Invoice Processing Services
Process and recording your invoices in an orderly and timely fashion is incredibly important for any business. Unfortunately, a lot of businesses find it hard to process their invoices efficiently. An inefficient invoice processing system can lead to your business’s overall health being compromised. Your customer satisfaction can go down, you can make mistakes that can disrupt your cash flows, and even end up in legal trouble. It’s important to make sure that your business’s invoice processing is as smooth and efficient as possible.
Maintaining your invoice processing becomes especially hard when business is booming. Your workload increases by a considerable amount, leading to a bottleneck that slows down your business’s ability to function. Not every business has the resources needed to scale up its accounting and recordkeeping capabilities whenever it needs to. Even if a business can manage that expense, it will have to dedicate a significant amount of resources to make sure that its invoice processing remains smooth.
The costs of managing and scaling your invoice processing capabilities aren’t practical for everyone. This is why a lot of businesses have started relying on third parties to which they can outsource some, or all, of their accounting and bookkeeping activities.
Why is Invoice Processing Important?
Invoice processing is one of the most critical aspects of any business’s accounting process. An invoice is a document that is used to inform clients and customers about what they owe to a business and when should they clear their payments. For a business to collect money and keep its cash flows smooth, it needs to collect payments from customers in a timely manner which is only possible with excellent debtors’ management.
If a business’s invoice processing is inefficient, it won’t be able to clear its receivables in time. In some cases, a business might even end up overlooking a payment or two. These inefficiencies can lead to a business’s cash flows being disrupted. This will ultimately affect its ability to function.
What is Invoice Processing Outsourcing?
As its name suggests, invoice processing outsourcing involves handing over your invoice management to a third party. There are a lot of third-party financial service agencies out there that offer a wide range of services meant to help businesses maintain and enhance their accounting and bookkeeping capabilities.
Outsourcing your business’s accounting activities has become a very viable option thanks to digitization. Businesses can enlist the services of experts from all over the world without worrying about their data security and at a very low cost. Businesses can also enjoy a number of benefits that would otherwise be unavailable to them. The best thing about outsourcing your invoice processing is that you can focus on growing your business without having to worry about your accounting capabilities lagging behind.
Benefits of Outsourcing Your Invoice Processing
- You can enlist reliable help at a very low cost. You will also be able to remain confident about your data’s confidentiality remaining intact.
- Your invoice processing will become more streamlined, increasing customer satisfaction and improving your cash flows.
- You can have your paper-based documents digitized, making recordkeeping and data management easier for you.
- You can focus your resources and effort on other areas of your business, accelerating its growth without being held back by your accounting capabilities.
- Your invoice processing will be managed by experts who are familiar with the latest practices being implemented in the finance industry.
Services to Expect when Outsourcing Your Invoice Processing
A good accounting firm can provide you with a host of services. They will help you determine what aspects of your invoice processing should be outsourced. Here’s what you can expect from a good firm:
- The use of advanced accounting software to digitize the invoice processing system which increases efficiency while reducing the chances of errors by a wide margin
- Validation of data on your invoices
- Monitoring cash handling
- Matching purchase orders to their respective invoices
- Extraction of relevant data from your documents’ headers and footers
- Logging of transactions
- Scanning paper invoices in order to produce digital copies
- Constant support through various channels
- Furnishing purchase order receipts for invoices issued by suppliers
Outsourced accounting firms also make sure that your data is kept safe and secure throughout the process. In order to maintain data security, they follow a 3-step processing approach:
- They receive invoices on a secure FTP server that cannot be accessed by unwanted parties. Clients who don’t want to use this solution can share their documents through other means as well, such as emails.
- After invoices have been received, they undergo sorting, checking, and processing. Each invoice is checked for data accuracy, compliance, and potential errors. After they have been processed, they undergo another verification check before they are processed.
- Invoices are sent after being verified in a format that the client is most comfortable with. All of this ensures that the process remains secure, reliable, and also efficient.
Finding a good and reliable accounting agency is often tough. You need someone reliable and reputable who can fulfill your invoice processing needs on time and without errors. Hence, a great amount of research should be performed before selecting the right service provider.
Why Push Digits Chartered Accountants?
Push Digits stands out from the crowd for a number of reasons. Not only we have a great workforce and superb knowledge about accounting and bookkeeping, but we also know how to meet every client’s needs in a personalized manner. We can help you improve your invoice processing capabilities while also helping you cut down on your costs. With Push Digits, you get:
- A team of highly capable experts who have access to the latest resources needed for processing invoices efficiently.
- Amazing performance thanks to Push Digits’ ability to understand your internal workings and provide you with support that complements your business.
- Data confidentiality; Push Digits takes data security really seriously.
- Fewer errors due to our vast amount of experience in invoice processing and access to advanced accounting solutions.
- Detailed reports from the data collected from your invoices. These reports can help you analyze your business’s performance and make better decisions.