We discussed why the billing process is treated as a critical function by various organizations.

https://faoblog.com/processes-ar-billing-2/

However still, this function has gained momentum in its movement to a shared service center. Centralization does have its share of benefits.

What really is a bill or invoice?

  • It is a commercial document issued by a seller to the buyer, indicating the product, quantities and agreed prices for products and services, the seller has provided to the buyer.
  • An invoice indicates the seller must supply to the buyer goods / services of a certain level as claimed by the seller and / or agreed to by the buyer.
  • An invoice indicates the buyer must pay seller according to the payment terms.
  • It is technically a contract between the buyer and seller for supply and acceptance of some category of goods / services for a sale consideration (/ service consideration)

A quick look on some common components of a billing process:

  • Verify all incoming documents for raising the bills
  • Validate the terms and conditions, based on contracts and sales team inputs, along with authorization checks and also credit periods.
  • Generate customer bills
  • Print and mail / email customer invoices
  • Customer billing inquiries
  • Customer database management
  • In case of EIPP, ensure that the customer has received the Invoice copy.

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