While businesses may fail for a number of reasons, the primary cause of why companies fail to stay in business is a combination of poor scheduling and bad billing methods. We are all aware that revenue is the source of a business staying active, so having good billing practices is a crucial factor for establishing that revenue.
Keeping Track of A/R
A large part in pursuing business success is being aware of how your accounts receivable are aging. When you keep record of aging A/R, you’re able to evaluate profitability and efficiency of your billing procedures. This process is not something that should be done manually. With TimesManager™ automation software, you’ll be able to mitigate aging invoices and manage incoming financial flow. Take advantage of TimesManager’s™ reporting tools that track your month-to-month productivity, accounting activity, client reports, and projects.
Keeping your payment cycle short and concise will allow you to assess how long it typically takes to get paid from your clients and how to bill for the future. It is ideal for billing due dates to fall under net 60 and may be a wise decision to seek automation when it comes to scheduling. If Microsoft Outlook is your primary email platform, your message data and calendar will easily sync with TimesManager™ to maintain and manager reminders for important dates, events, and notifications.
Closely Examine Your Billing Process
Do you believe that your claims processing time could be reduced? Do your current billing methods cause delay in your ability to provide services and information? Does your company encounter errors throughout the course of billing and reimbursement procedures?
These are just several of the questions every business owner should ask concerning the investigation of the businesses billing process. If the answers found during examination prove the current method is inefficient, it is likely time to modify billing methods. In the instance that the current billing system doesn’t work for your business at all, changing systems all together may be the better solution.
TimesManager™ is a cloud-based time and billing software powered by JDi Data that allows business owners to leverage financial data and control CRM, time tracking, document management, expense discovery and more. One of the great features that TimesManager™ offers is the accessibility of viewing and managing billing records from all devices including your desktop, laptop, tablet, and smartphone. JDi Data also offers a free 30-day trial for TimesManager™ with no purchase obligation, so you are free to explore the software and its infinite functionalities.
Ensure your business success by using efficient methods to manage billing. With proper invoice schedules, A/R management, and billing method refinement, you can increase your overall business productivity and enhance your capability in the process.