Are you finding it hard to streamline the invoice processing function of your company? Do errors and omissions in the invoices give you a tough time? We at Cogneesol can help you prioritize your focus on core values while we handle invoice processing services on your behalf.
Before going into why you should outsource invoice processing functions, it will be relevant to study the importance of this activity on business operations. It is basically an important component of accounts payable which is actually the total amount that has to be paid for goods and services received. Hence, accuracy and timely payment of all invoices raised by vendors have to be meticulously tracked and paid on time. Any deviation will adversely impact business credibility and authenticity and dent customer perception of the company.
The call for proper and systematic maintenance and processing of invoices is necessitated by the fact that for any company there are always thousands of invoices to be monitored. This task entails allotting huge quantum of manpower and resources, one reason why you should outsource invoice processing services to Cogneesol, with a great deal of professional expertise. The right balance between invoice payment and amounts receivable for goods and services delivered is essential to prevent any shortage of working capital. Incorrect or delayed payments apart from badly impacting your goodwill and market reputation will also result in a cash crunch.
Our Three Step Invoice Processing Procedure:
- Receiving the Invoices – All scanned copies of invoices received by you has to be sent to us through highly secured channels to maintain confidentiality or through an email attachment.
- Processing the Invoices – All invoices received from you will then be checked for accuracy and processed with emphasis on the date of payment and the amount payable.
- Integrating the Processed Data – The particulars and data so extracting from your raw invoices will then be incorporated into the mainframe accounts payable system so that a clear position is always available about future outflows of the business.
Benefits of Outsourcing Invoice Processing Services to Cogneesol:
• Savings in costs – Speeding up invoice processing function requires large investments in specialized hardware, software and trained personnel. By opting to outsource, there is a savings in expenses which you can use for more competitive pricing of your products, increasing market share and spreading brand awareness.
• On time processing – We at Cogneesol deploy high-end technologically advanced processing systems that ensure there is no drop in on-time payment of invoices to vendors thereby strengthening your market reputation.
• Accurate payments – Wrong payments made is like a double edged sword – less payments will badly impact the perception of your customers towards you, excess payments made will affect your working capital level which is always delicately balanced between payables and receivables. By outsourcing, this possibility is removed.
A crucial aspect of why you should outsource invoice processing services rests largely on grounds that you are able to eliminate layers and layers of intermediate flab and streamline your business optimally. All that you will be required to do is certify and vet the authenticity of the invoices.
How to Streamline Your Invoice Processing with the Help of Our Team?
This is how you can make the whole process very easy for you and yet have a tight control over the whole scenario of invoice payments –
• Centralized processing establishment – Have the billing address changed to that of our company where all invoices will be presented. In one go you save yourself from having to deal with hundreds of invoices at any point of time. We will scan and send the invoices to you that will then be scrutinized by designated authorities in your company for authorizing the transaction and sanctioning the invoice. We will then take up the processing activity.
• Monitoring invoice processing on a real time basis – We at Cogneesol keep a track of every invoice entered in their system and this will help you monitor this function on a real time basis. Since all invoices are date stamped on receipt by the agencies, you can at any point of time know the exact payable date, who authorized the payments and if there is any inconsistencies in the amount and the time payable. It also gives you an accurate picture of the total liability of your company so far as vendor payments are concerned.
• Customized Reports – Our top of the line invoice processing services offer customized reports to their clients. It is extremely helpful if you want to know the outstanding to a particular vendor only or if you want the payable amounts in ascending or descending order. You can ask for specific fields to be incorporated in the report as per your need. It will help you financially plan out the fortune of your company so that is always performs at peak operating efficiencies.
These are the reasons why it is always advantageous to outsource invoice processing.
We at Cogneesol have the required state-of-the-art invoice processing systems and a highly qualified and experienced team that specializes in this field. Get assured and consistent results and reports customized as per your needs. For more information, get in touch with us at +1 646-688-2821 or email us at firstname.lastname@example.org to start your free trial for invoice processing today.