Get Those Invoices Out!

I recently posted a guest post at Axium’s 411 Blog about improving invoices in A&E firms. You can read the entire article by following the link shown below.

I recently discussed our aggressive invoicing process with a sub-consultant friend, Bob. My request that he get me invoices within the first few days of the month surprised him. We typically send final invoices three to five days from the end of a billing cycle. I was equally shocked he regularly waited a month for his project managers to complete invoices.

My partners and I often talk about shortening our firm’s “invoice-turn;” the time it takes to close the month, issue draft invoices, collect invoice mark-ups and supporting documents, create final invoices, and send them out for payment. In this economy, we’ve responded to tightening cash flow by slashing weeks from our invoicing process.

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