9/2/2023 0 Comments Automating invoicingInvoice automation can achieve straight through processing (STP) (i.e. Invoice automation is a critical part of a company’s accounts payable management which is part of the procure-to-pay (p2p) process (also called source-to-pay s2p). To understand invoice automation, it makes sense to understand what an invoice is and the different types of invoices from an automation perspective. We will outline major components of invoice automation and highlight best practices. This knowledge gap creates challenges in understand the value of invoice automation and slows down its adoption. However, invoice automation process is more complex than most executives are aware of. Therefore, it is not surprising to see its popularity increase. Invoice automation would free up back office finance/procurement teams to focus on higher value added tasks. With DoTimely invoicing you can avoid many of the delays to get paid faster, have better cash flow and more time and money to make your business grow.Invoice automation (also called automated invoice processing) is a maturing area of automation within accounts payable (AP) / procure-to-pay (P2P) automation with limited implementation risks and significant benefits. Less time spent invoicing means more time to spend managing other important areas of your business or more personal time. As they can verify the details themselves, this will reduce misunderstandings and the need for any clarification communication. The linking of invoices to calendar makes the data more transparent for the customers as well. You can also add weekend or holiday surcharge for the selected timeframe or offer discount as needed. It provides you flexibility to make any needed edits before you finalize the invoice. The system will pull all the appointments into the invoice automatically for you to review. This way you know you will never miss to be paid on time.įinally, you do not need to look for the invoice template, worry about numbering and add line items one by one. You can also set after how many days you want the system to automatically charge the customer credit card. The system will generate the invoice automatically at the fixed duration set by you. You can also use Invoice Schedular and tell the system when you want your customers to be invoiced. Sending out reminders to past due invoices also takes only a single click. You can select the date range for which you want to run your invoices and system will automatically pull all the appointments with their status for you. Our system ensures you have all the visibility you need for your business invoices.ĭoTimely reduces misunderstandings and the need for any clarification communication with customers.Īdditionally, no need to spend time figuring out what the customer owes you. Tracking invoices to show unpaid invoices is important for a small business. Our system keeps the audit trail for your business in case you have to review any activity. Please note this will require your customers to have their credit cards saved in the system. We recommend running the payments for the customers on a fixed day as this means no waiting for checks or running to bank to make deposits. Once you send the invoice you can choose to let the customer make the payments or you can run the payments on a fixed day. Whatever approach you use make sure it is consistent so the customers know when to expect the invoices. An e-mail is sent out to the customer with the invoice. You can choose when you want to invoice your customers - right away, weekly, biweekly or monthly, pre-pay or post completion. Automatically creating invoices from your calendar makes dedicated solutions such as DoTimely more convienent than just Invoicing or Accounting solutions. This will reduce your cost, save time and get you paid faster. We make it fast and easy to send out invoices via e-mail and our reports help you track the status of each invoice. For instance, in DoTimely, appointments can be added to invoices from the calendar for a single customer or all your customers with a few clicks. Does this process sound familiar?Īutomation via software will help solve this problem and save a lot of time for you. If the customer forgets to make the payment then following up can take lot of time in checking constantly who made the payment and who didn’t. Spend hours calculating and preparing invoices for each customer Review all their appointments for the time period on the calendar The typical steps businesses take are as below: It’s a multi-step process, which is prone to errors. Many businesses still use the traditional billing method of invoicing the customer at the end of each month.
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