Page 78 - Accounting Best Practices

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Implementation Issues for Billing Best Practices
Exhibit 4.1 Summary of Billing Best Practices 67
Best Practice Cost Install Time
Invoice Delivery
4–1 Add carrier route codes to billing
addresses
4–2 Delivery person delivers the invoice
4–3 Early billing of recurring invoices
4–4 Issue electronic invoices through
the Internet
4–5 Issue single, summarized invoice each
period
4–6 Print separate invoices for each line item
4–7 Transmit transactions via electronic data
interchange

Invoice Error Checking
4–8 Automatically check errors during invoice
data entry
4–9 Delivery person creates the invoice
4–10 Computerize the shipping log
4–11 Track exceptions between the shipping
log and invoice register
Invoicing Efficiency
4–12 Eliminate month-end statements
4–13 Offer customers secure Internet
payment options
4–14 Reduce number of parts in multipart
invoices
4–15 Replace intercompany invoicing with
operating transactions
4–16 Use automated bank account deductions
4–17 Use fingerprint verification for credit
card and check payments

with each best practice, as well as any implementation problems to be aware of.
The descriptions should be sufficient for the reader to form a knowledgeable
opinion regarding the need to implement one or more of these best practices,
depending on the specific operations of the reader’s organization.