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