Why delay indefinitely updating your project billing process?

The pandemic is behind us and the economy, although disrupted by inflation and lack of resources, is doing quite well. So now would be a good time to get your priority projects back on track, right?

And yet, many companies are putting off until tomorrow... and tomorrow, and tomorrow, IT projects that could bring them a very high added value or that could greatly accelerate their business process and even their profitability!

So, why not avoiding negative impacts for the company and updating your billing process?

 So why do many companies keep the redesign of their billing process on the back burner without ever launching the project? There are several reasons for this:

- Management prioritizes other projects

- The cost of the solution used (Excel or others) seems ridiculous

- The cost of errors is not really accounted for or known, such as:

• Some expenses are not billed to the client
• An (unknown) part of the billable time is not billed
• There are several billing errors in the hourly rate of certain tasks or employees

- The cost of optimizing or automating the billing process has not been evaluated

- Employee resistance to change is an issue as many see time sheets as a monitoring measure

- Many companies are unaware that their next claim for SR&ED credits will have to be based on comprehensive time sheets in order to hope to obtain these credits

- Many managers have developed a tolerance for ignoring basic metrics even though they know that accurate data on the profitability of their projects and the performance of their employees would allow them to improve the profitability of their company

Benefits of an efficient invoicing process for the company

 A non-automated or poorly optimized invoicing process will be fundamentally slower and certainly more laborious because it will be a source of errors that must be corrected.

- Decrease in the execution time of the invoicing process

- Decrease in invoicing errors and therefore improved profitability

• Decrease in unbilled billable time
• Decrease in the percentage of unbilled expenses

- Improved company profitability through accurate project profitability and employee performance data

- Improved business relationships with employees and clients through time sheet business intelligence

- Improved positive response rate for SR&ED claims

Conclusion

Why not put off until tomorrow what we can do today!

But seriously, there are multiple accounting and/or billing software packages available, but perhaps the cornerstone of your profitability would be a timesheet software; what do you think?