How Custom Invoice Approval Workflow Software helps you make Flawless Invoices

The invoicing procedure of a company is one of its most crucial tasks, as it is the professional and appropriate way to request payments from customers and to bring cash to the company. It, therefore, deserves your utmost attention.

Single mistake, usually in manual invoicing, such as errors in invoices, failure to add up billable amounts, incorrect customer addresses, unclear records of services or products provided, or forgetting to include a discount, offers, or late fees, can result in incorrect payments from your customers.

So how do you make flawless invoices?

You can make flawless and accurate invoices by investing in invoice approval workflow software. It will automate your entire invoicing process. And the benefits of automating the invoicing process will become clear to you with the following statistics:

>Your invoice processing costs will be reduced by 91%.

>Your invoice processing time will be 46% shorter.

>Your staff will take 35% less time to respond to inquiries.

Achieve such benefits, all you need to do is feed the invoice approval workflow software with the necessary information such as customer addresses, previous transaction records, usage details, etc., used in the preparation of invoices.

Also, here is how the invoice approval workflow can help you produce flawless invoices for your better understanding.

1. Involve your entire project team

The resources consumed by a project should be known and stated as a billable amount in the invoice. Therefore, the time, money, and other variables required to complete a project can be accurately reported by the people who worked on the project.

The customized invoice approval software allows these employees to check and approve the invoice so that no billable amount is missed, and once everyone has approved, the invoice is automatically sent to the client.

Thus, by having such an efficient online invoice approval system, you will get a better return on investment for every penny of resources consumed by the project.

2. It eases the workload of your accountants

After implementing an electronic invoice approval process, your accountant will no longer need to go to each employee who worked on a project, as these employees can log into the system to share their project expenses with the accountant.

This saves a lot of effort, and your accountant gets rid of unwanted and unnecessary burdens such as writing up the first project, presenting it to employees, requesting project details, making changes to the gross invoice, etc.

3. It keeps track of all the details of the transaction

In addition to including every employee who has worked on a project to add every amount, this invoice approval workflow software also keeps track of service usage, time, pending payments, specific package prices, number of products, etc., and adds them to the invoice accordingly.

4. Adding late fees & discounts to invoices

Invoice approval app automatically adds late fees or reduces the discount amount on the invoice.

On the other hand, invoicing often leads to invoices that do not take these considerations into account, which means less or more payment from your customers due to incorrect invoices. Such errors leave your customers unhappy or hinder cash flow, which is detrimental to your cash management.

It is, therefore, a good idea to opt for an online invoice approval system.

5. Easily customizable to automate your company's invoicing process.

You should remember that different companies have a different ways of preparing invoices:

>First, make a draft invoice, send it for approval, after receiving approval, send it to the customers.

>Assign tasks to each member of the accounting department to prepare the invoices, receive the draft invoices, modify them and send the final version of the invoices to the head of the accounting department for approval.

>The accountant goes to each employee who has worked on a particular project to find out what resources have been spent and puts them on paper in the form of a final invoice.

The three methods of invoicing mentioned above are the usual methods of invoicing when done manually. Such an invoicing process consumes a lot of time, effort, and money (spent on paper). Despite this, the problems mentioned at the beginning make their way into the invoices, resulting in poor cash flow.

And, if your company has its invoicing process as one of the three points mentioned above, you can easily customize the system to run automatically, which means saving time and effort.

All your employees who have worked on a particular project (as mentioned above) can register and provide the accounting department with all the details of the expenses incurred on the project so that an accurate invoice with all the billable amounts can be generated and sent to the client automatically.

Summary

Our aim is to give you a clear understanding of how to invoice approval software can help you produce flawless invoices. And, we have also told you how it can help you with statistics.

We've told you that the custom invoice approval systems can involve all the employees who worked on a particular project to share the details of the billable amount, be customized according to your company's billing process, keep track of all the details of the transaction, and so on.

In short, investing in an online invoice approval system will not be in vain, as you can save money, time, and effort, which can be spent on something achievable.