Invoice Management: Are you the boss of your invoices?

Puzzle Pieces

Businesses and suppliers have been struggling to manage their invoices since invoicing began.  The sheer volume of invoices that exchange hands results in mistakes in invoices, waiting periods that leave both customers and suppliers feeling antsy, late payments, and a lack of security.  But, with the right invoice management software, you can be in control from the moment invoices are created until the invoice is approved and paid. So, what should you look for in an invoice management software?

One of biggest ways that you can stay in control is by choosing an invoice management software that is fully transparent, every step of the way. High quality invoice management lets you know where each invoice is in the process, and what you need to do (if anything) to keep that process moving. If there is an error, e-invoicing requires problems to be instantly corrected, before progressing, rather than having to resubmit the invoice and start from the beginning.

Additionally, companies should choose an invoice management software that keeps record of each change that occurs. That way, if there is a conflict or complaint surrounding an invoice, there’s an easy, traceable record that’s let’s you know when and why changes were made, and by whom.

Not only does transparency in an invoice management software increase the amount of control you have over your day-to-day processes, but invoice management software also makes the ever-dreaded audit feel like a breeze! How could that be?

When an auditor arrives and is given complete access to your records, they look for completeness, validity, and compliance within your company’s AP records. These will be compared with the disclosed end-of-year AP balance to see if they match up right. Though an auditor is not there to cause trouble, their job is to look for problems. If your invoices are scattered around the office, not tracked through every step of the process, and not kept secure, then the auditing process could potentially look like a two-to-three-week process.

The right invoice management software, however, ensures that records, such as invoices and purchase orders, will be complete and contained in digital files that are easily read in real time. These files comprise an audit trail that can be inspected in a fraction of the time – hours as opposed to days or weeks. And the easy data comparison and cross-referencing afforded by AP automation make errors and fraud indicators easier to find.

So be the boss of your invoices! Find an invoice management software (accounts payable automation solution) that best serves your needs.

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