Having a system in place for billing can make the difference between a simple task taking a single click or having your staff work overtime. Billing is a critical component to managing your members, ensuring the financial stability of your workspace, and having a clear outlook for the growth of your workspace. If you think you can do this all on a spreadsheet, think again. To achieve this you will need to incorporate a billing process that is accurate, efficient, and flexible. These three principles are the necessary components for billing within your flexible workspace.
Efficiency
By providing a billing method in place that is efficient for both your members and staff, you can simplify the entire process. Through a system in place that can automatically generate and issue invoices you can track all payments automatically. By automating the process you can minimize administrative efforts from your staff having to process payments and invoices manually. With this system in place you can provide an avenue for your members to pay bills directly through a self-service interface, saving your staff time as well as giving your members greater convenience.
Accuracy
Accuracy in billing goes beyond adding and subtracting numbers on an Excel sheet. What it does is provide you with informative metrics regarding finances and member trends to ensure better decision making. By measuring financial data in real time, you can keep track of useful metrics such as:
- The size of your community
- The turnover of memberships
- How much of your revenue comes from services vs. how much from rent
- What kinds of spaces to your members prefer to book (hot desking or private offices)
- Which services are utilized more than others
With the data provided by an accurate billing service, you can better implement a strategy for growth within your workspace. Best of all the data is processed automatically in real time, saving you and your staff significant time and effort in generating reports.
Flexibility
Flexibility in billing goes a long way in enhancing the member experience. Being able to integrate your favorite billing applications and merchant services such as Stripe and Authorize.net can work to extend efficiency and convenience for your members. You can further customize the member experience by creating your own terms and conditions between you and your members. This allows for you to choose between taking one-off payments from members or billing them per month. You can also find options for including packaged services to be billed automatically. It’s essential to have a billing process that is scalable to your growth, such as having support for multiple locations through one single solution for keeping your spaces connected.
By implementing a billing solution that follows these three principles, you can save time and money while enhancing the member experience. By affording your staff and members both with simplicity, convenience, and accessibility, you can sell spaces and process payments in an instant. To learn more about how Yardi Kube transforms the process of billing for Coworking, click below to contact us.