Top 15 Ways To Reduce Costs And Streamline

By Author: Abdullah Shah
Total Articles: 26
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1. Speed up the time it takes for invoice authorization: Rather than manually transfer copies of invoices to the authorizers, they can be emailed, the image viewed online and authorized or rejected as required. The system will monitor and escalate all invoices to ensure they are authorized on time.

2. Free up storage space and eliminate unnecessary storage costs: Charge processing solutions will store invoices in a legally acceptable format so document copies can be discarded. This eliminates other storage costs and frees up space previously in use up with filing cabinets

3. Reduce data entry costs: Using OCR (Optical Character Recognition) technology the information can be automatically read from your invoices. Integration with your financial application or ERP ensures there is no need for duplicate data entry.

4. Reduce the risk of losing invoices: The authorizers view copies of the invoice image online, this means invoices will not get lost in the post or misplaced on someone's desk.

5. Match invoices to purchase orders and receipts: Matching is done online at the time of data entry, if ...
... it fails, the AP teams are alerted immediately to resolve any errors, avoiding costly delays and re-processing.

6. Help monitor budget spending: Procurers can analyzed expenditure against specific budget codes or departments, without needing a license to access the financial system.

7. Manage your supplier portfolio proactively: Detailed supplier information, including those suppliers that send duplicate invoices or whose invoices often get rejected, is provided, helping you to manage your supplier portfolio.

8. Help negotiate higher supplier discounts: Invoice management helps you to process invoices within supplier deadlines, making a stronger case when negotiating higher discounts.

9. Resolve order discrepancies more efficiently: Invoice management can automate the whole order matching discrepancy process seamlessly. The AP team can add likely reasons why they believe the invoice is not matching before sending to the authorizer to be approved. This allows for a quicker resolution for order discrepancies.

10. Help comply with the late payment act (1998): Using invoice management helps ensure your late payment costs do not add up and that the act is complied with.

11. Enforces authorization rules: Invoice processing solutions also ensure that authorization rules are exactly defined and adhered to. Multi-level authorization can also be handled where invoices need to be authorized by more than one person.

12. Speed up the month end and year end accruals process: Speed up the accrual process by eliminating the process of finding invoices and coding journals. All significant liabilities can be accounted for quickly and efficiently.

13. Speeds up the receipting process: Where there is no goods received note, the invoice can be forwarded to the procurer to request they receipt the goods. This avoids manual chasing and keeping records of invoices to chase.

14. Supplier letters can be automatically produced: Example letters can be managed with the relevant invoice data to avoid duplication of work.

15. Handle invoices for multi-companies: Decimation is a leading provider of invoice processing solutions and and document management software and services. By removing paper and manual processing from business operations we help our clients reduce costs, improve efficiencies, maintain business control and achieve legal compliance. We have an array of public and private sector customers using our invoice processing and document archiving solutions.
Abdullah Shahid is an seo expert and Internet marketing mentor. He specializes in designing online marketing strategies that ensure successful results. Abdullah is known for helping others realize their goals one step at a time. Feel free to contact him if you want to find a home-based business or grow your seo company