5 Invoice Management Tips for Mordern Business

1
5 INVOICE MANAGEMENT TIPS FOR MODERN
BUSINESSES
Ease your invoice process with Finsmarts
2
Managing invoice function accurately and in
timely manner can aid regular cash flow and save
time. However, a lot of organizations have
limited resources for invoice management and
find it a challenging task. Thats why we decided
to make things easy! In this presentation, F
insmart Accounting the leading accounting
outsourcing firm in India will share 5 invoice
management tips for modern-day businesses. These
ideas will help process and handle invoices while
reducing invoicing costs and increasing AR
collection.
3
Create a comprehensive checklist
Correct and fast access to client information is
essential to improve invoice processes. It will
provide your team with all the critical
information quickly and help forward accurate
and timely invoices. Tick off these details while
creating the invoices
Customer name Mobile number Invoice number
Invoice date Tax identification number Payment
terms
4
Put invoice numbering system in place
Documenting your sales and purchases using a
numbering system is important in the accounting
system and the same minimizes the chances of
errors. It can also help you differentiate bills
correctly as well! Organize your invoices
according to the payment period or numeral
value. Values like BusinessInvoice_001 or
InvoiceNumber_010 will immediately help you
identify invoices. You can also state dates in
the file name!
5
Automate invoice process
Automating invoice management process can help
your organization in speeding up invoice
approvals. It can also help in minimizing errors
like duplicate bills, overpayments, and late
payments, and reduce processing costs. Some best
invoice automation software for businesses are
Docsumo Tipalti
ABBYY Flexicapture Kofax
6
Turn to AR and AP experts
Creating accurate invoices and using invoice
management software is not everyones cup of
tea. While some find it too complex, others
consider it a drain on financial resources. For
them, hiring accounts receivable (AR) and
accounts payable (AP) experts is a better
option. Be it preparation of sales invoices on
behalf of clients to following up for invoice
payments, flagging long outstanding cases with
management, and updating books of accounts for
inward receipts, experienced professionals will
completely manage invoice function and other AR
and AP tasks on a day-to-day basis.
7
Set reminders

• Sending reminders to clients regarding pending
  invoices is not easy. But truth be told, setting
  reminders and asking for timely payments can
  help your business establish itself as
  professional and reflect the importance of
  timeliness.
• Consider the following points while sending
  payment reminder emails

Re-attach the original invoice Use clear subject
lines Keep the email tone friendly
Make the payment due date clear List payment
methods on offer Add information about the work
done
8
PARTNER WITH FINSMART
F insmart Accounting, India is a trusted FinOps
partner that brings the domain expertise, new-
age financial technologies and customer centric
models for CPAs and accounting firm across the
globe. Contact Finsmart to discuss o utsourced
bookkeeping and accounting with the leading
outsourced accounting experts in India.