One of the fastest ways to get cash in the door is to get your invoices out the door faster. Many companies use Excel for invoicing due to its flexibility; however, this method is prone to formula and transposition errors, potential unbilled reconciliations, and adds an extra step in the billing process. In as little as a couple of hours, all of your billing can be automated through Deltek GCS Premier Billing. It’s easier than you think and that small time investment will pay off in the first month you use it. Start with these steps:
- Click on the Premier Billing icon, under the Billing Edit File/Billing Status report. This will open up Excel. If you haven’t already, you may need to download and install the Premier Billing module from the Deltek Support site and enable the Excel Add-In.
- Premier Billing comes with a few canned templates for Cost Plus, Fixed Price, Time & Materials, and SF-1034/1035 formats. The first time using one of the templates, click edit template, open one of the canned templates, and save a new version. Add your company’s logo for instant customization (further customizing can be done once you generate your first invoice) and save the template as a .xltx file. It may take a couple of tries to perfect your customized template. You can add in more fields than what exist in the preset template – simply double click on any of the Invoice, Contract Master File, or 1034 fields on the right-hand side to add them to your invoice template. Formulas can also be used in your custom invoices – take a look at the canned templates for examples. Formulas and data fields should be validated by comparing to a system generated 1034 prior to going live with a template.
- All contracts and tasks need to be mapped to a template by contract type. Map all of your fixed price contracts to your fixed price template, cost plus contracts to cost plus template and so on. Premier Billing will show the contract type as setup in the contract master file to facilitate template mapping. Contract ranges can also be mapped in bulk, which can further save time setting up the mappings. Whenever a new contract or task is added to GCS, be sure to include mapping as part of your project setup process after Billing Master File setup. Also be sure to save your mapped template assignments prior to closing this section. Note: not all contracts need to be mapped for you to use Premier Billing – for example, feel free to only use this for a set of contracts such as T&M, especially since it auto-calculates your cumulative hours and costs.
- Once your contracts have been mapped, click on ‘Generate Invoices’ to create your first invoice in Premier Billing. The prerequisite to invoice generation is having the tasks you wish to bill set up in the Billing Edit File. Select the contract, enter dates if applicable, and click ‘Generate.’ If the invoice output isn’t exactly what you wanted, you can switch templates or edit the template in use. Simply close the invoice document without saving and generate again. If the invoice renders as desired, save it in your invoice or contract directory, and send for review or to the customer, depending on billing procedures.
- Don’t fix spelling or funding errors on the generated invoice, take the time to correct the data in GCS so it is fixed once and not something that needs to be corrected monthly.
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