How a LIMS Helps Labs With Billing and Invoicing

Whether you’re managing bills for suppliers or invoicing your customers, reconciling your lab’s data with invoicing software can lead to a sea of digital paperwork that strains your customer relationships and slows down your staff.

That's where a Laboratory Information Management System (LIMS) comes in. 

A LIMS is not just for automating workflows and serving as a digital record of your lab’s data. A LIMS can also streamline your billing and invoicing process, making your life easier and your lab more profitable.

What is a LIMS

A Laboratory Information Management System (LIMS) is a software platform designed specifically for laboratories. 

As its name suggests, a LIMS provides a centralized database that manages and tracks all aspects of your lab's operations, from sample management and testing to reporting and billing. While LIMS are popular for their ability to manage data at scale, generate reports, and automate lab processes, they are also instrumental in speeding up the tedious, time-consuming tasks that lab personnel often struggle with.

This frees up your staff’s time to focus on what matters most: delivering accurate, timely results to clients.

Why Labs Need a LIMS for Billing and Invoicing

Billing and invoicing are critical components of any lab's financial health, but they can also be a major headache without the right tools.

This is especially true if your lab is stuck using spreadsheets or pen and paper while your invoices are managed in cloud-based accounting software. Without a LIMS, labs often rely on manual processes, spreadsheets, and disparate systems to manage their billing and invoicing. This can lead to errors, delays, and lost revenue. 

A LIMS solves these problems by automating and centralizing your billing and invoicing processes. A LIMS can help you generate invoices based on tests performed and results delivered, ensure accurate and timely building, and provide your lab with real-time visibility into its financial performance.

QBench LIMS provides a robust set of invoicing features that allow you to do even more sophisticated things, such as:

• Create invoice templates with your branding
• Send quotes to customers before submitting an order and convert quotes into invoices once approved. And automate reminders to make sure each invoice is paid on time.
• Set up surcharges for faster turnaround times, discounts for higher volumes, test panel pricing, customer-specific pricing, etc.
• Add taxes to invoices
• See paid and reconciled invoices
• Sync invoices to your accounting system
• Give customers the ability to see and search all of their billing history  

This is just a sample of what QBench’s invoice functionality can do, so next, let’s see how this can save serious hours (and resources) for your lab. 

4 Ways a LIMS Simplifies Billing and Invoicing for Labs

A LIMS bridges the gap between your lab’s data, your customer data, and your financial data to streamline every aspect of your workflow. 

By bringing your billing and invoice management under one roof with your lab and customer data, you can drastically simplify your lab’s operations. Here are our four favorite ways that a LIMS can simplify billing and invoice management for your lab:

• Generate invoices automatically: With a LIMS, you can say goodbye to the days of manually creating invoices. Your LIMS can automatically generate invoices based on the tests performed and the results delivered, ensuring accuracy and timeliness. You can even brand your invoices to match your company!
• Save hours with custom pricing rules: Need volume-based discounts? Rush pricing? How about a specific deal for one customer? QBench LIMS allows you to do it all. Rather than painstakingly manage custom invoices, you can define your own pricing and invoicing rules to tailor the system to your lab's specific needs.
• View paid and reconciled invoices at a glance: QBench LIMS provides a history of paid and reconciled invoices giving you a source of truth for your lab’s financial history. You can save your lab and your customers hours of time as well by providing access to search through and find invoices. 
• Seamlessly integrate with your favorite accounting software: A LIMS can seamlessly integrate with your existing accounting software, such as QuickBooks or NetSuite. This allows you to automatically sync invoices and payments, reducing manual data entry and ensuring your financial records are always up-to-date. With a proper LIMS, you can stop switching from platform to platform and focus more on your lab’s valuable work. 

Combined with your accounting software, QBench LIMS can be a lifesaver for your team. 

Can a LIMS integrate with my existing accounting software for seamless billing?

Absolutely! 

QBench LIMS integrates with several invoice and accounting software platforms such as Quickbooks, Netsuite, and others. QBench also supports a RESTful API, meaning you can connect just about anything to your LIMS.

These integrations allow you to automatically sync invoices and payments between QBench LIMS and your accounting system, eliminating the need for manual data entry and reducing the risk of errors. With seamless integration, you can ensure that your financial records are always accurate and up-to-date, giving you real-time visibility into your lab's financial performance.

New to LIMS? Download Our LIMS Buyers Guide

If your lab is managing financial data in the cloud and lab data in a spreadsheet, it’s time to make a switch. 

Your lab needs a LIMS, and billing and invoice management is just the start. From workflow automation to report generation, a good LIMS will provide your lab with everything it needs to streamline its operations and get more done. And let’s not forget compliance management features to remove major hurdles for labs in regulated industries. 

If you’re new to the world of LIMS, check out our free LIMS buyer’s guide - learn about the different types of LIMS, what features to look for, and how to make the right choice for your lab.