Why and how to implement a good invoicing follow-up in your company?
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Why and how to implement a good invoicing follow-up in your company?

To keep an eye on your company's cash flow, good billing monitoring is necessary. This is one of the main functions of the commercial management of your business. With this solution, you will know how the money goes into your cashbox and how it comes out. As for the implementation of this strategy, a specific approach must be followed.

But concretely, what does billing follow-up consist of? What are the benefits of this process? How to set up a good billing follow-up in your company? We invite you to find answers in this article.

What is Billing Tracking

Billing tracking is a method that is used in the commercial management of an activity. It makes it possible to follow the invoices that a company issues to its customers or suppliers. Thanks to this system, the company can easily ensure that payment deadlines and collection follow-ups are respected.

Additionally, invoice tracking can let you know when and by whom an invoice was created. This document also makes it possible to combine the different statuses of an invoice. In this sense, the invoice can be:

  • Suspended;
  • To be recycled;
  • Mandated;
  • Service done, etc.

Billing monitoring is essential for any business owner who wants to supervise the management of his activity. In this regard, the use of a solution like Upflow can make your job easier.

Why do a good billing follow-up?

Invoice tracking can bring a lot of benefits to your business. This helps to ensure its proper functioning and to put your cash flow in order.

Limit the risk of non-payment with invoicing follow-up

Billing monitoring allows you to limit the risk of non-payment. Indeed, poor management of your cash flow can lead to the bankruptcy of your business. To avoid this, the best solution is to implement a good billing follow-up. This will allow you to know which invoices are overdue and which ones need to be relaunched.

Billing tracking improves customer tracking

With a well-implemented billing follow-up, you can improve your customer follow-up in different ways. First, you will be able to optimize the pilostage of your activity. This will allow you to slightly free up the cash. In addition, you will be able to know in general the different recourses of the customers.

This information will improve your way of responding to these appeals for the satisfaction of the latter. It should also be noted that an invoicing follow-up gives you the possibility of knowing the functioning of some of your customers.

How to implement an invoicing follow-up?

You must follow two processes to achieve a good billing follow-up. The first is to take a number of steps that will allow you to better organize this document. Thus, you must first write the general conditions of sale. This allows customers to get an idea of ​​your business's terms of sale. The second step is to set up a simple and effective tracking tool.

This tool or all of these tools must be usable by the different members of your administration. The software mentioned above can be of great use. It is at this stage that the document is truly designed. The third and final step completes the first process. This consists of regularly checking the accounts and the monitoring document. This way, you can make the necessary updates.

The second process for setting up a good billing follow-up is to create an Excel table. This is now one of the best ways to produce a follow-up document. You can have different models on the internet.

However, you must keep in mind that your table must contain very important information. Thus, we must find the invoice number there. Then, the date of the invoice as well as the name of the customer must be clearly defined on the document. You must also put the amount of the invoice, the day of payment and the state of payment.

All this information should be there in order. Depending on the activity of your company, you can also add a benefit or service part to the billing follow-up.

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