Best Practices for Client Billing at Consulting Firms

Best Practices for Client Billing at Consulting Firms

For consulting firms, accurate and timely billing for services rendered—and prompt payments by clients—is a big contributor to their success. Many small to medium consulting firms still rely on manual processes when it comes to tracking time their consultants put into a project, collating invoices, and billing clients for completed work. These manual processes are time-consuming, inefficient, prone to errors creeping in, and are a hassle for both consultants and managers to use. These drawbacks contribute to delayed payments coming in from clients, and can also lead to client dissatisfaction if errors crop up.

Consulting firms can greatly improve their billing practices, streamline processes and achieve higher revenue to boot, by replacing outdated and cumbersome processes, and adopting modern, centralized solutions that provide a host of advantages.

Let’s briefly look at some major pain points with manual billing and project tracking:

PROBLEM: Getting busy consultants to enter time worked on projects

SOLUTION: Adopt a solution that makes entry of time and project status easy for everyone

PROBLEM: Delays in time and project data submission by consultants often lead to “guesstimates” and errors

SOLUTION: Use a system that enables timely time and project data submission via browser or mobile apps. Reminders via email encourage consultants to submit reports on time, and help you invoice your clients based on detailed, up-to-the-moment data

PROBLEM: Managers are burdened with collecting and manually entering consultants’ data

SOLUTION: Eliminate cumbersome paper- and Excel-based tracking in favor of an automated system that doesn’t require investment in hardware, software or skilled staff.

Stay tuned for more useful billing tips and best practices!

ABOUT THE AUTHOR
Replicon
Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

A Leading Large IT Enterprise Unleashes Higher Business Benefits and Values With Accelerated One Platform Initiative

This blog is part of the digital transformation journey of a very Large IT Enterprise and their journey to modernizing their time tracking ecosystem. Check out part 1 and part…Read More

Can Automatic Time-tracking Software Be Tricked?

The workplace ecosystem has undergone a dramatic change as technology has steadily spread into offices in the past years. But the pace of change has been blinding of late. One…Read More

Global Compliance Desk – California

California Supreme Court Holds Meal Period Premiums Are Wages The California Supreme Court, on May 23, 2022, in Naranjo v. Spectrum Security Services, Inc., P.3d (2022), issued an important wage-and-hour…Read More

Time and Attendance Orientation Guide

In a growing business, the day will eventually come when managing time and attendance on paper becomes both inefficient and risky, especially when trying to balance things like overtime, paid…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Thought Leadership
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others