Managing invoices is the final step in the purchase order process. Although it is not particularly enjoyable, managing invoices is crucial for keeping your eCommerce business running smoothly. To maintain positive relationships with your vendors and avoid missing any payments, you must have an effective invoice management strategy in place. Luckily, there are many ways to streamline the invoice process. Learn more about how to manage your invoices after receiving the items from purchase orders, and how Listing Mirror’s Inventory Intellect will help.
Why Invoice Management Matters
Properly managing your invoices makes the process easier and benefits your business overall. Doing it right ensures accuracy and consistency. When you stay on top of invoice management, you follow the best business practices and keep your business running smoothly. There are many benefits to correctly managing invoices, such as:
- Easily identify approval issues and send reminders to keep the process running smoothly.
- Streamline the process to save time and resources.
- Strengthen your business workflow.
- Reduce invoice processing costs.
- Take advantage of vendor discounts.
- Prevent late penalties.
Handle Invoices Right Away
As with all paperwork, invoices should be handled right away. Delaying to pay an invoice for your items is a recipe for disaster. Pay invoices as soon as possible, and make sure to stay on top of invoice management.
Pay On Time
It is imperative that you pay invoices on time. By doing so, you will maintain a good relationship with your vendor and avoid any late payment fees. Paying on time is a crucial aspect of invoice management and will keep your workflow on track.
Double Check the Invoice
Always check that the information on the invoice matches the purchase order to ensure accurate billing. Avoid blindly paying for invoices. Make sure to match up the items you are paying for to the specific purchase order they came from. Also, check that the invoice matches the agreed-upon payment terms and has the proper codes.
Use Invoice Management Software
Eliminate time and headache from the invoice process when you eliminate paper from the equation. Managing invoices online streamlines the process. Using Inventory Mirror, you can easily manage your entire purchase order process including invoice payment. On Inventory Mirror, you can either add an external accounting source or complete invoices in-house on the application. Simply head to the Inventory tab and click on “invoices”. There you can view all of your open invoices that need to be paid. For each invoice, you will see the purchase order number, item, amount ordered, the amount received, price, and subtotal. When you pay all or part of an invoice, the values are automatically updated in Inventory Intellect For a full demonstration of Inventory intellect’s invoice process, check out our website.