Supplier Invoices otherwise known as Accounts Payables
What are Accounts Payables (Supplier Invoices)
Account payables are the sale invoices and statements issued by supplying retailers and received by the buying customer, where customers can also be known as supplier invoices and vendor invoices. The supplier involved is meant to record a transaction between the buyer and seller if a seller delays some credit to the buyer for a sale. The invoice will typically specify payment terms and provides options for payment methods.
Suppliers may determine a month-end statement as an invoice for all the outstanding transactions. However, when this occurs then a company needs to indicate that no subsequent invoices will be sent. In previous years, invoices have generally been recorded on paper through multiple copies generated so that the buyer and seller each have a copy of the transactions for their own records. Currently, software-generated invoices have become common and enables easier searching and sorting of specific transactions or dates.
Our work is done online so that both our clients and Hills Business Solutions can have access at any time. There are a variety of reasons why we have gone automated, the reasons being improving your business accounts payables which can help you achieve faster turnarounds on invoices. Improvements can assist the business with far better visibility and cost reductions. Adopting an automation solution for your accounts payable department can help your company in various ways. Which all in all assists with the following.
- Improves Workflow
Manual invoice processors can leave your business vulnerable to inefficiencies and risks. There is a possibility that invoices could be easily misplaced or misfiled, which can lead to delays and loss of productivity. Plus, there are always inevitable mistakes made in manual data entry. Automation removes unnecessary manual steps, prevents errors and saves time. This invoice document provided by Hills Business Solutions will allow for an easier flow through the accounts payable process without falling behind. Account payable automation solutions will allow invoices and other documentation to be digitally routed so that approval can be achieved with just a quick view and a few clicks.
- Timely Bill Payments
Late payments and disorganised payment schedules can cause critical damage to your business’s financial reputation and relationships with suppliers. One payment may demand a financial penalty and constant late payments, which may further lead to suppliers stopping their business with you.
Digitally tracking your invoices with automation provides visibility of your cash flow and allows you to keep an eye on the status of every invoice. This will set an outline of due dates that will assist you and your business to pay your bills on time, which can also lead you to receive discounts for paying bills early.
- Ready for Audits
Utilising automated invoice processors makes audits much simpler and easier. Accounting software gives you the ability to easily generate reports at any time. These reports help you prepare for an audit by locating difficulties in advance. Once your audit is ongoing, having digital access to your accounts payable documents can help provide you with the necessary information requested by auditors in a fast manner. Automation removes the need to find missing documents which will make an audit far less distracting to staff.
- Reduce Costs
Automating your invoice processing will lessen the cost per invoice, labour accounts for nearly 62% of all the accounts payable costs. This will involve everything from receiving, routing, and filing invoices to issuing payments to vendors and resolving payment errors. Most of the labour is going directly towards the manual intervention of solving issues with invoices which include data entry errors and missed payments. Automation can assist by enabling your staff members to spend less time with data entry, where mistakes tend to happen and diminish the need for paper invoices.
With Hills Business Solutions managing your accounts payable, we can assist with your cash flow, you can at any time see how much you owe the supplier (as the processing is done online) and prepare your cash flow. You may also identify an error on their part and request a credit note. Reconciling our accounts to their statement at the end of the month ensures accuracy, and we of course send this off to you for your approval.