain financial head start and thereby minimizing the common risks such as, client delaying the payments or making the payments at the end of the project. Such money may be used to cater for the cost of the project.
Billing clients more often is important. This will ensure more often payments thereby improving your cash flow. Standard consultants prefers monthly payments however, daily or hourly payments increases individuals cash flow.
Immediate invoicing clients are effective. At the end of the billing cycle or on completion of the agreed milestone. Individual should invoice the client to ensure sooner consideration and payments.
Use email whenever possible. In the past invoices were snail mailed to the client, this used to take up to weeks to arrive. However, currently many clients welcome invoices sent via emails. This cuts delivery time from days to seconds as well as the cost. Significantly it is important to make email part of your business thereby encouraging the clients to do the same.
Motivating the clients to pay promptly is important. Therefore, you should consider offering discounts to the clients who makes prompt payments. Cost incurred in giving discount is lower than the returns brought by immediate payments. The discounts can be offered to the clients who make the payments within 10 to 20 days or less.
Additionally you should monitor the payments to be made by the customers closely. It is essential for billing consultants to keep an eye on the clients to pay their bills on time. If necessary they may make phone call to check the payment status and when necessary initiates the payments.
For example, the agreement may set that; payments should be made at the end of completion of a given milestone. This may be on quarter completion of the project or draft report submission. Such invoices are submitted to the client upon completion of a milestone.
However, individual may choose frequently do billing to the client according to the number of hours or days worked for. This may include the cost of expenses such as photocopying, traveling among others. He or she notes the charges and bills them to the client according to the agreed period or at the end of billing cycle. This may be done on a monthly basis or according to the period agreed.
The following can be done to promote effectiveness of your billing process. Front load your billing. While you can chose to invoice your client after reaching milestones, it is important to load your fee into the front of the project rather than doing so at the end.
This can be done by requesting for advanced payments or making the initial payments higher than the later. Upfront payments enable you to obtain financial head start and thereby minimizing the common risks such as, client delaying the payments or making the payments at the end of the project. Such money may be used to cater for the cost of the project.
Billing clients more often is important. This will ensure more often payments thereby improving your cash flow. Standard consultants prefers monthly payments however, daily or hourly payments increases individuals cash flow.
Immediate invoicing clients are effective. At the end of the billing cycle or on completion of the agreed milestone. Individual should invoice the client to ensure sooner consideration and payments.
Use email whenever possible. In the past invoices were snail mailed to the client, this used to take up to weeks to arrive. However, currently many clients welcome invoices sent via emails. This cuts delivery time from days to seconds as well as the cost. Significantly it is important to make email part of your business thereby encouraging the clients to do the same.
Motivating the clients to pay promptly is important. Therefore, you should consider offering discounts to the clients who makes prompt payments. Cost incurred in giving discount is lower than the returns brought by immediate payments. The discounts can be offered to the clients who make the payments within 10 to 20 days or less.
Additionally you should monitor the payments to be made by the customers closely. It is essential for billing consultants to keep an eye on the clients to pay their bills on time. If necessary they may make phone call to check the payment status and when necessary initiates the payments.
About the Author:
When there is a need for knowledgeable billing consultants, visit the web pages at www.top10billingsecrets.com/ today. You can see details online here at http://www.top10billingsecrets.com now.
No comments:
Post a Comment