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Term Definition
Multi-client invoicing refers to the ability to bill project costs to multiple clients. Automation can facilitate multi-client invoicing/charge back capability for time, expenses and charges.
Professional service firms such as legal, high tech consulting, and accounting provide a scope of services that typically goes beyond providing the service for a fee. Clients of professional service organizations require a variety of non-standard billing structures such as pro-rating, split billing, cost plus billing and milestone billing. These billing structures also create a multitude of accountability requirements. Organizations require an effective way to tailor the billing to client and project needs, which also provides a clearer view of the organization's financial standing. The ability to manage complex billing processes such as proration, split billing is facilitated with automation. Time and billing systems cannot only improve billing efficiency but improve auditability.
For a project- or service-oriented business that is looking to automate and streamline its business, taking a good hard look at your time and billing processes is a great place to start. Tracking, controlling and analyzing billable work and expenses will lead to immediate and tangible gains in profit margins, productivity and cost reductions. Time and expense tracking enhances operational control, facilitates compliance with various employment and regulatory regulations, reduces costs, and improves efficiency. An enterprise time and billing software enables you to:
- Reduce errors, duplicate entries and administrative overhead
- Reduce the amount of time it takes to collect project data and manage timesheets
- Reduce or eliminate "revenue leakage"; reduce days sales outstanding (DSO)
- Reduce over budget and over schedule projects; eliminate non-performing projects
- Reduce the cost of compliance with labor and corporate governance regulations
- Reduce the amount of time spent on providing updates on project status and remote data entry
- Increase resource utilization (reduce "bench time")
- Increase billable (productive) projects
- Forecast more accurately for similar projects
Area of Application
Professional Service Billing
Related Terms
Charge Back
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