Create an Efficient Consultant Billing Template for R&D

Consultant billing template for R&D

hi everyone my name is NL English and I'm a Staff solution consultant here at bill in this video I'm going to guide you through our accounts receivable solution so first things first let's break it down and why did we create an AR solution as the lifeblood of a business's cash flow the accounts receivable process allows business owners CFOs and controllers to understand which clients owe money and how much but it can be a lot to manage businesses often face challenges when trying to manage cash flow efficiently and effectively many businesses spend an inordinate amount of time creating and sending invoices often chasing down payments and reconciling payments against invoices and likely in multiple software Solutions so how does Bill accounts receivable address these inefficiencies businesses can effortlessly create and send professional invoices and track and manage outstanding invoices we focus on providing your business the opport Unity to get paid securely quickly and efficiently via our many competitive payment accepted methods uh such as credit card a instant payments and more lastly by leveraging our evolving list of invoice management tools you can eliminate the hassle of chasing those payments down so now let's delve into our AR solution key functions and Empower you to do all of these we'll start our journey where all the magic happens and that is in creating an invoice you can select your customer or easily add a new customer to Bill from there you can edit and tweak all the information your customer needs to understand what they're being charged for feel free to choose among templates you saved and then fill in the rest of the invoice information the options you'll see will autop populate from either classifications you've set up under settings or from your accounting system if you're syncing with your accounting system a few Nifty Things to call out the due date automatically adjusts for you based on the payment term and you can add tax pick a default tax rate or enter your own you can also enter a purchase order number if applicable we've even added the ability to attach product images or other documentation as well as descriptions of services provided on your invoice before sending your digital invoice you can preview and edit the email copy your vendor will read the email copy is pre-populated based on a template we do provide but can be revised to fit your business brand and tone of voice branding options includes the ability to add your logo and business name to your invoices and additionally if you accept electronic payments your customers will see a clear button for quick and easy payment for invoices sent on a repeated basis you can set up a recurring schedule on the recurring invoices tab one of the most popular features in our AR product is the Branded website address you can include on your invoices this allows you to route your customer to Bill to securely and easily make their payments if you currently send invoices from your Erp or accounting system you can still use Bill to collect those payments we'll sync your invoices into Bill and provide you with a branded website address to add to your invoice this makes it easier for your customers to pay you when your customer receives the invoice they can click the URL and pay their bill via the secure payment portal if your customer chooses to log into the payment portal they can pay via a or credit card as well see as history of all transactions with you they can also self-enroll in autopay if your customer doesn't have a login or doesn't want to create one no problem they can easily pay their bill via credit or debit card or a through our guest pay experience and you can include a convenience fee for card payments if you'd like in addition to sending invoices Bill helps you manage your ever growing customer list and record all of the data points you need to stay curent for each of them this is all contained in the customer section with invoices payment history notes contacts and customer details just in case if you ever need to verify something from the past there's an audit Trail for every customer under payments you can record an external payment against one or many invoices you can also enter customer a or card information to process a payment for your customer now to increase Automation and payment reliability for repeat customers you can enter their a or card information and Bill will autocharge their payment on the invoice due date alternatively your customer can set up autopay for themselves you can also control the setting at the invoice level our payments in and out Pages give you visibility into all your payments in process giving you more cash flow control now that you're creating and sending invoices getting paid with Bill let's check out the rich reporting you can access to better understand your AR process on under the reports tab you're able to click on accounts receivable to see a variety of reports that can help you understand the receivable side of that cash flow and that does conclude our journey through the bill accounts receivable but that doesn't mean we're done to improving our overall design and user experience areas where we're currently pursuing include offering more invoicing and billing flexibility to serve your customers needs creating more integrated financial management experience across our AR AP and spend and expense Solutions also providing more actionable insights into your cash flow and lastly streamlining your approval workflows for easier team collaboration and visibility to learn more about Bill Solutions and our integrated Financial operations platform check out the linked resources below and click the learn more button to have a bill product expert contact you thank you