You’re Bleeding Cash and Don’t Know it! Here’s How to Fix It.
Invoicing is harder than people give it credit for.
While seemingly simple, the reality is that invoicing is not as naturally smooth a process as businesses would like it to be. The truth is:
It’s difficult for businesses to get paid in a timely manner.
These bottlenecks hinder your business financials costing you: time, energy, and effort that cuts into your bottom line. Multiply this by the number of invoices your business handles daily and the problem is exacerbated even further.
These delays make it difficult for businesses to stay in good financial health and standing, by impeding the capacity to pay bills and expenses in a timely manner.
Even the most disciplined businesses find this hurdle difficult to overcome. Team members handling invoices manually leads to both inefficiency and frustration.
But what causes invoice to be needlessly complicated?
And how can a successful business simplify the process and eliminate payment delays?
People are Busy. People Forget.
Two popular methods of billing comes in the form of milestone and progress billing.
Simply put, these methods mean that payment is rendered only after a certain task or a specific percentage of the work is done. These forms of billing are popular with long-term or multi-task projects such as construction.
However, these long-term projects and milestones take as long as months, or even years to complete.
Once those tasks and milestones are finally completed, it’s easy for businesses to forget to follow-up with an invoice. This is usually due to attention being focused elsewhere.
However, there are also times when certain departments or team members are aware of progress or milestones being completed, and neglect to notify the relevant members that should be involved in taking the next steps.
- The pursuit of more recent deals and accounts that are quicker and easier to close.
- No CRM system in place to accurately track, store, or share invoice information with the team.
- Delayed approval by important parties such as the: manager, director, or other executive level member.
- Reps, managers, or directors might hide milestones to achieve a quota based accelerator.
This issue is present in other departments as well. Engineers, consultants, or other operations staff that are often responsible for executing service & product delivery need to report execution of a milestone before the invoice process can begin. Often, they run into barriers that impede milestones and progress from being reached, delaying the sending of invoices.
Barriers such as:
- Tech issues.
- Special requirements require different approvals and paperwork.
- Testing on the customer side gets delayed.
- Customers not informing the company of the completed milestone.
Sending Invoices Takes Too Long
It might sound simple and easy, but manually creating an invoice, editing the products and quantities, including credits, printing and/or filing, typing an email with the correct invoices attached and then sending it off all takes a considerable amount of time. Now repeat that whole process dozens or hundreds of times each month and the delays only get exponentially worse.
Large Deals Means Large Delays.
Invoices become harder to track and manage the larger the revenue involved.
When a sales team closes a large deal, typically there is a waiting period until the customer accepts the milestone and triggers the invoice.
The reason for the delay are for a variety of reasons:
- Design issues that necessitate restructuring of the project path, tasks and milestones.
- An ever growing backlog of delayed milestones, leading to invoices piling up until you’re buried by them.
- Unforeseen events that bottleneck the process.
Eliminate the Hassle. Stop Leaking Revenue. Make Invoicing Easy.
Problem Invoicing is not just a headache to deal with, it’s actively cutting into your profit margins, and slowly bleeding your business.
TrueRev believes that businesses have enough struggles already. Being paid should never be one of those struggles.
Stop wasting your time and energy manually handling all your invoicing and avoid invoice errors that delay and cost your business.
With TrueRev, you can automate not only your billing and invoices, but also create automatic reminders to track cash flow, which makes monitoring milestones, and sending invoices easy, fast, error-free, and painless.
Never let your revenue slip through the cracks and left on the table.
With TrueRev, get your revenue on time, pay your expenses faster and get back to what matters.