Invoice
processing services have a huge role to play in the proper and smooth
functioning of any business. The importance of these services can be gauged
from the fact that in any organization the number of invoices that have to be
kept track of literally runs into hundreds and even more for large companies.
Thus many man hours have to be allotted for the processing of invoices which
are generated when there is a claim on the business for products, supplies or
services provided by a vendor.
A lot of caution has to be exercised to ensure that
the claim made is correct in all respects and the demand that is drawn on the
company has been authorized by competent authorities. All these can be avoided if
you simply decide to outsource this activity to agencies that have a lot of
professional expertise and experience in this field. Not only will there be a
savings in time allowing you and your executives to focus on core activities, there
will also be no need to invest in hardware or software to carry out this
process in-house. The quantum of investment saved can be better utilized for
business expansion and competitive pricing of products.
In the traditional business scenario, invoice
processing was done manually, right from the receipt of the invoice through
mail, entering it in voluminous ledgers and then having each invoice
authenticated by the person who sanctioned this purchase. Finally a track had
to be kept of the due date for payment. Any default would result in ruined
reputations. All this has been turned on its head by services offering invoice
processing.
To know more about it evaluating the 5 important
facts about Invoice Processing Services will
be in order.
· One point processing – Outsourced
agencies offer a single point processing system. Change the address of the
invoices to their address so you are not flooded with incoming invoices every
day. There the invoices will be date stamped so that the due date of payment
can be set as per the terms given therein. These will then be scanned and sent
to you for authentication by the appropriate authorities in your company. Once
the invoices are sanctioned for payment, the processing will be taken up. Note
that in one stroke, there is a huge reduction a man hours that would otherwise
have been required for invoice processing.
· Constant tracking and monitoring of
invoices – Services offered by agencies include constant tracking and
monitoring of invoices not only for entering and processing but during its full
life cycle. Thus at any point in time you get to know when invoices are falling
due and what would be the outflow of funds in this regard. Once you know your
total liability, you can make crucial business decisions as the remaining funds
position will be very clear to you. Further, the reports given will also
include details of the person who sanctioned the invoice. Thus the possibility
of fraudulent transactions is lessened to a great extent.
· Use of latest and sophisticated software
- Invoice Processing Services have
the latest software installed in-house to facilitate this activity. This
ensures that all invoices are quickly and accurately processed. All fields like
date, vendor ID, special instructions, due dates and amounts are captured with
advanced recognition tools and transferred to the system. This totally
eliminates the possibility of any human error. It also makes sure that there is
no controversy or litigation over payment issues at a later stage. You get the
benefit having the most modern and innovative technological tools working for
you without having to pay for them!
· Reports tailor made for you – All
businesses have different reporting needs and this is largely industry
specific. The manufacturing sector will put more emphasis on accounts payable
due to large supplies required from external sources to sustain the production cycle.
Hence accounts payable must be very precise and accurate as any laxity will
result in leakage of funds. Not so with the trading sector where large payouts
is not that crucial. To meet specific needs, agencies processing invoices offer
reports that are customized to individual requirements. You just have to inform
them of the specific fields that you want to be incorporated in the accounts
payable reports for better monitoring of your business and it will be done.
· Maintaining strict business
confidentiality – Funds flow, assets and liabilities, business plans and
accounts payable and receivables are all confidential information and usually
strict security measures are put in place to protect data both in electronic
and paper form. This security consciousness is matched by these agencies so you
can be sure that all your business operational figures are fully protected. All
scanned invoices are received and sent through highly secured systems. The
processed data is updated in your system by accessing it on fully encrypted
lines.
Now that you are aware of the workings of invoice
processing agencies, why not opt for them for quick business growth and development.
If you are looking for reputed Invoice Processing
Services with a great degree of professional expertise and experience in
this field, Cogneesol should be your first choice. For details on what we have
to offer, visit www.cogneesol.com.
