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5 min read

The invoicing process is the consultancy’s lifeblood

Not only customer meetings and communication are digital these days. Also the invoicing process in many companies needs a digital overhaul. Get three tips, so you can invoice more hours faster.

The invoicing process is the consultancy’s lifeblood

Working remotely tests our processes

Online meetings instead of physical meetings, chat and phone instead of quickly stopping by a colleague’s desk. Virtual Friday bar and online aerobic via Teams. The world looks a lot different these days. We are virtual.

My experience shows that many have not yet met the potential there is in digitalising the consultancy’s lifeblood: The invoicing process.
emailsignature_saschaskydsgaard_ses
Sascha Skydsgaard
CRO at TimeLog
 
 

TimeLog's CEO, Per-Henrik Nielsen, has previously described a selection of the digital tools TimeLog makes use of while we primarily work from home.

I want to strike a blow for and call your attention to what I call the consultancy’s lifeblood: The invoicing process.

My experience shows that many companies have not yet met the potential of digitalising and automating this process. Therefore, they lack an overview of whether all hours are invoiced, cannot see the expected revenue and waste time on manual processes.

Invoicing is not only the work of setting up and sending the invoices. The process starts way earlier. Actually already before we start the project.
emailsignature_saschaskydsgaard_ses
Sascha Skydsgaard
CRO at TimeLog

Does digitalisation impact the bottom line?

From SPI Research’s Professional Services Maturity Benchmark analysing 500+ consultancies, we know that:

  • Documented, systematic processes
  • Digitalisation and use of tools
  • Integration of systems providing insights into the company’s most important key figures

... are some of the aspects characterising the best-performing companies. And the invoicing process is, of course, no exception.


And with ”invoicing process” I not only mean the work with setting up and sending the invoices. The process starts way earlier, actually already, before we start the project (but we will get back to that).

First, you get a few examples from the business world of what can happen if we do not streamline our processes:

Hands in the air, if you have ever experienced that:

  1. You have won a new project. The customer was offered a fixed price. Everybody works hard; the project is delivered. The customer is happy. But it is not until now you can analyse time consumption, assess the contribution ratio and calculate bonusses. To do so, you collect data from three different systems and add it to an Excel sheet or in a fourth system. And THEN you know if the project was a financial success (depending on how valid your data is)

  2. Your account manager finds an old e-mail in the inbox: A customer has ordered a job; the hours are delivered. You don’t know if the customer ever received an invoice.

  3. Your project manager spends lengthy evening hours reviewing tasks and hour accounts because a customer wants documentation and time consumption for specific tasks.

  4. Your accounting department is informed of a new project via mail, post-it notes on the computer screen or fast messages across the open office space.
invoicing-proces-challenge

Scenarios like these do not happen because we (or our colleagues) are incompetent or do not care. They are a natural and (very) common consequence of us not having streamlined, automated or digitalised our processes before, during and after the invoicing.

What can you do instead?

My experience shows that you gain the most value by starting by:

  • Automating the process from time tracking → project management → invoicing
  • Consolidating all your project data in one place
  • Creating a shared understanding and framework for how you run projects


1. Save time on your invoicing with automation

Automation is one of the concepts that either fills us with emptiness or brings the biggest smile to our faces.

Tracking your work hours is the most important data you have in a consultancy.
emailsignature_saschaskydsgaard_ses
Sascha Skydsgaard
CRO at TimeLog

Automation is a vital necessity when it comes to the invoicing process.

Automation ensures that you collect all relevant data, save time, reduce the number of manual errors and invoice even more.

Automation of the invoicing process starts with time tracking

Tracking your work time is your most critical data in a consultancy. Each time you register for one hour, you can see right away:

  • Which employee the consumption is linked to
  • Which task
  • Which project
  • If the time is billable or not

Your processes are linked together

But it is not until you start collecting and using the data in a dedicated time tracking system, which also supports project management and invoicing, that you can start to automate your invoicing process.

But what precisely can you automate, and what are the benefits? Let me give you four examples of that:

 
 

Round up automatically to the nearest 15 minutes

You can secure automatic rounding of your time registrations. You can e.g. always round up to the nearest 15 minutes. In this way, 38 minutes on the phone, automatically turn into 45 minutes on the invoice.

 
 

Smooth communication between project and finances

You can create automatic approval flows between the project and finance departments. Thereby, the project manager can simply mark payments and invoice drafts ready for invoicing, and the bookkeeper doesn’t need to ask each month.

 

Avoid bottlenecks

You can write internal notes on future payments directly in the system, if there is anything you need to assess before you invoice the payments. It removes a lot of post-its both for the project manager and the bookkeeper and it ensures that everyone can take over, e.g. if someone falls ill right around the change of the month.

 
 

Make it easy to get a revenue forecast

You can get a revenue forecast, as you see all future payments on your long-term projects on fixed price, prepaid hours and service agreements. At the same time, you know that the payments automatically show up for invoicing without anyone needs to remember anything.

 

Cash benefits from automating project invoicing

With these relatively simple tips, I have seen companies that have decreased their time spent on invoicing from three full days to just half a day. At the same time, the billing rate is increased, and you shorten the time from when you do the work to when you invoice the customer.

This brings me to tip number two:


2. You need to consolidate your data in one place (more or less)

Companies’ use of systems and digital tools is increasing. We collect more data. And that presents a new challenge for many companies: We need system integrations that seamlessly send data where they are needed.

It is unnecessary to run a complete ERP solution or collect everything in one system (that quickly get difficult to deal with).

But without integrations between your essential business systems, you risk spending too much time updating the same data in different systems, losing overview or working overtime to keep up with controlling numbers, clients, and accounts.  

A coherent data foundation means that you can

  • Ensure that customers get the setup they need and you avoid having to credit and change invoices after the invoicing period.
  • Minimise the errors on the invoices, as you do not manually need to find and enter the payments. They are already available based on your data. You thereby ensure that you never lose hours and payments that are not invoiced.
  • Transfer data between your vital systems without fear of manual, erroneous entries. That is not only quality assurance of your salary and invoicing process, but it is also significantly faster.
  • Make your bookkeeper happy because the data hits the proper accounts in the financial system, so the month-end closing is much faster, and the management reporting can be delivered on time

And just like that - we are at the third tip already:

3. Create a common understanding of how you run projects – from contract to invoice

Today, you get the most important thing last. If you want to optimise your invoicing process, it demands you change work routines and start delegating some of the traditional bookkeeper tasks to, e.g. the project manager or the account manager.

Who has the closest relation to the customers? It is here your invoicing process starts.
emailsignature_saschaskydsgaard_ses
Sascha Skydsgaard
CRO at TimeLog

As I wrote in the beginning of the article, the invoicing process already starts when we create the project.

You need a shared operational framework

For most companies, the task delegation demands that we increase communication and, at the same time, make sure we have a common understanding of how we run projects.

We need access to the same data and the same time, all involved parties need to see the project’s progress, future milestones, payments and much more – in short: We need a shared operational framework.

illustration-11


To some, it will be a new way of structuring the processes. But the benefits in return are that you can:

  • Estimate projects correctly and thereby reach a better hourly rate and project margin
  • Create invoices at the same time you create the project – Nothing is lost, not even when you are busy
  • Add the customer’s agreements and contracts already when the project is created – and based on the relevant contract types – see time consumption, progress related to the budget and invoicing potential on the contract type.
  • Get notifications if you are close to budget overruns
  • Let the project manager prepare invoice drafts so the bookkeeper has them on time and doesn’t waste time collecting extra information

Those were the three tips of the day for your invoicing process.

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