Acumatica ERP Project Accounting Tools: Advanced Billing

Recent studies show that 49% of SMBs find it challenging to follow up on late payments, and 46% find it challenging to get paid on time. 

If you’re still using spreadsheets to bill your clients, then you’re probably familiar with the complications and misunderstandings that can arise from complicated invoices, billing errors and delayed payments. When your billing process is inefficient, it adversely impacts your finances and your business’ bottom line. The Advanced Billing module of Acumatica’s Project Accounting Suite, is one way to plug these revenue leaks. In this article, which is part 2 in our 3-part Project Accounting Tools Series, we’ll look at how Acumatica’s Advanced Billing software helps you manage all billing scenarios for a more profitable business.

What is Advanced Billing Software? 

Invoicing and billing needs vary significantly from company to company. Even within a company, billing can differ depending on the project, client and more. When processed manually, these differences can be quite time-consuming to handle that’s when advanced billing software comes in extremely handy. The right advanced billing software can eliminate manual entries and automate routine processes to significantly decrease the time your team needs to put into it.

Advanced billing software allows project-based companies to set up and manage increasingly complex and sophisticated contracts. It enables companies to track, store, report and invoice in a variety of ways to accommodate a variety of contract terms for their different customers and clients. 

What Can Advanced Billing Software Do for My Business?  

Acumatica’s Advanced Billing module of the Project Accounting Suite allows you to manage all billing scenarios: cost plus, fixed price, time and materials, milestone billing and contract-specific pricing. Further, you can modify resource billing rates by project, project tasks, inventory item, employee and account group. You can even bill labour and materials according to the customer, the type of work being performed, or the specific project contract.

Important Features of Advanced Billing

• Automated Billing: Define project billing parameters to generate invoices at the right time automatically. Save time, reduce errors, and improve cash flow.
• Billing Periods: Bill projects weekly, monthly, quarterly, or according to a company-specific statement cycle for a project or customer. Delay posting of timesheets and materials expenses until released.
• Reverse Un-Billed Transactions: Correct improperly applied charges with an automatic reversal and invoice regeneration capability.
• Multiple Rates: Configure multiple rate tables for specific projects or project tasks for additional billing flexibility.
• Billing Mark-Up: Apply markup at the customer level and vary according to labour and service type to provide maximum flexibility.

Key Benefits of Acumatica’s Advanced Billing Module

Flexible Billing

• Handle the most complex project billing rules and easily calculate project revenue in multiple currencies based on key project-specific attributes.

Fixed-Price and Cost-Plus Projects 

• Invoice according to project and contract requirements — fixed price set in advance or cost-plus projects in which the invoice amount is unknown until costs and fees are incurred.
• Billing on cost-based projects can be capped.

Revenue Recognition

• Optionally recognize revenue based on the percentage of the project completed or based on tasks completed.
• All project revenue recognition rules are automatically reflected in GL journal entries.

Businesses that are not yet utilizing a project accounting software are likely to do more work while gaining less profit because of the time wasted on juggling little tasks. If these tasks are taken care of, you and your team will have more time to focus on core operations to complete your project.

Think Acumatica’s Project Accounting Software could be a game-changer for your business? Find out more here.   

Remember, the company you choose to implement your software dictates the success or failure of your software investment. At Aqurus, we’re passionate about providing superior ERP solutions and support.