by Sophia Riley | Oct 3, 2023 | Accounts Payable, AP Automation, Automation, Digital Transformation, Invoicing
Is your accounts payable crew swamped beneath a heap of papers? Are they occupied to the point where you need more employees to handle the load? If this is the state at your company, it’s growing faster than your present AP methods can handle.
Streamlining AP processes can help you solve this problem, giving you less hassles and better sailing. With a simplified AP process, your team won’t have to sift through mountains of paperwork. They’ll glide through tasks more effectively and save some time to focus on the nitty-gritty that matters.
And there’s more. Simplifying your accounts payable processes will help you minimize errors. Mistakes can be quite expensive to fix, especially if they’re serious. Thankfully, simplified AP processes can help you overcome these financial fiascos and keep your wallet happier. The more simplified your processes are, the higher the morale of your employees. Keep reading to learn the steps for simplifying AP processes.
Take Inventory
It’s important to examine how long your staff takes to handle AP processes. If they’re wasting time wrestling with AP, it’s time to take inventory of your current methods.
When you take stock of what’s happening, you’ll uncover the tiny parts that make up the process. You’ll see where things might be getting tangled up or lost. With this insight, you can tweak and tailor the processes to make them faster — but that’s not all.
Taking inventory will enable you to spot the differences in how your employees do the same job. You can share the tricks that work with others to improve efficiency. Essentially, taking inventory isn’t just some extra task on your to-do list. It’s a passport to success. Digging into the processes, measuring time, and spotting the differences will help you revamp your finances.
Standardize AP Processes
Observe how the employees handling your accounts payable (AP) go about their work. Pay attention to how long it takes them to handle invoices and the steps they follow. You can greatly improve your accounts payable system by creating consistent methods that everyone on your team can use.
Establishing uniform procedures can also make your processes more efficient. When your team follows the same steps for handling invoices, there will be less confusion and errors. This can save time and improve the accuracy of your financial records.
Without standardized accounts payable processes, you might encounter several challenges. Firstly, consistency in how invoices are processed can lead to data entry and record-keeping mistakes. This can result in financial discrepancies and potential problems during audits. Secondly, if employees have their ways of handling invoices, it can be challenging to track the status of payments or identify bottlenecks in the process. A lack of visibility will lead to payment delays and strained vendor relationships.
To address these challenges, implementing standardized procedures is crucial. Begin by documenting a clear step-by-step process for handling invoices, from receipt to payment. Provide training to your AP staff to ensure they understand and follow these procedures, and regularly review and update them to adapt to changes in your organization or industry practices. Doing this will enhance your AP processes’ efficiency, accuracy, and transparency and promote better financial management.
Embrace Digitization
Shifting your workplace into the digital space comes with several advantages. One of the most significant is the reduction of paper usage. Going paperless benefits not only the environment but also your peace of mind.
Using paper presents a range of drawbacks for businesses. These include:
Loss and damage: Critical documents like invoices are susceptible to getting lost, misplaced, or even damaged when handled on paper.
Cost: Printing out paper documents can be expensive. You’ll incur costs for paper, ink, and printing equipment maintenance.
Space constraints: Storing archived paper documents can lead to space-related challenges. They’re likely to crowd your office and make retrieval difficult.
Security concerns: Sensitive information can be vulnerable when stored on paper. It can be easily stolen or accessed by unauthorized individuals.
Digital solutions can help you to avoid these problems. Adopting an ERP system will enable you to perform paper-heavy tasks digitally. Such tasks include receiving and approving electronic invoices and securely archiving paid documents. Furthermore, digitization can boost teamwork among colleagues. Through online document sharing, your employees will have real-time communication and better productivity.
Get Rid Of Manual Data Entry
Entering data manually can be stressful. Let’s face it: human fingers aren’t always the most accurate typists. Typos and misentries can sneak into your records, leading to confusion. Fortunately, a modern solution can save you from this old-fashioned practice – optical character recognition. This technology can instantly spot and grab data from scanned documents or electronic files. With OCR, you’ll spend less time entering data. The cherry on top? It’s not just your budget that will benefit, but your employees will be happy too.
