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What is invoice processing?

This term describes the process followed by your company’s accounts payable team to manage supplier invoices. It begins when you receive an invoice and is completed when the payment has been made and noted in a general ledger. They can be delivered in various forms such as PDF, paper invoices or digitally. But, for this to happen, the invoice needs to be either manually entered or scanned into the accounting software. Once completed, the amounts in the invoices need to be coded by proper account, project or cost centre. Next, the invoice has to be sent to the budget owner or person responsible for overall review and approval. This multi-step approval system takes time, but the process can be automated for faster, more efficient processing.

Why is invoice automation important?

Invoice management is largely digital, but not all companies prioritize automation. What they don’t realize is that this digital process still relies on time-consuming manual labour, with invoices extracting payments and data digitally. With invoice automation, you save time in the long run.

Why do you need to automate your invoice processing?

1. To Eliminate and Reduce Human Error

With technological advances, there is no reason to completely rely on spreadsheets and email to handle your invoicing. This method works, but the data needs to be entered manually in a general ledger. This increases the chances of human error. An automated system eliminates worry.

2. To Avoid Late Fees
Regardless of how long you’ve been in business or your company’s size, human error eventually leads to invoices being forgotten or misplaced. This can result in vendors charging late fees for missed payments, and the larger the sum of the missed payment, the greater the late fee. This can be detrimental to your company’s cash flow.

With automated invoice processing, you eliminate the risk of missed payments and make sure they are all made on time, which saves you money in the long run.

Complete Invoice Process for your Businesses

A streamlined invoice processing function is important to businesses. Errors and omissions in invoices can result in reconciliation discrepancy and customer dissatisfaction. Businesses are unable to prioritize their focus on core values due to the excessive time and resources consumed in completing invoice processing. By outsourcing this process businesses can now concentrate on business growth.

How We Add Value

Virtuous Bookkeeping has provided customized invoice management solutions that include automatic handling and processing of invoices to various companies across Canada. Our value added tasks include:

  • use of automated invoice recognition software.
  • web based invoice approval workflow which assists in accurate processing of invoices (receipts and payments).
  • fast turnaround time based on client urgency.
  • cloud storage of invoice data for easy accessibility.
  • dedicated personnel to enter and maintain invoice information.

Advantages of Outsourcing Your Invoice Processing to the Virtuous Bookkeeping

  • Customized invoice processes that help reduce employee and IT infrastructure costs
  • Significant decrease in number of errors with our automated invoice management technology ensuring accurate entries of all data
  • Reconciliation of invoices processed with vendor account balances for more accuracy
  • Businesses benefit from regular, accurate and timely invoice management

Is your business facing the following challenges?

  • Inadequate Control

It can be difficult to maintain an optimal cash flow without properly controlling your invoice process. This can result in outstanding liabilities and hamper proper forecasting which makes it difficult to ensure efficiency unless there is a way to analyze the entire process properly.

  • Increased Costs

Generally, processing invoices manually increases the chance of errors and takes up time and resources. Due to these inefficiencies, processing invoices manually can be costly.

  • Poor Compliance

Auditing and retrieving invoice data is necessary to ensure it has been properly captured. The data should be archived securely which requires bulky documentation in order to mitigate fraud and meet regulatory demands.

The Solution

At Virtuous Bookkeeping, our invoice processing services fully automate your invoice receipt, approval workflow and validation to ensure you process invoices twice as fast. From archiving to invoice scanning, we quickly and efficiently process all invoices. Any errors are flagged and invoices are linked to their delivery notes and purchase orders before being authorized.

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