You have leapt and joined the constantly growing number of companies using digital solutions for your construction business. Moving from a manual invoicing process to digital systems for invoices is a great example of how you can automate your processes using smart software.
Like with all change, the benefits of stepping into a digital system will only grow as you begin to understand the tools at your disposal.
Functionality, reliability, and security are no longer sacrificed and your finance staff are no longer pigeonholed into completing invoicing in one specific way. This new digital invoicing service provides the opportunity to perform at the same level as larger construction competitors without costing an arm and a leg.
Let’s delve into the ways to make the most of digital invoicing systems.
Out with the old and in with the cloud
One of the best features of digital invoicing services is that all of your information is stored in the cloud. Why? Instant access. You and your team will have immediate access to all of your invoicing documents, including purchase orders and any other relevant items you want to be included.
All approved staff will be able to see if an invoice has been sent, paid, or needs to be approved. They no longer have to waste time chasing paper from file cabinets in the office. Your team can now complete any action item necessary on the go from any location.
If an issue arises, all documents are searchable via a keyword. Thus, you will be solving problems for customers and vendors faster than ever before.
A cloud-based invoicing system is extremely adaptable to any changes within your business. For example, when you are onboarding a new team member, get them set up with a touch of a button and they will be on their way to reviewing and approving invoices and purchase orders before you know it. As employees move roles in your company, it is easy to provide or revoke access to make sure that your data stays secure, as well as make sure that everyone on your team has access to the tools they need to do their jobs.
These examples are just a few of the options available with a cloud-based approach to make the most of your invoice processing system.
Automation: a money maker
The bane of most finance teams’ existence is the manual keying in of financial data every single month. It takes up a lot of valuable time and energy to complete it all. The possibility of mistakes is pretty much guaranteed. Hey, we are all human, right? But with these missteps, comes even more time and energy being spent to unpick the problem. Add in possible overpayments or late payments due to these inaccuracies and you are talking about a serious impact on your bottom line.
With automated invoicing services implemented for your team, you will gain all the wasted time, energy, money back and even more.
Your software automatically picks invoices and purchase orders out of your inbox. Set up the system to then correctly code and send them to the accurate approver. This will provide a huge benefit to your business when compared to manual processing.
This step alone will free up time for your financial team to focus on more income-producing activities. The hours of manual entering drudgery are a thing of the past. As your business grows, you will be able to keep your finance staff small, saving on employee pay, just to begin with.
Stay on top
With invoice processing software, you can now stay on top of all of your financials. From the big picture down to individual projects, all supplier invoices and budgets are available in one place.
Financial teams can view all invoices and check what stage in the process they are in. Do they need to be attended to? If so, they can check all documentation to see what the hold-up is.
Your project managers can now see all budgeting and spending information on location from their phones. They can even approve POs and authorise any invoice attributed to their specific project.
With all of this easily accessible information, you will be able to make more effective business decisions that will positively impact the growth of your company.
A cloud-based invoice processing system is the only way forward if you want to stay competitive in the construction industry. There are too many valuable impacts right from when you first install and set up the software.
Once you get into the thick of what invoice processing software can do for your business, you will never look back.
It will take the chaotic process of managing your Accounts Payable and turn it into a breeze. Reliable and clear, cloud-based invoicing services keep you competitive, reliable, and able to support not only your teams but your customers and partners as well. Being on top of your business is good for business.
Don’t wait, sign up for a free personalised demo with Lentune and be on your way to improved finances, improved relationships, and improved business.
Looking to learn more about Invoice Automation and discover how it can transform your accounts payable? No worries, we wrote "The Ultimate Guide to Invoice Automation for Construction". It's packed with valuable insights that will show you why it's an effective solution for your business.