Invoicing Workflow Management For Small Businesses

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Invoicing Workflow Management For Small Businesses
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Contents

• Introduction
• Estimate Management
• Purchase Order Management
• Invoicing
• Online Payments
• Time Tracking and Billing
• Project Management
• Expense Billing and Management
• Staff Management

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Introduction

• Managing the invoicing workflow and getting
  timely payments for the goods and services sold,
  can be a complex process for a small business.
  There are numerous activities to be carried out,
  to make the process fruitful and efficient.
• An integrated online solution with a host of
  different features, can help small businesses in
  simplifying this process. Here are some ways to
  manage the invoicing workflow, using an
  integrated solution.

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Estimate Management

• Creating and managing estimates is the first part
  of the invoicing workflow. An estimate is the
  initial document that contains the details and
  the pricing of the goods and services.
• An estimate is sent to the client for an approval
  so it is confirmed that the client is comfortable
  with the terms and pricing of the deal. An
  estimate must be created accurately using an
  online solutions and due approvals must be taken
  before sending out invoices to the client.

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Purchase Order Management

• The next important step in invoicing workflow
  management is purchase order management. Purchase
  orders are documents sent by clients to vendors.
  A business owner has to insist on getting timely
  purchase orders from the client.
• Purchase orders must be received before starting
  the project or delivering the goods to the
  clients. The document acts as a proof that the
  client has approved the pricing and other details
  of the goods and services to be delivered.

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Invoicing

• Invoicing is the 3rd and the most crucial aspect
  of workflow management for small businesses.
  Using an online solution helps in sending out
  timely invoices to clients.
• Using features like invoice scheduling are
  helpful in sending out invoices at a convenient
  time. Adding a late fee and and interest on late
  payments, ensure that the payments are received
  in a timely manner. One must ensure that the sent
  invoices are free of error and contain all the
  necessary terms and conditions, including the due
  date of the invoice.

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Online Payments

• Once the invoicing has been done and the invoices
  have been received by the clients, payment
  collection is important. Online payments are
  helpful in creating a mechanism for instant
  payments for the invoices raised. This helps in
  expediting the payments process, saving time and
  resources.
• A choice of global payment gateways, ensure that
  the client can make the payment, using the
  payment gateway of choice.
• Tracking all the invoices and keeping a check on
  unpaid invoices is also a very important part of
  the process. Following up with clients who have
  not paid up has to be managed simultaneously.

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Time Tracking and Billing

• This is also a key aspect of the invoicing
  workflow, for the service industry. Integrated
  time tracking ensures that all activities are
  tracked and hours are logged. An integrated
  solution helps in both time billing and as well
  as productivity management.

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Project Management

• This is a useful step in invoice workflow
  management in case of businesses who bill for
  project milestones. A project management solution
  helps in tracking the status of each task and the
  work-in-progress of the project.
• This helps in managing efficiency of the project
  along with, billing for the project. Invoices
  must be raised according to the details of the
  tasks accomplished, so the client gets an
  accurate overview of what all has been done.

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Expense Billing and Management

• This is an important aspect of invoicing workflow
  for service businesses like digital agencies.
  Many service based businesses charge clients for
  the expenses they incur on the project. This
  makes recording of expenses crucial for a
  business enterprise.
• An expense management and billing solution helps
  in recording and tracking expenses with ease. New
  expenses can be easily added and marked as
  billable or non-billable. These can be billed
  for, while creating relevant invoices. Expense
  management also helps in tracking and controlling
  business expenses. It also helps in tracking
  invoices for tax deductions.

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Staff Management

• The invoicing workflow can be managed easily,
  when delegated to relevant staff members. The
  staff members must be assigned to clients and
  must be given complete responsibility for
  invoicing and payments for that particular
  client.
• Online solutions help in adding new staff members
  and setting up permissions and approval processes
  for them. This makes the workflow more productive
  and free from errors.

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Choose The Right Tool

• An integrated invoicing solution like Invoicera
  is helpful in simplifying the Invoicing workflow
  for small business.

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Get In Touch

• Web www.invoicera.com
• Social
• www.facebook.com/Invoicera
• www.twitter.com/invoicera
• https//www.linkedin.com/company/invoicera-invoici
  ng-simplified
• Ph (IN) 91-9350204838 (600 am - 1200 midnight
  IST)
• E-Mail marketing_at_invoicera.com

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