Navan’s Post

How many times have you seen vendor payments getting delayed because invoice approval is stuck in the slow lane? 🤔 From tracking down approvals to ensuring accuracy, the traditional methods of handling invoices can be a bottleneck in your financial processes. Fortunately, the solution lies in invoice approval software, a tool designed to automate and streamline invoice approval workflows. Check out our latest blog to learn how automated solutions can save you time and keep your vendors happy with timely payments. 📘 Read more: https://hubs.la/Q02Nj93l0 Cut bill pay time at least 50% by automating manual bill data entry, approvals, payouts and reconciliation. 📈 #FinanceAutomation #InvoiceApproval #DigitalTransformation #Productivity #AccountsPayable

❓ How can companies stay on top of supplier payments and seize early payment discounts? 💸 Poor invoice management leads to late payments. As a result, buyers can experience late payment fees, delivery delays, or damaged relationships with suppliers. Late payments also jeopardize a supplier’s cash flow, negatively affecting the vendor-customer relationship. While some reasons for late payments are complex and relate to a company's liquidity struggles and overall market volatility, others stem from simple process inefficiencies that affect invoice management and visibility 💡 Invoice tracking is the solution. Companies can track invoices manually or implement specialized software. Our latest article delves into both options, exploring the benefits of invoice tracking and offering tips for selecting the right system: https://hubs.la/Q02w85xC0 #invoicetracking #invoicemanagement

🔍 How to Speed Up Invoice Processing 🕒 Hey LinkedIn Community! Efficient invoice processing is crucial for maintaining cash flow. Here’s how to speed it up: 1. Automate Invoicing: Use software to generate and send invoices automatically. 2. Set Clear Terms: Establish clear payment terms and communicate them upfront. 3. Prompt Follow-Ups: Send reminders for overdue payments. 4. Digital Payments: Enable electronic payment options for quicker transactions. 5. Streamline Approval Process: Simplify and expedite the invoice approval process. Enhance your invoicing process for faster payments and better cash flow management. #InvoiceProcessing #CashFlow #BusinessEfficiency #LinkedInTips

Managing invoices accurately and promptly can prevent delays in payments, reduce errors, and maintain strong relationships with vendors. A well-organized 𝐢𝐧𝐯𝐨𝐢𝐜𝐞 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐬𝐲𝐬𝐭𝐞𝐦 𝐬𝐭𝐫𝐞𝐚𝐦𝐥𝐢𝐧𝐞𝐬 the entire process, from 𝐢𝐧𝐯𝐨𝐢𝐜𝐞 𝐫𝐞𝐜𝐞𝐢𝐩𝐭 𝐭𝐨 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐚𝐩𝐩𝐫𝐨𝐯𝐚𝐥, 𝐬𝐚𝐯𝐢𝐧𝐠 𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐫𝐞𝐝𝐮𝐜𝐢𝐧𝐠 𝐦𝐚𝐧𝐮𝐚𝐥 𝐰𝐨𝐫𝐤𝐥𝐨𝐚𝐝. 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐢𝐧 𝐈𝐧𝐯𝐨𝐢𝐜𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭: ♦ 𝐌𝐚𝐧𝐮𝐚𝐥 𝐄𝐫𝐫𝐨𝐫𝐬: Manual entry of invoices often leads to mistakes, causing discrepancies and delays. ♦ 𝐃𝐞𝐥𝐚𝐲𝐞𝐝 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥𝐬: Without a system in place, approval workflows can become bottlenecks, slowing down the payment process. ♦ 𝐏𝐨𝐨𝐫 𝐓𝐫𝐚𝐜𝐤𝐢𝐧𝐠: Inadequate tracking can result in lost invoices, duplicate payments, and missed discounts. ♦ 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐈𝐬𝐬𝐮𝐞𝐬: Managing compliance with various tax and financial regulations is challenging without a proper system. But it’s not all bad news—there are effective solutions! Implementing an automated invoice management system can streamline the entire process, from invoice receipt to payment. 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐫𝐞𝐝𝐮𝐜𝐞𝐬 𝐦𝐚𝐧𝐮𝐚𝐥 𝐞𝐫𝐫𝐨𝐫𝐬, 𝐬𝐩𝐞𝐞𝐝𝐬 𝐮𝐩 𝐚𝐩𝐩𝐫𝐨𝐯𝐚𝐥𝐬, 𝐚𝐧𝐝 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐫𝐞𝐚𝐥-𝐭𝐢𝐦𝐞 𝐯𝐢𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐢𝐧𝐭𝐨 𝐲𝐨𝐮𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥𝐬. 🚀 Learn more about how to overcome these challenges and implement best practices in your business. 𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 👉 https://bit.ly/4dHDYv4 #InvoiceManagement #AccountingSolutions #invoicemanagementsystem #InvoiceProcessingChallenges #AutomatedInvoiceManagement

