TMK.edu Billing: September 2016
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Presented by Catherine Romero: September 21, 2016 This class will cover the Billing process; how to handle and process the Vendor invoices; the Reconciliation process; how to read and understand the financial reports; and review the guidelines to billing and budgeting.
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TMK.edu Billing: September 2016
- 2. 2 Agenda • Client Billing • Partner Invoices • Reconciliations • Review Mediaocean Reports
- 3. 3 Client Billing • Create flowchart/match to ATBs • Enter buys into Mediaocean • Run and review drafts • Review generated invoices • Provide invoices and coversheet to client • AR report confirmation
- 4. 4 Search Bing 2,936,080$ $2,857,940 $78,139 Bing - Billed $2,936,079 Google 11,804,318$ $11,582,859 $221,459 Google - Billed $11,804,318 Total Actual Search: 14,740,398$ $14,440,799 $299,598 Total Billed Search: $14,740,398 $0 September November DecemberMarch April May June July August $1,818,985$885,052 $845,000 $845,000 $910,448 $1,035,809 $1,071,281$1,300,000 $1,300,000 $1,683,294 $2,135,914 $909,615 $1,006,806 $925,706 $961,720 $1,035,373 $1,135,618 $1,387,594$1,230,227 $1,248,243 $1,829,736 $1,899,780 $926,060 $853,937 $665,000 $730,448 $828,647 $857,025 $1,522,814 $846,927 $943,892 $1,109,453 $1,040,000 $1,040,000 $1,346,635 $1,718,236 $697,757 $692,757 $665,000 $296,171 $933,737 $958,196 $1,553,511 $1,562,297 $714,202 $661,642 $765,403 $733,017 $800,583 $192,296 $180,000 $180,000 $180,000 $207,162 $214,256 $192,689 $161,137 $188,446 $191,725 $278,141 $260,000 $260,000 $336,659 $417,678 $211,858 $296,491 $290,047 $276,225 $337,483 $211,858 $192,296 $241,403 February October Total Budget Total Cost Remaining BalanceJanuary
- 5. 5 AR Example
- 6. 6 Partner Invoices • Review invoice for efficiency • Compare to flowchart or other controls • Compare to AP pending report • Resolve discrepancies • Submit approved invoices to accounting • Save hard or soft copies of all invoices
- 8. 8 Reconciliations • Aim to reconcile quarterly • AP Pending Report • Vendor Confirmations*** • Mediaocean (compare rate to matched amount columns) • Review and approve drafts and invoices generated • Send coversheet and credits to client • How to apply credits?
- 9. 9
- 10. 10 Billing Recap • Drafts and invoices sent by billing deadline • Have vendor invoices coded within a timely manner • Resolve discrepancies • Quarterly reconciliations • Take advantage of Mediaocean reports
- 11. 11 THANK YOU
Hinweis der Redaktion
- -Enter buys into mediaocean – can be your total budget broken out by 12 months, or specific amounts for each month, your preference based on how your campaign runs. They just need to remain within budget -Once everything is in MO, Drafts are run by Janet in accounting. This process is taking info from media ocean in a specific month and generating drafts for you to bill the client with. -Review the drafts to a flowchart with your records to check amounts to and to verify you stay within your annual budget. Your annual budget should match and be supported by signed ATBs -Team should review drafts and approve. Once approved, send signed copies to Janet to generate monthly invoices. At this point, new ATBs should be provided to Janet for support -Review invoices and create a coversheet to provide to the client
- -Sometimes accounting will reach out and send you this report which is the accounts receivable report. This states all outstanding invoices and how long they have been outstanding. -Aim to keep all outstanding invoices current. Once invoices get to a point of being 31-60 days you want to reach out to your client and get an update or status on when they plan to pay them. Anything 61-90 days is going to get immediate attention of the finance department. Here you can see there are items in 61-90 days but thy are credits, so there isn’t a rush to apply them. -Having all payments up to date is very important because if we do not have the client’s money in house, then we can’t pay vendor invoices. For instance, Google’s payment terms are 30 days, if your client did not pay their search bill, then you are at risk of Google shutting you down. A way you can avoid this is prebilling like the trade desk where money has to be in house before the media is run. -If you ever want a status report like this run, please reach out to accounting (I only have access to various clients) and I can help you analyze it
