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Term Definition
Posted is a billing term that indicates that something has been completed. For example, an invoice that has been posted is one that has been generated. All job and cost information has been gathered and the invoice has been prepared and submitted to the client. In offices that use billing software, invoices are processed in batches and the batch is then posted or completed.
Professional service organizations frequently use automated billing solutions that are integrated with project management modules or software. The system will have workflows for the billing process. The Invoice workflows contain all workflows that relate to the tracking of an organization's invoices. For every organization, sequences of steps are carried out before an invoice is sent to a client. The invoice can be passed from one department or from one manager to the other for approval, before it is sent to the client. To carry out this process and to make sure the invoice approval process is carried out in a sequential way, the organization must create Invoice workflows.
Billing software facilitates multi-client billing and the ability to allocate project costs on a percentage basis, or assign the same project to multiple clients. Various billing methodologies can be assigned by invoice, client, or project. Time and expense tracking can be integrated into the system as well. Timesheets can be entered and approved with a single point of entry, eliminating data entry redundancy and errors.
Every organization must be able to accurately and efficiently bill clients. Ineffective billing systems can lead to billing backlog and a decrease in cash flow. In addition to the need to get billing out quickly and error free, organizations must ensure that bills are in compliance with applicable laws and regulations. The complexity of tracking and reporting billable resources, ensuring compliance, and posting invoices can be improved with the employment of automation.
Area of Application
Cost Accounting
Project Accounting
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