- Receipts 1 4 8 – Enhance Your Incoming Invoice Management Software
- Receipts 1 4 8 – Enhance Your Incoming Invoice Management Login
- Receipts 1 4 8 – Enhance Your Incoming Invoice Management System
- Receipts 1 4 8 – Enhance Your Incoming Invoice Management Software
It doesn’t take running a business for too long to realize that you’ll be buried in paper receipts and invoices if you don’t figure something out quickly. The other day, an employee was asking me where to find a previous invoice for one of our customers. Luckily, I knew just where that invoice was stored, and I was able to help her find it in our online network. Here are a few tips to keep your financial records like invoices and receipts nice and tidy.
- Whether you own your own business or you’re just trying to track expenses as part of your job, the following 10 apps will help you scan, track, and manage your receipts. The criteria used to choose the best receipt scanning apps included ease-of-use, quality of scans, OCR functionality, and user reviews.
- The digitalization of incoming invoices increases the processing quality due to manual errors avoided. Our data surveys also show that costs can be reduced by up to 85% through the use of E-Invoicing from as little as 12,000 incoming invoices per year - compared with conventional manual invoice processing.
Here are 8 Invoicing Best Practices to make your billing process more effective. SEND THE INVOICE IN A TIMELY MANNER. If your customer doesn’t have the invoice it can’t get paid. Further, invoices that come months after the fact can cause confusion if the customer can’t remember the transaction. BE SURE THE INVOICE IS CLEAR AND COMPLETE. Here are 8 Invoicing Best Practices to make your billing process more effective. SEND THE INVOICE IN A TIMELY MANNER. If your customer doesn’t have the invoice it can’t get paid. Further, invoices that come months after the fact can cause confusion if the customer can’t remember the transaction. BE SURE THE INVOICE IS CLEAR AND COMPLETE.
You Can Reduce Paper by Storing Files Electronically
At eFileCabinet, this is what we do. We help free up your office of unnecessary paper files and store those documents digitally or on the Cloud. One other big thing to keep in mind is that the IRS will usually accept electronic records if they are ever in need of them. If you have any kind of special circumstance with the IRS, it may be in your best interest (or it may be required) to keep paper records. Otherwise, the digital documents will do just fine.
How to Organize Invoices and Receipts Electronically
If you’re looking to learn how to organize invoices and receipts electronically, just follow these steps.
- Set up a filing system
- File receipts and invoices as soon as possible
- Note exactly what each receipt is for
Now, let’s look at each of these steps in more detail.
Set Up a Filing System
Receipts 1 4 8 – Enhance Your Incoming Invoice Management Software
Or simply organize with a better filing system. There’s no real right or wrong way to do it. Just pick a filing system that works for you and those you work with, and stick to it religiously. Nobody likes having to search for misfiled invoices or receipts, so the better you stick to the system, the easier it will be on everyone.
File Receipts and Invoices As Soon as Possible
There’s never any shortage of work to do in a small business. As tough as it may seem, getting into the habit of filing receipts and invoices immediately will make a huge improvement in your overall organization. Just remember, bookkeeping is important too. If you’re in and out of the office too much for immediate filing an option, at least go through and organize all of your receipts once every day or every other day to make sure everything finds the right place. Acorn 6 image editor 6 1.
Note Exactly What Each Receipt is for
When it comes to managing business receipts, the biggest mistake many people make is just keeping the receipts. This works well when you have receipts for tangible items you purchased. When it comes to meals or entertainment, be sure to note on each receipt who you met and why. In the event of an audit, this information will become your biggest ally.
Whatever organizing needs are, there’s eFileCabinet
Whether you have years of paper receipts and invoices that need to be organized electronically, or you need a new filing system that is easy for you and the IRS (or another auditing organization) to use, eFileCabinet can help. Our document management system can act as your own personal bookkeeping assistant and keep track of all of your business receipts, invoices, and other paper documents.
Schedule a free, no-commitment demo to learn more about how you too can store your documents electronically.
The fundamental aim of Accounts Payable is to ensure that vendors are paid for the goods or services they have provided at the agreed price. If this happens then good relationships can be maintained with your vendors who in turn pass on discounts and incentives. In an ideal world suppliers would always send invoices which exactly match the PO and goods receipt. However, in reality this is not always the case.
SAP has well evolved logic for catching these invoice discrepancies. The Logistics Invoice Verification (LIV) module will compare incoming invoices against the PO and goods receipt(s); matching invoices will be picked up for payment whilst those with variances (in excess of configured tolerances) will be blocked.
Receipts 1 4 8 – Enhance Your Incoming Invoice Management Login
But how should AP and the wider business deal with blocked invoices?
There are a number of options available in different scenarios and best practice can be difficult to define.
Let’s start by looking at Quantity blocks which occur when the invoice quantity exceeds the ordered and/or receipted quantity. The invoice will remain blocked until either the vendor sends a credit note for the discrepancy quantity, or a further receipt is posted bringing the received quantity in line with the invoiced quantity. Which of these actions is appropriate depends on whether the invoice is correct (i.e. goods have been received but the GR not yet posted) or the vendor is wrong.
But might it be preferable to stop this invoice before it posts (with a block)?
This could be achieved using a product like SAP Invoice Management which can identify the quantity discrepancy in advance of posting. The workflow could route to the Requester who will know whether the goods have been received and if necessary post the GR through SAP Invoice Management process options. Or if the vendor invoice is in fact wrong then it may be easier to Return to Vendor than to request a credit note through some onerous offline process.
Dealing with quantity blocks may be further complicated when using GR-IV-based invoicing, whereby invoices must directly match goods receipts. Bits 1 0 7. In this case experience shows that it is best to catch quantity blocks in SAP Invoice Management prior to posting as it can become messy to reconcile invoices and receipts in SAP. This can be easily achieved inSAP Invoice Management with standard business rules.
When talking about price blocks the resolution will depend on whether the vendor or the PO has the correct price. If the PO is correct then the process will likely involve requesting a credit (subsequent credit) from the vendor. If however the vendor is correct – perhaps because the PO is using an out of date historic price – then the resolution may involve amending the PO price or clearing the block to ‘pay as invoiced’ – a process which would involve authorisation from the buyer and be actioned by AP. Either approach may lead to concerns around the financial postings and reporting due to discrepancies between the PO commitment, the stock posting at the point of GR and the invoice postings. Your organisation’s own finance processes may determine what is preferable from a reporting perspective.
But what is best from a purchasing perspective?
Amending the PO price will likely trigger a release procedure (i.e. approval) which is presumably desirable for controls and compliance. But it may also be slow which will delay payment of the invoice (which – bear in mind – has the correct price). In any event should we be advocating the retrospective update of the PO price, which in a robust procurement process should be driven by contract pricing and master data? Back in time 5 1 15.
Receipts 1 4 8 – Enhance Your Incoming Invoice Management System
It may therefore be quicker and easier to simply remove the price block and pay the invoice. This may even be preferable from a reporting standpoint. But can this really be recommended as best practice – and again should AP be used to fix a flawed purchasing process.?
In reality there is no ‘one size fits all’ answer. Best practice depends on your own organisational purchasing and finance processes. However, based on our experience it can be cleaner, easier to track/manage and more flexible to deal with invoice blocks BEFORE they happen. This approach is possible with SAP Invoice Management business rules which support a flexible workflow for issue resolution.
Receipts 1 4 8 – Enhance Your Incoming Invoice Management Software
ExceleratedS2P has worked on a number of SAP Invoice Managementprojects where we’ve implemented appropriate, fit-for-purpose solutions for invoice processing. Why not drop us a line if you want to find out more.