Creating a B2B Billing Strategy That Works for Your Business

Creating a B2B Billing Strategy That Works for Your geschftslebenCredit garagestock/Shutterstock Billing is one of the most important activities for B2B companies. You cant get paid if you dont send your clients an invoice summarizing the services rendered and what they owe you.While there are numerous different ways to send an invoice through snail mail, email or a third-party online portal you have to find the billing methods and practices that work best for both your clients and your business operations. geschftliches miteinander nachrichtensendung Daily asked industry experts for their advice on setting up a smart billing strategy.Automate and digitize wherever possibleRaj Narayanaswamy, co-founder and co-CEO of employee time tracking solution Replicon elended that you should automate billing whenever possible.The quickest and easiest billing is done online, Narayanaswamy said. Invest in an invoice/billing generation engine to automate the process a nd remove human error. Manual billing that relies on tracking down and collating paper timesheets, entering information in Excel, and manually checking for accuracy wastes valuable administrative time.This also leaves room for errors and delays. Automating billing means getting rid of the vast majority of the potential for error and also saves money by eliminating extra administrative costs.Editors Note Looking for information on accounting software for your business? Use the questionnaire below, and our vendor partners will contact you to provide you with the information and quotes you needMitch Rose, SVPand general manager of payment solutions companyBilltrust, adds that incorporating electronic methods that help automate the invoice-to-cash process can prove beneficial in the long-run for both accounts receivable and payable.Moving to digitization allows customers to pay whenever and wherever they are which encourages faster payments and increases efficiency for your customers a nd your A/R team, Rose told Business News Daily.He added that digitizing payments and invoicing saves on costs. Paper delivery costs double the amount of electronic delivery and slows down the entire process. Moving these processes online saves postage, paper and printing costs, and leid to mention, time.Stay organizedIts important to find an accounting solution that gives you and your team the ability to stay organized and keep an eye on all your outstanding invoices.Without access to a centralized view of invoices and bills, companies lack the ability to quickly determine what average payment time is, how much money is outstanding, how many invoices and follow-ups have been sent, which companies are frequently delinquent, and so on, Narayanaswamy told Business News Daily.Make aya youre PCI compliantIf you accept electronic payments from your clients, its critical to make sure your payment processor is compliant with Payment Card Industry (PCI) data security standards. These global ly recognized standards were created to protect consumers and keep their payment data secure. Rose noted that compliance with these standards is mandatory for any company accepting credit card payments.Not only is PCI compliance crucial for legal reasons, it also engenders trust with your customers, he said. Businesses that have been breached see a loss of customers, damaged reputations and drops in stock price not to mention the exorbitant costs to remedy the breach and then handle post-breach fraud claims and loss of revenue from feeling customer.Rose added that being compliant is more important as businesses face the growing use of credit cards in B2B. Most companies turn to third parties that provide the payment portals and processes that allow them to accept electronic payments and be PCI compliant.CommunicateClear communication during each phase of a project keeps clients and businesses on the same page in terms of payment expectations.Understanding the level of invoice detai l a client needs from the beginning, creating proactive plans in case of scope creep, and keeping clients updated each step of the way can save considerable time and effort during the actual invoicing process post-project completion, Narayanaswamy said.For more information on finding the right payment processing solution for you, visit Business News Dailys guide. Jennifer Post Jennifer Post graduated from Rowan University in 2012 with a Bachelors Degree in Journalism. Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and Business.com. 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Want to Relocate 6 Qs to Ask Yourself Before Making Moves

Want to Relocate 6 Qs to Ask Yourself Before Making Moves When I welches nineteen, I left my small town with a population of 260 for the biggest city in the United States New York City. A lot of people questioned my decision and just as many tried to convince me it welches the wrong decision but I felt it welches a gamble I needed to make. I didnt know anyone in the city, but I felt like NYC welches where I needed to be to network in the literary community and learn all I could about being a writer. Years after earning the degree that brought me here, I believe the choice to relocate was the right one for me. If youre debating whether or not to relocate for work or school, ask yourself these 6 questions before buying your plane ticket1. Can I affordit?Evaluate your financial situation and assess what costs will be associated with living someplace new. If the cost of living is higher, do you have money saved? If you previously relied on public transportation and the city youre reloc ating to doesnt have a system, is it within your budget to buy a new car? Will you be able to sustain your standard of living, and treat yourself every once in a while?When I relocated, I had to defer my education for a semester to earn money for my move, especially since I was moving to a (much) more expensive city. But when I finally made it, I didnt have call anyone to begfor money or deprive myself of the occasional treat because I made sure I had plenty of money saved. Dont just save to survive, save to thrive.2. Do I have a support system?At some point after your move, youll wonder if you made the right choice. You might wonder everyday. Adjusting to a new place can be extremely draining, so its important to have someone you can turn towhen you feel like breaking down. Your support system doesnt need to be in the cityyoure moving, but they need to be reachable when you need them.My support system was my parents. Although they were far away, I spoke with them on the phone every day. When I felt unsure of myself, they always pumped me up. Your support system could be an encouraging group of friends, a partner, or your siblings anyone who will be your friend beforeyou make new ones in your locale.3. What challenges might I face, and how will I navigate them?Try to think through problems before they happen. Imagining the worst-case scenarios and their solutions will make you feel better prepared for the move and keep you from being blindsided by misfortune. Of course, you cant imagine every possible outcome, but taking preemptive actions toward things you do anticipate can help facilitate a smoother transition. For example, if youre worried about not making friends at your new workplace, check out social gatherings in your new town to scout for potential friendships.My biggest fear when I moved to NYC was getting lost. Though I wasnt able to avoid this misfortune completely, the dozen-odd GPS tools and maps I downloaded on my phone made the consequences fa r less serious than if I had to find my way around completely unassisted.4. What is my timeline to adjust?If you go through with the move and feel miserable, how long are you willing to accept feeling that way? Its important to have this in mind before you make the big move. You should have a planfor the chanceyour boss is intolerable or the job causes you way more stress than you imagined.5. What am I prepared to give up?If you live alone where you are, are you prepared to live with roommates in a new city? If you have a significant other who isnt coming with you, can you accept the possibility of breaking up? Make sure youre mentally prepared to make certain sacrifices.I gave up seeing my family as frequently to move to a new state, but it was a sacrifice I considered before the transition. Early consideration of the sacrifices I was makingmade me less regretfulonce I got there, and allowed me to makepeace with the situation early on.6. What do I have to gain?Having a concrete goa l in mind helps make losses seem worth it. Beyond just taking a job or attending a university, consider how what you gain from making this move will impact your life overall.For me, I valued education and finding a strong literary community. Even on my worst days, I was propelled forward by remembering that I was fulfilling these desires.--Kayla Heisler is an essayist and Pushcart Prize-nominated poet. She is a contributing writer for Color My Bubble. Her work appears in New Yorks Best Emerging Poets anthology.