At SourceDay, we offer software that can assist your supply chain in several different ways. One of the ways is through invoice automation. Here is how the software works:
Invoices Without Automation
Those who use invoices may begin without software that automates them. Without an automation system, invoices are created manually, sent manually, and then get paid manually. This can happen in a variety of ways and forms.
Each business can have its own system for creating invoices. Some businesses may use word documents, while others use pdfs. A majority of businesses may send their invoices via email to the business that owes them. An email can be sent quickly, but the turnaround time can vary from business to business.
Some businesses may have several different invoices to pay, while others only have a few. Once your invoice reaches the top of their business invoice pile, they should then send you payment. Payment can be sent in different forms. Some businesses may want to send a check in the mail or an e-check. Others send payment through their own online portals or on a phone call with a credit card. These payment processes can vary in length and efficiency.
Automate Your Invoices
There are many different ways that you can automate your invoice process. An invoice automation system should minimize the amount of each step of your creation and payment process.
With this software, the creation of your invoice can be made through a template. These templates can be stylized to your specifications. An invoice template should have the following information:
- Invoice number and invoice creation date
- Date of service or product gained
- Date of an invoice sent
- Contact information
- Name and contact of buyer
- Terms and conditions can be incorporated into the invoice
- Product or service details
- Cost per unit of product or service
- Tax rates
- Total amount owed
- A personalized note can be added as well
When you choose to automate your invoice, all of this information can be pre-filled out. When using software like invoices, creation can become simpler. Each invoice you send will look similar to the next. This can assist in decreasing the number of issues within each invoice.
Benefits of Automation
When you choose to automate your invoices, you are choosing to streamline your supply chain process. Here are some benefits of choosing our software to automate your invoices:
Organization
One benefit of automating your invoices is the organization that can be added to your process. Our system gives great detail and transparency to each invoice. You can find each part of your invoice electronically. All invoices can be found in one area of the cloud-based software. You can also sort your invoices by suppliers or buyers. When an invoice has been created, you can find them in different areas, such as vouchered invoices, invoices that have been paid, mismatched invoices, or invoices that have been matched. This higher level of organization can assist your entire organization in receiving or sending payments more efficiently.
Invoice History
When automating your invoices with our system, you can benefit from having a vast invoice history. There can be miscommunication regarding invoices, and tracking down the invoices can be difficult. With our automation process, you can have a larger history of your invoices. When there is an issue with an invoice, you can easily access it. This information can be shared with buyers and suppliers so that everyone is on the same page and the problem can be resolved.
Simpler Invoices
Our software allows for easier access, reading, and matching of invoices. Buyers and suppliers can benefit from these simpler processes. The more simple the invoice process is, the easier it can be to move on to other aspects of the business.
Invoice Automation With SourceDay
Our supply chain software can easily integrate with your supply chain. Invoice automation can be helpful by finding issues and fixing them more quickly. Buyers and suppliers can benefit from utilizing our software for their supply chain. To learn more about our software, or if you have any other questions, contact SourceDay for more information.