- -First step from partner invoices is to check to make sure they delivered correctly and the amount is correct. Carefully review the invoice to make sure it is for the correct campaign, the correct amount and within the annual budget. -Second step is to code the invoice. 6 elements of coding Invoices that Janet will need to process it: Media Type, Client, Product, Estimate, Month, Vendor Code. If there are not enough funds within the specific month for the invoice, you can dip into funds within the quarter. You just need to instruct Janet to do so. Coding incorrectly can lead to discrepancies and invoices not being paid on time, this can affect an entire campaign because for instance, if Google isn’t paid within 30 days, they shut the entire campaign down. This looks horrible in the eyes of our client and can negatively affect our relationship with our vendor and more importantly with our client. -Then you want to check the invoice to your flowchart. Make sure you stay within budget for the year. -Then compare the invoice to the AP pending report to ensure the coding is correct -If there is a discrepancy, aim to resolve it within a week. Reach out to partners right away to get it handled asap. -If the invoice is coded and looks on track with your flowchart, approve the invoice and send to Janet to process. Yolanda pays these invoices -Save a hard copy or soft copy
- Net ordered is what is in mediaocean currently Cleared is what has been taken out so far Billed is what was billed to the client on the invoice Balance – remaining funds to pay off any outstanding invoices
- -Aim to reconcile quarterly (Jan-Mar; Apr-Jun; Jul-Sept; Oct-Dec) Reconciliation Credits go out 3 months after the final month of whichever quarter you’re reconciling; For example, Q1 Reconciliation (Jan-Mar) goes out by end of June; Q2 goes out by the end of September. -In order to reconcile, you need go over the A-P Pending report and see what’s remaining in the balanced column. You also want to review your flowchart to make sure it matches what the credit should be -It’s extremely important to contact the vendors and get confirmation that all the invoices for the quarter have been paid; For any invoices that are still outstanding then please ask them for the actual invoices so we can send to accounting and see if we have accounted for these invoices. -Go into MediaOcean and delete any line items with a $0 amount under the Matched Column or change the rate to the matched amount. This will have MO spit out all the credits through drafts that will go back to the client. -Have Accounting run drafts; have team approve drafts; final approval and send back to Accounting for invoicing; Review final credit invoices by confirming them on the A-R Report; Then ask for drafts again to make sure all the reconciliation drafts were approved for that quarter -Send reconciliation credits to client with a cover-sheet. On the coversheet you might have to explain to the client where the credits are coming from. This all depends on the client. -Client can apply credits to the next payment cycle or they can apply them to any past due or outstanding invoices. Just make sure you have an email stating this from the client and forward it to accounting to apply.
- -Drafts need to be approved on time, so billing gets billed on time. -Billing has to go out by the 10th of the month; We have to bill the client early in the month so we can get payment by the end of the month or beginning of next month when we receive the invoices from the vendor. Vendors are paid when the client pays our invoice. -Have invoices coded within a week of the time you receive them. It’s important that invoices get paid on a timely manner. Vendors need to get paid on time or else some like Google and Yahoo will cancel our service. -Reconciliations should be done quarterly. Please make sure you have confirmations from the vendors before we credit the client. -If you ever have questions regarding billing, setting up a flowchart, reconciliations, entering buys or anything else, please feel free to ask Sami or I any time. Also, sometimes it’s a good idea to introduce yourself to Janet and Yolanda – they are super helpful and are always willing to help you figure out your dilemma. I find that it’s easier to just take a quick walk downstairs than numerous email chains.