Accounting Year End Complete? Time To Review Your Processes
The financial year-end can be a challenging period for accountants, finance departments and senior managers throughout your business. If, at times, you felt like you needed a reliable fortune teller to forecast your year-end figures, then perhaps now’s the time to consider your existing accountancy and financial processes.
Paper based invoicing systems can commonly cause issues with accurate reporting. The latest innovations and technology in finance document management can transform manual processes, making for a happier team and allowing you to focus on your key tasks, rather than chasing paperwork. Before you discount this as too expensive, it doesn’t have to break the bank, there are many levels of service and solutions available, suitable for both SME’s and larger businesses.
Document scanning, electronic document management, intelligent invoice capture and e-invoicing can help to streamline your financial records, provide accurate reporting, reduce manual processes, address bottlenecks and significantly cut your business processing costs.
Cleardata can manage your invoices in many ways with a single service connection.
Our bureau can handle, digitise and process paper invoices, electronic pdf’s and e-invoices.
Once received we can extract data, verify, index and output to your existing financial system. We’re set up to handle peaks and troughs in your processes, so you don’t have to think about recruiting additional staff during busy periods.
Here’s a few options to consider…
Invoice Scanning and Intelligent Capture – How long do your staff spend scanning, copying and distributing invoices? Divert your paper invoices to a digital mail room, where they will be scanned on arrival, speeding up your invoice processes and improving the quality of scanned images. Data can be automatically captured using clever software and be routed to the right person, via work flow, for approval and payment. Allow your team to focus on your finances rather than scanning and quality issues.
Automatic Verification and Compliance – Using the latest technology, rules can be set up to ensure each invoice meets your compliance standards and is then verified against your existing databases. Data can then be automatically imported into your usual financial system, to enable fast processing times and provide accurate financial reporting for invoice payments as well as delivering an electronic audit trail. Find out more about automated invoice processing.
Emailed invoice capture – Many companies receive incoming invoices in PDF format and other document types by email. These invoices, although in electronic form, require data to be extracted, verified, indexed and processed. This can be outsourced to save your finance team time in manually processing and verifying incoming emailed invoices.
E-invoicing – Achieve a high level of automation for your invoices, utilising a cloud based e-invoicing solution, that works effectively with many other e-invoicing systems. Send and receive e-invoices via the cloud, eliminate issues with spam filters, cut scanning and data capture costs and increase invoice compliance. The cloud solution can automatically control and enhance incoming e-invoices before delivery to ensure compliant, verified information. Efficiently handle multiple legal entities as well as internal e-netting. There’s even a cloud option for smaller suppliers to enter their e-invoices, enabling SME’s to meet e-invoicing compliance standards of larger businesses.
Reporting – Update your manual systems and receive a full electronic audit trail of your financial activity, enabling you to forecast efficiently, with up to date information in your ERP system. Increase your invoice compliance and eliminate errors such as duplicate payments.
Invoice Archive – To free up office space and ensure you can easily find your invoices in the future, you may just want to digitise your invoices after you’ve processed them. This can be done using our high quality Kodak scanners.
For further information on Cleardata’s Managed Invoice Services, call our team 0800 046 8081 or click here.