Store Records Properly
Locating documents in physical storage locations can be quite challenging and time-consuming. You may spend more time searching for the documents, especially if they’re kept in a large room. Making room for extra stacks may also be difficult.
Thankfully, with the help of an ERP system, you can stash away your documents in digital form. When you need them, they’re just a click away. Cloud storage for your business records will add a layer of convenience as your employees can get them from wherever they are.
Invest In An AP Automation Software
Old methods slow down whole processes. Waiting for approvals and hunting down records can add up and hurt your company’s efficiency. If you want to modernize your workspace and make your accounts payable tasks smoother, you should include AP automation in your strategy. There are software options out there that are designed to do just that. These systems take care of repetitive, time-consuming tasks and help you focus on things that bring real value, making dealing with invoice info way more efficient thanks to the ability to snag, check, and tuck away data in a digital archive.
by Sophia Riley | Jun 8, 2023 | Invoicing
The process of verifying invoices is a tedious one. It involves sending an email to the client, verifying that the invoice is genuine and valid. The company has to wait for several days before receiving a response, and if they don’t receive any response, they have to send another email asking why no action was taken on their part. This process can be made much easier if you use oAppsNET.
What Is oAppsNET?
oAppsNET provides a cloud-based solution that helps companies verify invoices quickly and easily by letting them upload their documents from their file system onto the cloud server. This makes it possible for companies to get access to invoices without having to deal with paperwork or worrying about losing them.
What Are the Benefits of oAppsNET
Helps businesses to streamline their accounting process
oAppsNET helps businesses streamline their accounting processes by connecting with different vendors in real-time via its mobile app or video conferencing software like Skype. This makes it easier for your company to receive payments from clients, which can be instantly transferred into your bank account via web banking or mobile banking apps like M-Pesa or PayFast.
It helps businesses to reduce errors
Invoices are important documents that need to be kept accurate at all times. If you are using an outdated version of the Invoice Verification Software, then it can cause issues with your business. By using oAppsNET, you will ensure that your invoices are always verified correctly and updated on time.
Allows businesses to connect with their customers and suppliers in real-time
oAppsNET is a cloud-based platform that allows businesses to connect with their customers and suppliers in real-time. By connecting directly through oAppsNET, customers can view invoices and payment details in real-time. In addition, they can also review the status of their orders and track the status of their payments.
Enhanced customer service
Verification and approval of invoices are important steps in paying suppliers. It allows you to confirm that the invoice was sent correctly and that all the details are correct (including tax rates). This process also helps ensure that you can pay your suppliers on time, which reduces their risk and increases your profitability. oAppsNET can help you with this by automatically checking invoices against the information stored in your accounting system to ensure they are accurate.
Improved cash flow management
oAppsNET not only allows you to check invoices against your accounting system, but it also enables you to send reminders about payment deadlines so that you can keep track of when payments should be received from your suppliers. This helps reduce cash flow problems and delays in receivables, which can negatively impact your business’s finances and reputation with customers.
Automated email reminders for payment and tax payments
One of the critical benefits of oAppsNET is that it sends automated reminders to customers who have not yet paid their bills. These reminders will be sent via email so that they can be easily read and responded to quickly as needed. These reminders will remind them repeatedly until they finally pay up or close their account if they do not respond within a specified amount of time, usually 24 hours.
Automatic deduction of taxes from invoices
With oAppsNET, you can automatically deduct applicable taxes from your invoices and record those taxes on your books and records. This makes it easier for you to pay sales tax and other applicable fees on time rather than having to calculate them each month manually.
Easy to use and customize
The user interface of oAppsNET is intuitive and easy to use, so you will find it very easy to understand, even if you are new to working with invoices. You can also customize and add your logo or other graphics for your company’s branding on the invoice template and add text fields.
Multiple users
You can easily set up multiple users on the system so that each of them will have their own set of invoices with their details. This makes it possible for several people in your company to work on the same projects using different teams and departments without any problem.
Ease of reporting
The reporting feature available in oAppsNET makes it easier for managers and supervisors to see how much money they have spent on various projects over time, what tasks were completed by whom, how much time it took, etc., which helps them manage their finances better than ever before.
