In this episode, we cover improvements to the billing process, and make final comments about the fast close. Key points discussed concerning billing are:
Issue invoices as early as possible, so there is no backlog going into the closing period.
Stay late on the last day of the month to process billings, and start again early the next day, to stay ahead of the billing rush.
Assign extra staff to the processing of invoices during closing day, to ensure that they are completed on time.
Minimize the verbiage entered on invoices, so that they can be processed quicker.
Use special invoice templates for special-request customers, to enhance processing speed.
Delay the issuance of month-end statements to customers until after the close.
General comments concerning the fast close are:
The key issue is to shift closing work forward into the month, to reduce the work load on closing day.
Fast close processes are inexpensive.
Fast close concepts are all about process improvements.