What is billings and what does a billings manager do?
A billings manager is responsible for overseeing the raising of invoices in a company. They manage the billing department and usually work with supervisors to make sure that a company's billing and receivables operations are efficient and effective
The role is responsible for ensuring that cash is received promptly by ensuring that invoices sent to clients are calculated correctly and include all relevant information (purchase order numbers, etc.). In businesses with complex invoicing, billings managers will leverage a sound financial grounding to ensure that invoices are accurate. In environments with high volumes of system generated invoices, strong systems and technical skills are typically required
As billings plays such an important role in cash recovery, billings managers will often work closely with credit control managers in the design, implementation and enforcement of accounts receivable policies and procedures.
Responsibilities will vary, but examples include:
- Overseeing and monitoring billing and collections processes, ensuring accurate and timely billings
- Identifying and implementing improvements to increase efficiency, effectiveness and quality of service
- Ensuring compliance of all processes and systems in the Billing Lifecycle
- Conducting month-end closing of the billing group information
- Reviewing unbilled disbursements on a monthly basis and monthly bad debt in advance of ledger closure
- Managing the resolution of overdue invoices and related issues
- Liaising with the billing software provider and leading process improvement projects for the billing system
- Analysing billing KPI's; including team performance, operational SLA's, collection and bad debt management, cancellation trends, daily and monthly billing
- Managing, motivating and developing team members
Why are they important?
An efficient and effective billings process is key to successfully managing an organisation’s cash flow. Billings managers are ultimately responsible for the billing operations and for managing the accounts receivable team
Skills needed for this role
A billings manager is a highly visible role and so and requires a strong leader with the ability to prioritise and plan. Excellent communication and interpersonal skills are required, as well as outstanding attention to detail
Strategic Professional Options examinations linked to this role
Career opportunities presented by this role
Billings manager roles exist in any company large enough to have specialist staff to monitor its income. There may also be opportunities in some organisations to progress to more strategic roles as senior billings manager or Head of billing.
High level competencies required include:
Corporate and business reporting
A. Prepares financial statements, corporate financial and integrated reports for external stakeholders using appropriate technology.
B. Leads effective decision making through analysing, evaluating and communicating performance and position of entities.
C. Prepares financial statements for groups of entities using appropriate technologies.
D. Monitors, critically evaluates, and advises on the relevant accounting standards, regulations, conceptual and financial reporting frameworks.
A. Links developments in global trade, markets, business practices and the economic environment to required improvements in the financial and risk management of an organisation.
B. Advises on business asset valuations, capital projects and investments using appropriate analytical qualitative and quantitative techniques.
C. Identifies, evaluates and advises on alternative sources of business finance and different ways of raising finance.
D. Communicates and advises on the impact on financial decision making on current developments in regulation, governance and ethics.
E. Assesses and advises on appropriate strategies to manage business and organisational performance regarding business and finance risk and effectively communicates the impact.
- Governance, risk and control
A. Evaluates organisational structures and governance to protect the long-term interests of stakeholders.
B. Recommends appropriate strategies to ensure adherence to governance structures and application of best practice internal controls.
C. Identifies and manages risk appropriately.
D. Uses risk management for the best interests of an organisation and its stakeholders.
E. Monitors and applies relevant legislation, policies and procedures.
- Stakeholder relationship management
A. Positively develops relationships with internal and external stakeholders.
B. Communicates and gains commitment from internal and external stakeholder.
C. Uses emerging technologies to collaborate and communicate effectively with stakeholders.
D. Applies professional and ethical judgement when engaging with stakeholders.
E. Aligns organisational strategic objectives with stakeholder needs and manages expectations.
- Governance, risk and control
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