Timely invoicing and billing have never been more important, given rising inflation and current market conditions. Organizations need to have the proper vehicles in place to control cash flow and ensure accurate billing. In this blog, we will discuss all the tools JAMIS Prime ERP provides to make your billing department more effective and unbreakable in any business climate.
Advanced Billing
Government organizations need to be able to handle multiple billing rules such as fixed price/milestone, cost plus, and T&M, among others. For each of your organization’s contracts, you can create separate billing/ invoice rules, and organizations can create as many invoice rules for a contract as needed. For example, you may need to bill one part of a contract to one customer, then bill another part of the contract to a different customer. It is this flexibility that JAMIS Prime ERP offers to cater to the specific needs of your projects or customers.
Before moving to JAMIS Prime ERP, many clients found themselves doing their billing in Excel because their current systems didn’t offer the flexibility required to bill contracts correctly. Once project billing parameters have been set, invoices can be generated automatically at the right time, thus saving users time, reducing errors, and improving cash flow. This includes advanced features like automating contract-specific markups for materials and other direct costs, as well as supporting complex revenue recognition structures.
Business Events for Proactive Decisions
Business events is a term unique to JAMIS Prime ERP that allows users to react to data changes by creating email notifications and automatically processing records in the database. This improves internal work processes and allows your team to communicate more effectively, leading to increased productivity. Users can define what triggers a business event – whether it’s a new record added or a data field that changes. Once the criteria are defined, JAMIS Prime ERP will recognize any point in time where the criteria are met and create a series of automation steps to complete the action. The flexibility of business events can be used in a variety of different internal and external use cases, a few of which are: warning customers of upcoming invoice due dates, notifying customers of past due invoices, and personal reminders for business tasks. This eliminates manual collection processes and leads to faster processing times, better insight into cash flow, and more on-time payments!
Automated Approvals
Automating your approval process should be important for any project or contract-oriented organization. Without automation, the approval process is slow, error-prone, and yields poor results. Out-of-the-box, JAMIS Prime ERP offers users a variety of different approval maps, such as purchase order approval, project billing invoice approval, AP approval, and several others. They can be configured for single or multiple approval levels based on defined criteria. Users can be notified of workflow items that need to be completed through push notifications on their mobile device or reflected on the front end as a dashboard report. Incorporating approval automation will ensure your workflow is moving smoothly while preventing any potential compliance or project setbacks.
Side Panels
Side Panels are the newest addition to JAMIS Prime ERP that allows your users to be more productive, especially when dealing with billing. They are navigational aid that allows users to cross-reference real-time data inquiries, reports, or other screens directly from the current screen you are working on. This will allow your payables team the ability to review open AP bills in an inquiry format while also being able to view the details of the bill, even the ability to pay the bill, in the side panel. Ultimately, side panels allow users to view multiple data sets from one screen, which enhances the user experience and makes them more productive.
Actionable Insights
Automating your billing and invoicing will help make your organization more efficient, but how will users know what stage they’re in the billing cycle or if a bill needs approval? Users can gain actionable insights in JAMIS Prime ERP using various real-time and drillable dashboard reports. For instance, on your accounts receivable dashboard, you would be able to see items such as “Open AR Amount” and “Overdue Payments” represented as color-coded key performance indicator tiles to signify how well you are doing at collecting payments. When combined with automation, JAMIS Prime ERP dashboards enable your team to be more proactive, productive, and efficient.
Closing
Evaluating and implementing a software solution to help manage your billing needs has never been more important. JAMIS understands this, which is why we offer best-of-breed features and functionality to run your project-based or government-contracting business. Are you interested in discussing your needs and seeing JAMIS Prime ERP for yourself? Please CONTACT US today to schedule a demonstration.
