How To Manage Enterprise Billing

With more than half of all companies upgrading or making plans to enhance their ERP systems, the need of the hour is innovation. That’s why you need advanced systems to combat common enterprise challenges such as the following: 

• Accounting management
• Constant updates
• Workflow issues
• Conquering the competition
• Exhausting invoicing

With enterprise billing software, you can improve ROI, streamline tasks, create custom workflows, and integrate with an existing CRM, ERP, or ecommerce platform seamlessly. Read on to find out how custom accounting solutions can help your enterprise thrive. 

1. Proper Management Of Client Base

When you’re juggling multiple clients on your own, management becomes an uphill battle. It can lead to delays in the completion of services and invoices. Moreover, poor contact management can lead to communication and cash flow issues, which in turn leads to loss of business. 

Investing in a custom billing solution for your business can help you manage several diverse clients at once via a single platform without compromising time, money, or resources. 

Take a look at how a custom solution can upgrade your client management process.

• Seamless CRM Integration: Enterprise-level invoicing systems can help you cut costs besides saving time and energy by efficiently integrating with your existing CRM. 
• Custom Software Solution: By using a billing solution tailored for your needs, you can create a personalized system to manage the workflow and regulate permissions by team-hierarchy in addition to automatically reconciling payments. 
• Handle Overseas Clients: Use the software solution to set up unique currencies and languages for international or domestic clients effortlessly. 

2. An Efficient ERP System And Simplified Invoicing 

When you own one or more companies, improving the efficiency of your business processes becomes a perpetual goal. While it’s true that a conventional ERP system helps immensely, it is also joined by numerous challenges like lack of flexibility, affordability, management for overseas/regional clients, and a singular model for B2B communication. 

Here are some of the best merits of picking a custom enterprise billing software instead: 

• Manage Your Clients And Suppliers Effectively: Use an all-inclusive dashboard that helps you take care of AR and AP at once. It can be used to manage third party services seamlessly too. 
• Enhance The Productivity Of Your Team: Organizing large teams and their processes becomes simpler by tracking their working hours and tasks. 
• Create Error-Free Bills Effortlessly: With a personalized billing-approval-workflow, you can create flawless invoices and approval tasks in one fell swoop. 
• Generate Unique Reports And Analytics: Keeping a tab on the revenues and efficiency of team members becomes straightforward using insightful ROI, profit/loss estimates, time tracking, and financial forecasting.

3. Automating Your Business 

Did you know you can automate your invoicing process to eliminate manual errors? It can even save your business from financial and legal liabilities due to wrong entry of information, duplication of entries, and delayed information generation. 

On the other hand, you can send bills quickly, manage customers and suppliers effortlessly, on top of other activities by using a personalized invoicing solution. The following lists the key benefits of tapping into automation with personalized billing software:

• Automatize Accounting: From creating recurring billing requests to preparing payment schedules, and factoring late fees automatically, enterprise owners can also send computerized payment alerts and tax reports to clients. 
• Custom Analysis: Organize your business resources based on reports created with the goal of improving your business strategy. 
• Seamless Payments: Receiving enterprise invoice payments from dozens of payment gateways on top of multicurrency and multilingual assistance is possible with custom billing software.
• Advanced Security: Confidentiality is a big deal when it comes to billing and with a good software that enforces security seals, firewalls, and multiple layers of security, your data remains secure. 

Conclusion

While a conventional ERP system may add to ongoing business challenges, using a modern billing software solution will help you manage clients, improve efficiency, and automate business processes, all while time and money. 

Take a look at the top five billing software tailored for enterprise owners. 

• Client portal management is easy when you use an all-around software solution like Invoice2Go. 
• Invoice Ninja supports over 95 currencies and 45 payment gateways, making overseas billing easy. 
• Tipalti is a billing solution that simplifies IRS tax compliance besides validating KPMG tax form information for your accounts payable. 
• Upgrade your security with 3-way matching to prevent fraud with QuickBooks.  
• Use Xero’s late fee manager, time tracking, or automated payment reminders to improve cash flow.  
• FreshBooks is an excellent software for creating error-free invoices and seamless invoicing given over 96 available software integrations. 

Pick one of the above enterprise solutions to get started right away.