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Vendor Invoice Management Solutions
It’s high time that businesses should realize that manually driven invoicing procedures result in mistakes, rework, late penalties, and missed savings, which take up your AP team’s time and damage your business’s profitability. And now they must switch to an effective invoicing management solution like GoPayables. It is a modern invoice processing tool that small and medium businesses use to pay invoices to vendors instantly. Its goal is to redefine payables, expense, and invoice management with solutions that streamline routine tasks, improve user experiences, and prevent the frauds that were common in manual invoice processing.
Automated Invoice Processing
Made Simpler by GoPayables
Since suppliers and vendors dislike not being paid on time, businesses must have a strict invoice management process which can only be achieved through automated vendor invoice management solutions. GoPayables makes your life simpler by taking responsibility for the money that enters and leaves your business. Now you can complete the entire vendor invoice management process online with our paperless cloud-based system. You can send in all invoices immediately, ensure that they are timely paid by the finance team, approved by the division owners, and much more with just one click.
What is a Vendor Invoice?
When products or services are obtained by a purchase order placed by a vendor, a vendor invoice is generated from the buy order. The vendor invoice has a header and one or more lines for goods or services. The process starts with a purchase order, a product receipt is generated, and is finished with a vendor invoice.
What is Vendor Invoice Processing?
The entire cycle of invoice processing includes receiving a vendor’s invoice, authorizing it, setting a remittance date, clearing the invoice, and then entering it in the general ledger. It is an essential component in managing a company.
Why do you need a Vendor Invoice Management Software?
Automating invoice management will save your business a significant amount of time and money. Vendor invoice management software automatically links POs to invoices to receipts, which means you do not need a lot of staff to manually upload and relate these papers to one another and keeps your finance team minimal which ultimately saves both time and cost for the organization. In addition, it allows you to see your cash flow almost instantly, makes supplier payments on schedule, and decreases the likelihood of fraud.
How GoPayables' Vendor Invoicing Solutions Can Help Small and Large Businesses?
i) Manage Multi-Clients at Once: It enables you to manage each of your clients by gathering all invoices, estimates, and other documents and showing them on a single platform.
ii) Precisely Manage Billing Frequency: Even when the distracted human mind forgets, automation is your all-in-one answer to managing every recurring bill on time.
iii) Proactive Client Communication: Make things simpler with GoPayables cloud billing software. It makes you constantly accessible to answer customer questions by storing all customer documents online for quick access whenever you need them.
iv) Seamless Workflow: It helps run your workflow smoothly to be constantly on schedule. You can assign tasks to employees online and manage them with full transparency and accountability using a task/employee management system.
v) Remote Working Staff Management: By integrating your complete business’s workflow online, GoPayables assists you in streamlining it. You can simply assign duties and tasks to staff members online to improve openness and accountability.
vi) Project Management with Time Tracking: With the help of GoPayables’ business billing solution, you can easily log your time and transform it into bills for each project you have been working on. You can keep track of all purchase orders and supplier bills, can learn where, when, and why an expenditure occurred, and raise the amount of cost transparency in your company to entirely new heights.
vii) Eliminate data entry: By directly integrating GoPayables with your preferred accounting, ERP, and business tools, you may get rid of manual labor and ineffective procedures that were costly and time-consuming.
viii) Workflow management: Strong reporting and analytics provide a thorough view of spending that aids in the selection of vendors, contracts, and cash flow choices.
ix) Fraud Prevention: With rule-based checks, it ensures intelligent, successful fraud prevention for up to 100% of your payment transactions. GoPayables always keep an eye on your outgoing payments to verify payment frequencies, beneficiary information, quantities, data changes, and more. It also flags any questionable payments for additional inspection based on your company’s fraud criteria.
x) Improve vendor relationships: With direct connectivity to your supplier networks and banks, you can increase the efficiency and accuracy of your invoice-to-pay process. It boosts control and visibility, provides self-service portals for your vendors, and handles payments and bank interactions centrally.
xi) Ensure compliance: A flexible application that makes it simple to implement changes to policies and regulations in compliance with industry standards.
One of the Best Vendor Invoice Management Apps
Being in the IT industry, we are aware of how crucial it is for any software to provide the flexibility and accessibility you require to manage your business as a whole. Because of this, GoPayables interfaces with the majority of ERP and accounting systems and links to a wide range of vendor solutions throughout the procure-to-pay lifecycle. We aim to make it possible to handle vendor invoices more quickly, effectively, and accurately for you to improve management visibility and lowers cost-related errors.
FAQs
Because it makes managing vendor invoices less of an administrative burden, and can help organizations save time and money. Additionally, the software can assist firms in maintaining better vendor connections and cash flow management.
- Businesses can keep track of invoices and payments which can facilitate managing vendor relationships for firms and assist in automating the tracking of invoices and payments.
- Strong reporting and analytics provide a thorough view of spending that aids in the selection of vendors, contracts, and cash flow choices.
- Plus, your finance team can get a holistic picture of overall business spending when you integrate automated invoice management in your organization.
The handling of invoices is essential to preserving a healthy cash flow since timely, correct invoices encourage quick payment from clients. An efficient invoice management strategy helps you see your cash position more clearly and saves your accounts receivable staffs’ a lot of time and money.
By controlling your outgoing payments, as well as your cash flow planning and cash forecasting; it increases the visibility across the entire invoice-to-pay process.
Rather speak with a human? No problem! Give us a call at (888) 216-8880. We’re here to answer any questions you might have.