Information technology has revolutionized business activity on various fronts. Billing and invoicing systems are one of their most prominent contributions to the world of business. These software applications have automated the tedious billing process which is a vital aspect of any company.
Why Use Enterprise Billing Solutions?
The billing process is arguably among the most hectic and challenging parts of doing business. Manually preparing invoices, sending them out, updating payments, and following up on delinquent accounts cost a lot of money and time. It can take days or even weeks. Plus, an inefficient billing cycle could mean losses for the business.
But with enterprise billing, the need to hire numerous data entry operators, accountants, and other back-office operations staff to manually manage billing records has become a thing of the past.
Businesses from various industries and sectors now use enterprise billing solutions for quick and effective processing of invoices, collection, and payments. Automating the entire process saves a lot of time and money. It ensures that the company gets paid on time and all payables are tracked and collected.
These IT systems are particularly useful among businesses that serve a large number of clients and offer a unique billing process. According to a developer of telecom billing, Kansys, the telecommunications industry is the best example of such businesses. With thousands (or even millions) of subscribers and offering complex services, plans, and promos, telecom companies need a powerful billing system that can handle its unique requirements.
Choosing the Right Billing System
As the demand for billing systems soared, the market has been swarmed with countless options. All of these billing solutions share similarities in functions and features and all claim to be the best. Hence, choosing which one is the most ideal for your business can be a challenge.
What are the things to look for when selecting the right billing software?
1. Solves your billing needs
Firstly, identify the specific billing and invoicing needs of your business. Choose the software that offers a solution to these problems. Some of the most common billing issues include:
- Slow or inefficient billing process and invoice delivery
- Delayed invoicing and payment collection
- Poor payment collection
- High chances of payment loss due to errors in billing
- Protracted accounting and financial processes
- Risk of fraud and poor security
- Lack of professional image
- Compliance with government standards
- Difficulty adjusting rates or pricing
Different companies have unique billing issues. The ideal billing solution must address the specific billing concerns of your company. It’s useless to invest in an ultra-modern and expensive IT system that does not meet your billing problems. In fact, even the most basic enterprise billing solution can be the best choice if it can ensure an effective billing process.
2. Powerful, useful features
An ideal enterprise billing app must have the vital features or capabilities that include:
- Customer record management
- Detailed invoice creation
- Invoice template customization
- Credit card processing
- Repetitive/scheduled invoice creation
- Data extraction and compatibility with other software
- Multiple payments and currency support
- Automatic tax reporting
Additionally, the software developer must provide training to end-users and continuous support.
3. Adaptability to future IT trends
In an ever-changing IT landscape, you need an enterprise billing system that can help you adapt to emerging trends. It is not enough that you choose an invoicing app with basic features. If you want your business to stay ahead of the competition, a billing system that is capable of adapting to new technologies is a must.
Look for a billing system that is geared towards these trends: mobile-centric features, artificial intelligence and automation, cloud-based services, and blockchain technology.
4. Ability to address future challenges
As your business grows, expect new billing issues and concerns to arise. The ideal billing system should be capable of handling these issues. Making a wrong choice might require you to buy new software or spend more on upgrading it. It can also bog down your operations resulting in poor cash flow.
Some potential billing and invoicing problems due to rapid business scaling include
- growing and expanding customer base,
- managing varying payment cycles,
- tracking voluminous account payable and account receivable,
- dealing with global clients with different standards,
- data privacy and cybersecurity threats, and
- disaster management.
The ideal billing system must be geared towards business growth. By using future-ready billing software, you don’t have to worry about having to upgrade, replace, or purchase a new enterprise billing system. Hence, you can prevent any disruptions and other potential problems.