In the current uncertain financial market, outstanding invoices can severely hinder a business’s earning capacity. If companies are providing services to their customers without getting compensated in a timely fashion, then their own finances get hit in a big manner. This is why it is important that all sellers must ensure to follow accounts receivable best practices. Businesses often face tough scenarios of not being paid on time.
Some of the causes of payment delays include:
- Invoice number missing
- No address or incorrect address
- Incorrect or missing accounting code
- Missing or incorrect accounting code
Companies must never give a chance to the client to point out an error in the vendor’s payment scheme. So what does one do to get paid effectively? One of the most important steps for the same is raising an invoice efficiently.
What is Efficient Invoice Handling?
The objective of effective invoicing at any company would be to automate the inbound bill process as far as you can. Unlike the paper based invoicing done in the earlier days, digital invoice processing has taken over the market.
Advantages of Automated/Digital Invoice Processing
Inbound automation enhances accounting performance, the quality of records, reduces errors to a huge extent, and offers the chance to view all reports in detail.
As opposed to spending copious amounts of time tracking down paper records, inbound marketing may do lots of this job for you and reduces the odds of losing important files. Together with simplifying the practice of direct scanning of files in an inbound monitoring program, some applications vendors enable you to outsource your incoming and texting electronic invoices at precisely the exact same flow.
A rule based automatic workflow allows users specify how to take care of invoices based on parameters like seller, benchmark, and figures. Whichever software you are using subsequently simplifies it and automatically arranges it in how it had been put up to be cared for and sends the file for approval. Employing a digital process lays the basis for automated transactions with customers. Implementing a paperless workflow rewards accountants and customers alike.
Make the Transition: Implement Digital Invoice Process
More and more businesses are opting for digital invoice processing. And it is about time you start implementing this in your business. So how do we do that?
- Eradicate space issues and costly file cabinet costs
- Eliminate cut, copy, paste, and print through automation
- Save time, money, and effort spent on resource hiring and training
- Eradicate the fear of breach of confidentiality
Now begins the actual work. The 3-step process of digitalisation of invoicing is not only quick but also easy-to-understand.
Step 1: Capture invoices from various resources, be it mail, fax, multifunction printers, and other devices.
Step 2: Let the automation begin. Invoice processors will read your data, check for accuracy and accordingly complete the process.
Step 3: The software will then import the processed invoice to the payable system in the format of your choice.
This is now ready for approval from your client.
Choose Flatworld for Invoice Processing Services
Flatworld Solutions is a leading provider of automated invoice processors. With a global reach and thousands of satisfied customers, Flatworld is a reputed name when it comes to customised invoice processing services. We help with automatic handling of credit notes, invoices and accounts payable info through our automated invoice recognition software. With us, you get the benefit of fast invoice processing (as less as 3 hours), experienced trainers who’ll always be there to help you in case of any issue faced while operating our software and the most stringent security measures taken for confidentiality of your information. We also provide real estate accounting services, prepare financial statements, cash flow management, etc.
To know more, leave your queries/questions in the comment box and our executives will connect you with appropriate solutions.
Interested to know more?
Latest posts by vinita (see all)
- Top 6 Tips for Effective Mortgage Loan Processing - February 22, 2018
- General Data Protection Regulation (GDPR) – All You Need to Know - February 15, 2018
- 4 Market Research Tips for Small Businesses - February 8, 2018