Multi-Firm Billing with Ease?

In today’s fast changing business world it’s not easy to run a business.  You have to handle the day-to-day, convince the clients, monitor the inventory and generate a profit. And then, if you’re operating multiple businesses, it’s hell. Keeping track of the books and billing each business can feel as difficult as trying to balance on a unicycle.

You are not the only one to realise that. Every businessman faces the same dilemma when handling money in other firms. That is where brilliant strategies and creative processes come into play to recover the situation.

We at WebLedger understand how difficult it is to manage several different businesses with different financial needs and payment terms. We would prefer it to be simple for you so you can focus on developing your business.

We provide you with tailored billing solutions that organise your finances so that you can track expenses, track invoices, and track the income of your businesses in one place at ease.

The Multi-Firm Billing Problem: Simplified

Multi-firm billing is complicated. Invoicing becomes harder to deal with. Every customer will have his or her terms, billing cycle, and books of accounts reports. There must be a larger system to contain it and handle it. These are the plans which needs to be implemented while doing Multi-Firm billing:

  • Separate account books: There should be separate books for each business for each location or branch. They should possess separate accounts and reports. Maintaining and accessing these books from different locations is again time consuming and difficult.
  • Varied Billing Cycles: Individuals are not paying simultaneously. They pay monthly, quarterly and yearly, to the companies. With differences, it will be challenging to know what to pay and when to pay. Companies have to be quite strict in this case and have to have very high tracking mechanisms, when receiving payments from their customers.
  • Customised Invoices: Every business requires invoices done according to their specific tailor-made requirements. They might have logos, payment terms, and formats specific to their company, depending on their contracts. Customised multi-sided requirements make them more lengthy and complicated.
  • Tax Compliance: Different companies may have different tax-related policies, which they may be obligated to follow. Documentation has to be done as a top priority. Companies have to look after tax policies in different places and in such a way that they can follow them on a large scale.

Overall, multi-companies billing system requires good and solid planning. Businesses have to manage a lot of financial books or financial statements, billing terms, invoicing requirements, and tax legislation (in case of multiple businesses). If these plans do not work, then people might become confused.

The Solution: Being equipped with the Proper Tools

Fortunately, technology provides excellent remedies for the automation of multi-firm billing. The solution is embracing the correct tools with the capability to manage complexity and automate the same. The solutions are as below:

  • Custom Billing Systems: They are business-specific systems for companies with multiple businesses. They allow you to have separate accounts for each business, generate custom bills, and easily track payments. Provide simple switching between businesses, business-to-business reporting, and separate books of accounts. Choose features like custom invoice templates, automatic reminders, and enhanced reporting.
  • Billing Software: You need a billing software partner if it is multi-client and billable. Time is saved since it auto-generates bills, takes payments, and auto-reports. Auto-recurring billing, payment gateways, and billing customisation features are optional or encompass full multiple-firm billing. Cloud billing software also gains from being accessible anywhere, anytime.
  • Invoicing Solutions: Professional invoicing solutions will simplify issuing and sending invoices. Professional invoicing softwares possess top-level features such as automatically issuing invoices, sending payment reminders and an online payment gateway. They will typically be compatible with other accounting software, thus simplifying specialising payments and tracking finances.
  • Accounting Software: You will need robust accounting software to handle books of account for several companies. It will assist you in monitoring expenses and revenues, doing financial reports, and adhering to tax compliance. Find a software that provides multi-company accounting capabilities. Bank reconciliation, tax preparation, and financial reporting capabilities are some of the specs requirements to have complete control over the finance of an enterprise.
  • Financial Management Tools: Financial management tools exceed the minimum accounting needs. They can provide more information regarding the fiscal health of your company. Financial management tools can help provide cash flow projections, profitability analysis, and sound financial decisions.The accounting, budgeting, and forecasting functions of the software can prove to be a great saviour if you own more than one business. They will help you decode the trends, track performance, and make decisions strategically so that you can get the most out of your money.

Seamless Multi-Firm Billing Tips

Apart from utilising the proper software, the following are a few tips beneficial for multi-firm billing so that it ends up being easy and hassle-free:

  • Centralise Your Data: Get all your finances in one location with the help of a centralised system or cloud-based technology. You will be easily accessible and maintain your records.
  • Automate Repetitive Tasks: Automate routine and time-wasting activities like sending bills, payment reminders, and payment reconciliations. Your time will be saved and mistakes avoided.
  • Centralise Your Invoicing: Standardise invoices of all firms with the company logo centralise and terms of payment. This makes you appear professional and not confusing.
  • Explain Payment Policies: Explain payment policies completely for both companies and notify customers of them. This helps you live up to expectations and avoid payment scandals.
  • Balance Your Accounts Regularly: Balance your books of account and bank accounts regularly to clear errors and reconcile differences.
  • Cloud-Based Accounting Software Account: Cloud-based accounting and billing software enables you to access your data anywhere, share your data with your employees, and have backup and data security.
  • Train Staff: If you have employees, ensure you train them in the billing and accounting systems that you are implementing. In that way, they will be able to run the process efficiently and with minimal errors.
  • Backup Data Occasionally: Back up your financial data occasionally so that you don’t lose data when the system is down or any other disaster happens.
  • Consult Professional Advisors: Don’t shy away from consulting professional advisors like accountants or financial advisors. They can guide you through installing your systems, becoming compliant, and providing advice which is helpful to you.

Advantages of Streamlined Multi-Firm Billing:

Streamlining your multi-firm billing has numerous advantages:

  • Less Errors: No errors and centralised data.
  • More Effective: Repetitive tasks are eliminated by manually repeating the same task over and over, leaving it for critical work.
  • Improved Financial Management: Transparent financial reports and accounts provide improved visibility into your company’s financial situation.
  • Improved Cash Flow Management: Timely invoicing and payment tracking improve cash flow management.
  • More Productivity: Automate and streamline billing so your staff can focus on the important things.
  • Enhanced Professionalism: Tailored bills and clear payment conditions enhance your professionalism.

Conclusion:

Billing multiple businesses does not have to be a nightmare. The proper billing software, invoice software, accounting software, and finance management solutions enable you to regain control of and manage your finances. We, at WebLedger, would like to provide you with the tools, a cloud platform, and the consulting expertise that you require to arrive where you need to take your business. Having a good software makes many businesses easy to bill, and they enable you to expand your business.

So, what are you waiting for? Book a free demo today with WebLedger and solve your Multi-firm billing requirements with ease.