An easy way of submitting multiple invoices
oAppsNET allows you to submit multiple invoices in one go, which is convenient. The process is simple. All you need to do is enter the details of the invoice, and then it will be automatically saved in your account. You can add additional information, such as a quote or reference number. This makes it easier for customers to find their invoice if they need to make payment by credit card or check.
Automatic matching
With the help of secure API integration, oAppsNET automatically matches all invoices submitted from different vendors against each other to ensure that all payments are made on time and without errors. Users can also select their preferred vendor for making payments through the web platform or mobile app, thereby saving time and effort in making payments manually.
Key Takeaway
Verifying invoices is tedious, time-consuming, and sometimes difficult to do manually. The lack of automation makes the process inefficient and prone to human error. The solution to this problem is oAppsNET, a cloud-based platform that automates the verification process for businesses in a way that doesn’t compromise on quality. With oAppsNET, you can securely store your invoices in the cloud and easily access them from anywhere at any time. You don’t have to worry about losing crucial data or having it stolen by hackers because it is stored in the safest place possible. In addition, you can make sure that every invoice is verified before it gets approved by your customers. This ensures that all customers get their payments on time without any hassle.
by Tom DellAringa | Dec 15, 2022 | Accounts Payable, Invoicing
Invoices are documents that tell a business who is to be paid and when they need to be paid. Invoices that businesses issue make sure that they are paid within the given time. However, if you feel that your company’s buyers don’t pay on time or you need payments to be completed sooner, here are a few ways you can do so. Let’s consider the problems associated with invoice payment and how your business can solve them.
Miscommunication and errors
Most invoices are prepared manually. Sometimes, due to a lack of time and care, there can be problems associated with the invoice. The vendor later has to face difficulties in the process. This increases the cost to process the invoice and involves a lot of time, and can cause delays. There can also be a lot of errors in the invoice when prepared manually.
There is an easy solution to all this. In the case that errors are occurring because of your manual process, you can digitize the entire system. This can be a bit challenging with existing companies, so another way can be to clear out the terms and conditions so that your clients can understand them easily. Digitization won’t just help with clarifying the invoice and speeding up the process but will also save you a lot of time and money. It’s like killing two birds with one stone.
The time taken to create the invoice
The sooner you prepare the invoice, the sooner you are likely to get the payment. Even after an invoice is created, there is a huge margin of errors that can occur in the creation of the invoice. This time taken to rectify all the errors is called the reviewing period and you need to cut down on it to create a better invoice. The question is, how can you cut down on the reviewing time of your company?
The first solution is digitization. Digitization ensures that invoice errors are minimal and need little or no reviewing period. This ensures you can invoice immediately and get paid quicker. The second way is to make simple invoices. The simpler the invoices, the fewer errors, and the review period will be faster.
The mode of payment
Not every buyer you have will be able to pay you the way you tell them to without taking some time. If you want to eliminate this constraint of not being able to pay via their preferred mode of payment, the solution is simple. You can accept all modes of payment, whether it is through cash, DD, cheque, or online bank transfer. This will increase the number of ways through which you can receive your payment (which can be a hassle to check) and also increase the number of customers you will retain.
You can also allow automatic payments, this means that you will specify the date and time by which you require the buyer to pay you, and they can do so without even lifting a finger. Their software can easily make the payment without them even remembering that they have an invoice to be paid out. This is a blessing for all buyers who have automated their AP workflow process.
Lack of incentives
One big reason why you might not be getting paid earlier than you should be the lack of incentives. You might be thinking to yourself, why should you provide incentives to get paid? The reason is simple, your clients will feel more motivated if they see that there is a slight discount (just 1 or 2%) if they pay the invoice before a certain number of days. This is called dynamic discounting and it is the best incentive you can give to your buyers.
You can also go in the other direction and impose a late fee if the invoice is paid late. You might already have such an imposition, but you can also increase the late fees to ensure that your clients pay on time. You also need to follow up on late fees, though. There can be some trouble on the client’s side which you might need to clarify so that they can make the payment. It is the money you need to receive, so you might need to work a bit for it.
Conclusion
In conclusion, if you want your money to be paid on time, there are a lot of steps you can take. You need to take action and choose whether you want to get paid early or let things rest easy as they are, but if you are reading this article, you probably want the former. Hopefully, you gained something from this article to apply to your company.
