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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.
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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.
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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.