![]() Bottom line: processes to invoice for professional services should be simple and transparent. While these experiences took place some time ago, I still hear stories from professional services firms every day struggling with the same problems. Unfortunately for that client, those expenses had to be written off. We found more than $400K in client-reimbursable expenses that were never billed due to a lack of structure and control in their professional services invoice process. One particularly notable example exposed itself during the implementation process of our consultant billing software at a prominent technology company. More importantly, the manual processes reduced the visibility senior management had into the performance of the firm.įast forward a few years to my work at BigTime, and I realized how common my story actually was. Every step of the process-creating, proofing, approving, adjusting, and sending invoices for professional services-introduced inefficiency. It didn’t take long, however, for me to find that this job consumed nearly 80% of my time. ![]() Even one small mistake could cost the firm tens of thousands of dollars, often without anyone even knowing. I knew how crucial it was to the group’s success. After working with the group for a while, I gained responsibility for overseeing the processes to invoice for professional services. One of my first professional jobs was in an operational role at a professional services firm. So why don’t firms dedicate the time to getting the process right when it comes to generating an invoice for professional services? Processes to Invoice for Professional Services Should Be Simple and Transparent ![]() Invoicing is one of the few actions in a consulting firm that has the most impact on keeping the lights on (i.e., cash flow). But quite often, even the professional service organizations (PSOs) with thousands of team members still approach this vital task incorrectly. The first step is consultant billing software. Of course, as professional service teams grow past 25 consultants, firms begin to focus on streamlining this process. For professional services organizations with just a few consultants, this is often the approach. Download an Excel invoice template for consultants, punch in your hours and rate, generate an invoice for professional services rendered, and send it to the client. Professional Services Invoicing: Tips From the TrenchesĪ process to invoice for professional servicesmight seem simple on the surface. ![]()
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