invoice management is an essential function of a business. If it's not done properly, it can eat up valuable time and money. In any case, it should never be an obstacle, even when your business is growing and your customer base is expanding
With heaps of new technology at your fingertips, you have the possibility to improve your workflow and productivity.
Below are some ways to make invoicing less painful:
Choose a cloud-based invoicing solution
One of the biggest challenges is filing and keeping track of records. Paper-based systems, as well as electronic systems, have their individual storage and collaboration problems.
If you use paper invoices, you’ll end up with huge piles of paper, which is really inconvenient when searching for old records. Another disadvantage is the high paper costs.
The truth is that paper invoices are slowing down the process a lot. Dealing with them is a time-consuming task because paper invoices must be received, scanned, and verified before approvals start. Not to mention that invoices may come from different sources (from the buyers, from the supplier/vendor, etc.). Then your employees have to centralize the invoices so they can be processed.
On the other hand, if you choose to store invoice records electronically, you may have to scan and upload all invoices into your system. Therefore, the best solution is to select a cloud-based invoicing solution.
It’s time to ditch the spreadsheets and manual invoicing by implementing a cloud-based invoicing system that will make sending and storing invoices convenient. You’ll have access to your folder from virtually anywhere. A reliable system like this will significantly reduce the risk of losing invoices.
Some invoicing systems such as Naologic’s invoice management app even sends out reminders on invoices.
Address the entire process (from order to payment) in a single system
Sometimes invoices cannot be clearly attributed to the corresponding orders. This results in a high level of review effort (because of faulty attribution of invoices). The reasons for this can be varied:
- Missing corresponding information
- Someone might combine several orders in a single invoice
- Price or quantity changes that may have occurred during the ordering process and have not been correctly entered in the system
If you want to enjoy an efficient and error-free invoice process it’s essential to address the entire process, from order to payment, in a single system.
Reduce the payment process steps
Nobody wants to deal with a complicated payment process as it can drastically slow invoice processing. The solution is to reduce the payment process steps by placing credit card processing right into the electronic invoice flow.
This type of automated payment processing will also reduce the steps on the back-end, allowing transactions to occur instantly with all payment information in one place. Simply put, you will save a lot of time in processing and entering payment data.
Make the invoice status transparent to all parties
Oftentimes, the current status during invoice processing is unclear because of the lack of transparency. This leads to many concerns: Has the invoice been received? Has it been checked? If yes, is it correct or not? When will it be paid?
All these questions will delay the process. They could have been easily avoided by offering more transparency to all parties involved (suppliers, customers, etc.).
Therefore, if you want faster and more efficient processes, you have to choose a solution that makes the current invoice status transparent to everyone involved by displaying errors and corrective measures and automatically notifying the invoicing party.
How can Naologic’s invoice management software help you?
Naologic’s invoice management software was created to allow you to tie all your operations together to the most important aspect of the cycle of any business, which is bringing in revenue. The ultimate goal is to make invoicing as painless as possible for you and your customers. As a result, this will get cash flowing more quickly into your bank account.
Through Naologic’s app, you will be able to link accounting integrations to automatically record when payments are made on invoices, sending out reminders on invoices, connecting it to sales orders, and making sure the flow all the way from pre-sales to payment is seamless and automated.
It’s time to say goodbye to the words "time-consuming" and "labor-intensive" from your invoice management vocabulary. You can get paid faster by streamlining accounts payable (AP) with Nao’s invoice management software.
Another advantage is that you can simplify your accounting - you have the chance to boost your productivity and revenue by automating routing, approval, and payment processes.
Last but not least, you will gain a better understanding of your sales - you can improve your cash flow by streamlining workflows, initiating reminders, and shortening the payment cycle.
Let’s get started! 💪