Reinventing business processes is a challenge that all digital agencies face. We have to understand that every company has its requirements, needs, and functions that define its works.
Here are some of the daily mistakes a digital agency makes in its billing and performance management:-Here are some of the daily mistakes a digital agency makes in its billing and performance management:-
1. Late billing
Invoice creation is undoubtedly a major pain point for many digital agencies today. Creating a detailed invoice is a tedious task that involves a longer period of time. Despite being so labor-intensive, it is still not able to get rid of manual errors.
Besides being time-consuming, repetitive sending of invoices and credit memos becomes a mess. These types of invoices need to be sent over a period of time to maintain a stable cash flow. When they are delayed, this leads to a deficit in the account and thus becomes a serious problem for the accountant managing RA and AP.
2. Managing customers at a desk
Every business depends on the revenue it generates from its actions. Hosting a large clientele seems like a win-win situation for your digital agency, right?
With such a large clientele, you need to upgrade your existing systems to meet their demands and expectations. Negotiations and deals are good, but strong client relationships are what drives your agency's business and help you maintain a strong position in your field.
With many clients come many accounts, and managing them requires much more efficient resources. Any mismanagement can put your entire digital agency at risk of huge losses and a damaged social image. Once word gets out, it can have a ripple effect on your business, leading to a downward spiral. That's the last thing you want for your business, right?
3. Go local with global customers.
Overcoming territorial boundaries and expanding across borders is a dream that digital agencies harbor. But rarely do agencies really innovate their software tailored to serve a large client base.
Serving clients from around the world brings its own challenges and communication chaos. Meeting client currency, denomination, and language requirements is a major hurdle that most digital agencies can't overcome.
Sending invoices in your client's local language and currency allows for much better understanding and communication. Invoices that don't adhere to this often become a scapegoat for confusion, unintentionally hindering your business and ROI.
4. Invoicing without time tracking
Outsourcing employees to work on your clients' projects is an effective way to acquire multiple projects in a limited amount of time. Most of these projects are time-based, so you can invoice your client based on the hours spent on your project.
Sending accurate invoices makes you reliable and trustworthy. But often, several digital agencies face the dilemma of billing clients based on the time spent on their projects. Often, the time recording is inaccurate, resulting in an incorrect invoice.
5. Chaotic workflow and approval process
Every company has its own established hierarchical vertical system, which makes the whole process much smoother and more convenient. The established workflow even increases productivity and makes the work less time-consuming. But what happens if the hierarchical structure deteriorates?
With non-personalized management, approving the entire account becomes very tedious and delayed. Since members cannot communicate on a single platform, communication becomes ineffective.
In addition, accounts become confusing as records become too opaque, leading to misinterpretation and ultimately stalling cash flow.
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