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Just like lots of other finance processes, invoice management has officially become a burden. “82% of finance departments are overwhelmed by the high numbers of invoices they are expected to process on a daily basis and the variety of formats they’re received in.” Despite the best intentions, companies have pieced together invoice processes that make everyone’s life a little harder. They were never really designed as long-term solutions. They were just the best we had at the time.
And then they stuck.
It’s time to move beyond manual data entry and double-handling. All of the aspects of invoice management that slow your business down are completely fixable. Invoice Management also known as invoice processing, invoice management is the method by which companies track and pay supplier invoices. At its most simple, the process involves receiving an invoice from a third party, validating it as legitimate, paying the supplier, and noting the payment in company records.
Which doesn’t sound all that complicated. But there are usually multiple people involved, and there are plenty of opportunities for error.
For one, invoices are typically sent to the point of contact within a business – the user of the service. This is not usually a finance team member or accounts payable clerk, which means that this invoice has to be forwarded on.
If there are any issues with the invoice (spotted by the AP clerk), the invoice then goes back to the point of contact and then back to the supplier for changes. Already there’s plenty of double handling.
But even if the invoice arrives flawlessly with the AP clerk, there’s still the matter of entering its data into a spreadsheet or invoice processing platform, getting validation from a manager or CEO that the bill is legitimate, making the payment (via a bank), and entering all of this data again into accounting ledgers.
This is standard operating procedure for most growing businesses. But as we’ll see shortly, there are faster and more accurate ways to handle invoices. And this becomes vital as their number grows.
Introducing Inex Books
InEx Books (by SaaSSutra) allows you to take charge of the invoicing and expense management. With InEx Books, you can raise invoices, capture expenses and manage your clients & vendors. You can keep track of your customers, invoices, payments, expenses on a real-time basis.
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