5 Ways To Simplify The Invoicing Process
Invoice processing includes managing incoming invoice from its point of arrival to its point of post. Although invoices are of different variations and types, they are under two groups namely invoices with request order and invoices without an associated request.
There are the different set of instructions from organizations on how to process their incoming invoice be it purchase order invoices or invoices without purchase orders. In a typical transaction cycle, the traditional invoicing process has been part of the business and involves a lot of process from the buyer’s purchase to pay perspective to the seller’s perspective of order to cash. This has made the activity called the trade process very complicated as the invoice is a result of and linked to other activities.
Given that an invoice is not a banking document but a document that request for payment, the banks which process them may provide an added range of services. So, we look at the best ways to simplify the invoicing process.
- E-invoices: which are low-cost transaction processing system which transforms a manual billing process into an electronic version of record keeping and data messaging or in other words sending an invoice through electronic means. This means cuts out the disadvantages of the traditional process and keeps our invoice intact.
- Automation software: with the help of technology, an automation software has been developed, that converts a scanned image of the invoice into a text researchable document. Each field of the invoice can be defined into the software, so it remembers each field to capture and register into a software known as the ERP systems.
- Mail: This system can be set up in such a way that all invoice can come to one electronic mail system set up by the seller and processed electronically using online software system and passed unto the accounting department of the seller before it is processed for approval and payment.
- Mobile transactions: this system allows a seller to review an invoice with his smartphone or tablet. The invoice is submitted by the supplier and converted into a streamlined data feed that can be accessed from the mobile phone from procurement to payment.
- Automated supplier payments: with automated software, an invoice is automatically reviewed, processed and approved in time for the supplier to be paid. Your suppliers can even have access to a self-service portal that reduces inquires which improves the rate of doing business.
