Accurate invoices are a necessity to ensure that your invoices are paid on-time. Inaccuracy can lead to invoice disputes and delays in payment. Payment delays reduce cash flow and increase DSOs, a situation many companies cannot afford as they scramble for cash to ramp up operations for the economic recovery. Accurate invoices keep the cash pipeline flowing.
Here’s how to ensure all invoices are accurate to avoid late payments and disputes.
Create Accurate Invoice
Creating accurate manual invoices is a challenge for many companies with staffing issues and remote work. But even when these issues are not a problem, creating accurate manual invoices from scratch is still error prone. Errors can result from incorrectly transcribing data from shipping tickets, price lists, purchase orders, customer files and bills of lading. Distractions, paper files, and incomplete information make creating accurate manual invoices a daunting challenge.
Invoice templates can help reduce the opportunities for manual errors. A template with basic information already filled in reduces transcription errors, missing information, and the amount of time required to generate manual invoices.
Make Sure Your Invoices Are Clean, and Easy to Read and Understand
In addition to errors and missing information, invoice that are cluttered, poorly organized, and difficult to read and understand can delay processing and payment. Ask co-workers outside AR to review your invoices, and make suggestions to improve clarity and readability. Invoices that are clean and easy to read and understand will reduce disputes and processing problems, and increase on-time payments.
Automating AR and invoicing with a connected accounting solution like Lockstep Collect can reduce errors, disputes and DSO, and increase on-time payments. Transcription errors and missing information are eliminated. Invoicing information is drawn automatically from electronic files for shipping, pricing, customer master data and other sources. Financial and ERP software are also automatically updated eliminating tedious, error prone data entry.
Invoice automation ensures that invoices are accurate for on-time payment. Automation increases efficiency, reduces errors and invoice disputes, and enhances customer experience. Invoices are created automatically as goods ship, eliminating needless delays so the cash pipeline keeps flowing.
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep Receivables, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Automated Communications
- Customer Self-service
- Collections Activity Management
- Reporting & Forecasting
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep.