Once you receive an invoice from a vendor, it seems pretty simple to just file it away. But the real trouble is when you have to find an old invoice, or calculate your total payables to your various vendors. To tackle this, companies across the globe are converting their paper invoices to digital format. Invoices are being generated directly in PDF format or paper invoices are being scanned and stored as a PDF file. This enables a fast and paperless method of managing invoices. Invoices can be stored easily, whether they’re incoming or outgoing.
Contractors you hire invoice you
Any official payment that has to be given to the government.
Materials and equipment that have to be purchased for the office.
Clients to whom you have to bill.
Every project you undertake will have its fair share of invoices, so how do you manage them?
Keep Track of Them
The simplest way to store and manage your invoices is to store them on your computer. However, this is not enough with the number of projects your organization handles. What you require is an Electronic Document Management System (eDMS) like GLOBODOX.
What GLOBODOX can do for your invoices
These features make GLOBODOX perfect for managing the invoices that your organization collects and creates.
Folders and Tags
Using folders, you can separate your invoices depending on projects, dates, etc. Tags allow you to connect relevant documents and invoices together, helping anyone to find them easily. For example, you can easily tag your invoices as paid or unpaid and conveniently search for all unpaid invoices when you need to make your payments. You can also create a document type with fields such as Paid Status, Due Date and Payment Date to keep track of invoice payments.
The COO, project manager, accountant or others will want to access invoices for various reasons. GLOBODOX repository is open to whoever has a user ID and the security-level to access the invoices. This means that you can assign an invoice to an employee in charge of paying the invoice after you have scanned it into your system. GLOBODOX also allows you to create workflows that automatically route invoices to the right people for approval, followed by payment.
GLOBODOX not only uses tags and titles to find invoices, but it also reads through the file content. This means you can search using the invoice number, date of issue, operation name, person it is addressed to, etc. You can also create Saved Queries such as “Invoices which are due in the next week” Or “Invoices Paid last week” so that you can run them monthly (or as per your preferred frequency) to give you the latest results.
Why Managing your invoices is important
You can Lose Them
It is possible to lose an invoice, even if it is digital. This is simply because your organization is dealing with vast amounts of documents, it is impossible to sift through all of them and find it on the hard-drive. Losing an invoice essentially means that you have lost the evidence of that transaction.
Easily Bill Your Clients
You can now easily create bills for your own clients. This is especially helpful for organizations that get people together to get the job done. For example, suppose you are a financial organization that makes use of outside consultants, analysts and researchers to give the best advice. Because you have efficiently stored their invoices, your process for drafting the bill to your customer is easier.
Plus, once you’ve invoiced your client, you can store your invoice with reference to the project so that you can retrieve it at any time.
Effortlessly Keep Track of your Financial Transactions
An invoice is important because it simply keeps track of how much your organization is spending and earning. The Accounts Department will have a much easier time compiling the invoices together because they are organized so well.
The best part about storing invoices in GLOBODOX is that, along with email, it is extremely easy to send them across to a client, employee or anyone else!