🌟 Enhancing Invoice Management for Timely Payments 🌟 We've all faced it - a customer claims missing invoice copies as the reason for delayed payments. Recently, I tackled an interesting case where the customer insisted on receiving invoices via email rather than downloading from their portal. Here's how we resolved it: 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐨𝐨𝐭 𝐂𝐚𝐮𝐬𝐞: The customer wasn't aware of the download procedure, mainly due to a change in their accounts payable team. They had originally registered to receive invoices via the web portal. 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬: We collaborated with our e-portal team and discovered the registered email address. The customer acknowledged the need to update the email due to their internal changes. 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: We promptly registered the customer's preferred email address and updated our system accordingly. 𝐄𝐧𝐬𝐮𝐫𝐢𝐧𝐠 𝐅𝐮𝐭𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞: With the new email in place, we ensured the customer received their invoices directly to avoid future delays. 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: - Always understand the customer's workflow and preferences. - Regularly update contact details to accommodate changes in the customer's team. - Ensure clear communication channels to prevent payment delays. What strategies have you found effective in managing invoice dispatch and ensuring timely payments? Share your experiences and tips below! 👇 #InvoiceManagement #AccountsPayable #CustomerService #PaymentSolutions #CMACGM

You Don't Need To Pay A Platform To Help You Audit Your Carrier Invoices I've been working with a new client to create a customized audit process. They use a range of carriers, from the nationals to small regionals. While getting digital invoices is the norm these days, they all come in different formats. Some carriers send PDF documents. Some include backup documents right away, while others make you request it. "Detailed invoicing" can mean very different things to different carriers. Here is what you need to do if you want have a rock solid invoice audit process that you can automate yourself: • Do not accept any backup documents as a PDF (only work with carriers that can provide this data in a computer friendly format) • Always work directly from source files when building your automations (don't modify anything first) • Save each carrier's invoices to their own but give it a unique identifier (i.e. a specific date • Make sure that invoices are at a parcel level (or individual shipment for FTL/LTL activity) - don't allow invoicing on trip numbers or aggregated manifests What else would you add?

We've created a glossary to help you better understand key terms within Accounts Payable. Electronic Data Interchange is a core aspect in digital business processes, but what does it involve? Find out here: https://hubs.ly/Q02J4tFl0

Managing payments across multiple jobs, customers, and payment methods can be time-consuming, leading to potential errors in accounting and reconciliation. Our advanced reporting tools are here to help you easily reconcile your batches and deposits with your Bill of Ladings and invoices. At Remedy, we understand the unique challenges of the moving industry. Reach out today to learn how our tailored payment solutions can simplify your operations. Call us at 714-461-2200 or email info@remedypayments.com. Let's optimize your payment processes together! #MovingIndustry #PaymentSolutions #RemedyPayments #ReportingTools #Accounting #Invoice #Payments #MovingCompany

5 Ways to Cut Down Payment Terms 1. Offer Payment Incentives Encouraging prompt payments can be achieved by offering incentives. 2. Introducing Automated Billing Automated systems ensure that invoices are sent out promptly and follow-up reminders are issued consistently. 3. Communicate Regularly Regular communication with your clients about their payment status is crucial. 4. Staggered Payments By breaking down payments into smaller, manageable amounts, you reduce the financial burden on clients. 5. Invoice Financing Invoice financing is a strategic solution for essentially eliminating payment terms altogether. It allows you to access the cash owed to your business immediately by leveraging your outstanding invoices. Interested in invoice financing? Apply to learn more: https://lnkd.in/ge3eiUyU #CashFlowManagement #InvoiceTips #InvoiceFinancing #SmallBusinessSolutions #FinancialStrategy

Why Are Existing Early Payment Programs Switching to Quickly? Businesses are moving to Quickly for a smarter way to manage early payments. Here’s why: -Dynamic Discounts: Quickly adjusts discounts based on actual payment timing, not fixed rates, offering more fairness to suppliers. -Resource Efficiency: Minimizes administrative load, freeing up your team to focus on core operations. -Increased Supplier Adoption: Quickly sees over 30% supplier adoption rate quickly after launch, enhancing relationships and streamlining processes. If you're interested in learning more about our EPP (Early Payment Program) feel free to reach out to me directly. Full article written by Kyle McLaughlin can be found here: https://lnkd.in/gZDJy_8x