5 Invoice Management Tips for Mordern Business

1. 5 INVOICE MANAGEMENT TIPS FOR MODERN BUSINESSES Ease your invoice process with Finsmarts

2. Managing invoice function accurately and in timely manner can aid regular cash flow and save time. However, a lot of organizations have limited resources for invoice management and find it a challenging task. That’s why we decided to make things easy! In this presentation, Finsmart Accounting – the leading accounting outsourcing firm in India – will share 5 invoice management tips for modern-day businesses. These ideas will help process and handle invoices while reducing invoicing costs and increasing AR collection.

3. Create a comprehensive checklist Correct and fast access to client information is essential to improve invoice processes. It will provide your team with all the critical information quickly and help forward accurate and timely invoices. Tick off these details while creating the invoices: Customer name Mobile number Invoice number Invoice date Tax identification number Payment terms

4. Put invoice numbering system in place Documenting your sales and purchases using a numbering system is important in the accounting system and the same minimizes the chances of errors. It can also help you differentiate bills correctly as well! Organize your invoices according to the payment period or numeral value. Values like BusinessInvoice_001 or InvoiceNumber_010 will immediately help you identify invoices. You can also state dates in the file name!

5. Automate invoice process Automating invoice management process can help your organization in speeding up invoice approvals. It can also help in minimizing errors like duplicate bills, overpayments, and late payments, and reduce processing costs. Some best invoice automation software for businesses are: Docsumo Tipalti ABBYY Flexicapture Kofax

6. Turn to AR and AP experts Creating accurate invoices and using invoice management software is not everyone’s cup of tea. While some find it too complex, others consider it a drain on financial resources. For them, hiring accounts receivable (AR) and accounts payable (AP) experts is a better option. Be it preparation of sales invoices on behalf of clients to following up for invoice payments, flagging long outstanding cases with management, and updating books of accounts for inward receipts, experienced professionals will completely manage invoice function and other AR and AP tasks on a day-to-day basis.

7. Set reminders Sending reminders to clients regarding pending invoices is not easy. But truth be told, setting reminders and asking for timely payments can help your business establish itself as professional and reflect the importance of timeliness. Consider the following points while sending payment reminder emails: Re-attach the original invoice Use clear subject lines Keep the email tone friendly Make the payment due date clear List payment methods on offer Add information about the work done

8. PARTNER WITH FINSMART Finsmart Accounting, India is a trusted FinOps partner that brings the domain expertise, new- age financial technologies and customer centric models for CPAs and accounting firm across the globe. Contact Finsmart to discuss outsourced bookkeeping and accounting with the leading outsourced accounting experts in India.