How Can You Shorten Your Billing Cycle?
On average, how long does it take for your business to get an invoice ready?
Nobody likes delaying their billing cycle, but the consequences for small businesses are substantial. Long billing cycles can reduce operating efficiency and increase costs. These delays can affect a business’s payroll, supplier payments or even loan payments as the business’s payment schedule is also postponed. Consider the impacts of your billing cycle on your business operations.
Quoting a job accurately and timely is an essential part of completing a work order. If you have a technician out on the field and the conditions of the job change, are your technicians equipped to handle a quick estimate? Estimates and quotes affect the timeline of a job, and in turn your billing cycle.
Not only does this affect your billing cycle, but it may have a negative impact on your customer. If a customer is expecting a job done, they do not want a delay. Providing efficient quoting solutions improves both your billing cycle and your customer service.
Once a job is completed, an invoice will be created; if the invoice is correct, it will be approved and sent to the customer. Getting the right information to the billing department does not have to be an extensive process.
Ideally, you want customers to pay sooner rather than later. Remember, the key to decreasing your collection period is providing the customer with their invoice as quickly as possible. The longer you make the customer wait, the longer you wait. Sending customers their invoice through e-mail has proven to be efficient through a management software.
Furthermore, the layout of an invoice is also important. You want the invoice to be as clear as possible. If a customer does not understand a charge, they will hold off on their payment until they can inquire about it.
Instead of having a designated employee inputting data, have the technicians input their expenses and labour hours. This will reduce overhead costs and improve operating efficiency. Data entry is a time consuming and tedious task.
YourRadar improves billing accuracy and collection periods by tracking customer data. In other words, YourRadar gets the right information, to the right person, at the right time.
Having an accounting software is also crucial for business operations. YourRadar offers a QuickBooks integration, with a single click your information is carried over. Invoices are ready faster and they are easy to understand.
Shorten your billing cycle by enhancing technician productivity, integrating an accounting software and using an end-to-end software solution that improves every aspect of your business.