Customizable Invoice Management System

An invoice management system is mainly used by accounting/finance, procurement, and accounts payable teams. Here's how each of them uses invoice management software.

Accounting departments usually receive invoices and put them through an approval process, which includes matching the invoice information with the correct sales and purchase orders as well as making the payment. It also eliminates the need for paper records, manual data entry, and mailing checks.

Procurement teams are involved in purchasing items for their company, and therefore need to be involved with approving POs related to their purchases. Invoice management software helps to reduce the time and effort spent managing tasks such as receiving and matching orders and invoices, making payments, and improving relations with vendors.

Accounts payable teams are involved in managing invoices and financial transactions between a company and its suppliers. These teams can deal with large volumes of invoices, and invoice management software can assist them in not only monitoring AP processing activities but also in reducing manual work and avoiding human errors.

1. Process data accurately
   Having to process multiple invoices increases your chances of making errors. Manual invoice processing is fraught with inaccuracies. Online invoice management systems protect you from these mistakes. Duplicate payments, misplaced payments, and other errors in data entry are eliminated.
   
   
2. Lightning fast invoice processing
   Invoice management systems reduce accounts payable expenses, reduce human error, and double the speed at which invoices are processed. In the end, these benefits will reduce your invoice cost, improve your relationship with your suppliers, and reduce your vendor payment issues.
   
   
3. Quick payment approvals
   With invoice management software, users with the appropriate authority levels can automatically approve invoices, avoiding bottlenecks associated with invoice approvals.
   
   
4. Reduce costs and save time
   According to research, it can cost you up to $15 to manually process one invoice. However, issuing an invoice to your clients is even more costly and can cost you up to $40 per bill. This is without considering the additional labor costs and possible data errors. A lost or misplaced invoice, for example, can cost your business up to $200. Using invoice management systems, on the other hand, can save your business a great deal of time and money by eliminating the headache of dealing with this tedious process completely.
   
   
5. Insights on the go
   Your invoice information can be viewed on dashboards in an invoice management system. This way, you don't need to chase after paperwork to find out what your total payables are or what sales invoices are past due. Furthermore, invoice management systems generate invoice reports automatically, which you can use to monitor the health of your business' finances in real time.
   
   
6. Security
   Invoice management systems must adhere to security standards when storing data and processing payments. 256-bit SSL encryption ensures that invoices are safely stored once they are entered into the system. It's the industry standard for securely transmitting data over the Internet.