Experts in Finance Transformation, Unit4 Financials and Software Development
Comprehensive Sales Invoicing Solution for UNIT4 Financials available from Millennium Consulting
For some organisations who have simple, low volume invoicing needs, using Microsoft Excel, Word or a legacy billing system to generate sales invoices will be adequate. However, for those organisations that require more complex functionality or need to send out higher volumes of sales invoices, a more comprehensive sales invoicing/billing solution is essential.
Seamlessly integrated into Unit4 Financials, Millennium’s powerful and flexible billing solution, MBilling, supports high data volumes and contains comprehensive billing/sales invoicing functionality including a comprehensive rules engine, smart algorithms and data bridging.
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The intelligent software can extract information from any source system and transform them into individually tailored formats designed to meet business needs. By implementing MBilling, clients can be confident that invoices are being sent correctly and on time, avoiding the various human errors that can occur when dealing with multiple languages, currencies and data sources.
• Available either on-premise or as a cloud/SaaS solution
• Highly flexible/configurable - supports complex business processes
• Ability to set up sophisticated billing rules without the need for programming
• Multi tax jurisdiction, multi-currency and multi-lingual
• Rapid Return on Investment (ROI)
Sales Invoicing/Billing is a process in which data should flow seamlessly and MBilling has been specifically designed to support this. MBilling functionality includes the ability to:
• Accept data from multiple 3rd party systems using variable delivery methods and cater for multiple currencies and sales tax structures.
• Set-up comprehensive pricing algorithms to get the pricing right even against a complex matrix of cus-tomers, contracts, products and hierarchies.
• Process very high volumes of data both in source lines and invoice creation.
• Set up detailed booking rules in conjunction with Unit4 Financials where the correct account codes can be selected and any reference data rules that are required can be set.
• Handle complex domestic and international/export tax regulations for both goods and services.
• Create an Order book holding the details of recurring invoices.
• Process intercompany transactions including special booking rules with UNIT4 Financials.
• Operate with multiple invoice languages and currencies.
• Set-up rules to calculate the exact payment due dates
• Set-up dedicated data extracts for EDI or for use as invoice portals.
• Configure special internal review/approval rules based on the line of business, a user hierarchy or threshold amounts.
Invoice information can either be manually keyed into MBilling or, where relevant, derived from an exter-nal source system using a data bridge in which case MBilling can receive data directly from these other systems thereby ensuring accuracy and avoiding the need for manually intensive duplicate processing.
As a lot of modern external systems can ‘push in’ both master and invoice data MBilling is able to connect with these external databases for master data, transactions, alerts and reporting as well as enabling them to trigger actions such as the generation of drafts, approvals or postings. During a data bridge connection if MBilling encounters any new or changed data it will be uploaded automatically and processes exist within the application to look for and avoid duplicate entries.
For connectivity purpose, MBilling usually uses an industry standard technology called “webservices” to data bridge/connect with these other systems. Significant benefits are provided by using the “webservices” technology such as platform independency (operating systems and database systems) and reduced cost of support as all “webservices” are validated against data and business layer rules. In cases where “webservices” technology isn’t suitable or able to be used then other connection techniques are available such as via direct database links.
After data collection, MBilling adjustable algorithms can determine the information required for invoicing, ascertaining exactly what needs to be split out and determining what details the invoice should contain. Those algorithms are very flexible and can be configured during the implementation to ensure that any specific customer business needs are met.
Note that Invoices can be configured to display specific messages concerning discounts or with infor-mation about previous invoices or payments. In the MBilling Order book manual one-off and recurring invoices can be prepared, with automatic lookups in pricelists, with discount tiers etc taken into account.
The process of refinement and approval of draft invoices becomes the next step, with a clear distinction between the roles of production staff, account management and the finance department. The adjustable algorithms mentioned above can also be extended with so-called pre-processors acting at every process step. Where necessary these pre-processors can prohibit the finalising of an invoice if certain conditions are not met. Once Invoices have been finalised and approved they can be printed or emailed out to the customer and a copy stored in a document management system for future reference. The Invoice layouts are created by using XSLT which allows customers to configure an exact match to any invoice formats that they wish to create or any existing formats that they wish to keep using.
Once Invoices have been generated and sent, the billing process then posts invoice data to the UNIT4 financial system and the algorithms within MBilling define the appropriate account codes to be used for posting.
Download the brochure here.
For further information or to book an online demonstration, please complete the below form and an MBilling consultant will get back to you shortly. Alternatively call us on +44 (0) 845 604 4262