Field service is booming. But not all businesses enjoy financial success, despite having their order books full.
The 2021 State of Small Business Cash Flow report reveals that 60% of small businesses face cash flow issues. About 44% of small business owners see late payments as their biggest obstacle. One out of every three small business owners gets paid only after 30 days.
Delayed payments are telltale signs of something wrong with the invoicing system of the business. Enterprises that suffer from such issues invariably have manual methods or non-integrated software. For example, a typical small business uses job management software to track jobs, accounting software for invoicing, and third-party apps to collect payment. Such a setup causes several inefficiencies.
Manual or disjointed systems:
The solution to such ills is optimizing invoicing and payment processes. An integrated field management suite automates invoicing and optimizes the process. Chasing payments sucks the energy of the business, better deployed on more productive tasks. ReachOut allows employees to focus on core business functions. Employees need not waste their time on non-value adding administrative functions.
Here is how an integrated field service management suite streamlines invoicing.
The basic prerequisite for accurate invoicing is centralizing information. For example, consider a scenario when customer support offered a discount to a customer on accepting the work. If the field executive or the accounts team does not have access to such information, this discount will not reflect in the invoice. Such a huge gaffe can destroy the credibility of the business.
Conversely, consider a situation where invoicing is manual or through disjointed systems. The special offer message may indeed reach the accounts team preparing the invoice. But the field agent, in a hurry, might forget to record all the tasks done or add the cost of the parts used. Such omissions cause revenue loss.
The best field service suite automates invoice management and related tasks.
The field crew updates their status on their field service app when they start and complete the work. The geofencing capabilities of the smartphone app validate that the crew worked at the designated location.
When the field crew marks work as complete, the field service suite auto-generates invoices. They may also collect the client’s electronic signature in the app as proof of work completion.
The integrated suite:
Integration of the field service platform with third-party payment apps streamlines the workflow. It ensures the business gets paid quickly for their work.
Integration with payment portals such as PayPal enables customers to pay invoices instantly. The field agent may collect the payment before leaving the client premises.
Integration with accounting suites streamlines accounting and payroll.
Such integrated systems:
Most businesses underestimate the value of a professional approach to invoicing. Poorly designed invoices and shoddy collection efforts cause frustration to the client. As a result, they will probably go elsewhere next time. Conversely, most clients appreciate businesses doing their job with a professional touch. They will return and also give valuable referrals.
ReachOut enables businesses to generate invoices and collect payments professionally. The suite offers powerful functions such as:
Technology changes fast. What works well now may become redundant or obsolete in a few months. A cloud-based field service suite such as ReachOut keeps updating constantly. The suite co-opts the latest technology and enhances functionality regularly. ReachOut offers end-to-end visibility and automates key processes, including invoicing. It delivers great efficiency enhancements and future-proof the enterprise.
Connect with our team to explore and experience the ReachOut suite and its unique features.