Final answer:
In the revenue cycle, sales order processing is the step that typically precedes the billing process, coming after the order has been taken and processed.
Step-by-step explanation:
The process that normally immediately precedes the billing process in the revenue cycle is sales order processing. Once a customer's order has been taken and processed, which involves checking for product availability and confirming prices, the next step is to arrange for the delivery of the product or service; this is often termed as shipping. After shipping, the company can issue a bill to the customer for the goods or services provided. Therefore, sales order processing is the step that comes before billing, as shipping, and certainly cash receipts are actions that follow after a bill has been sent or a payment has been made.