Being able to contain your finances is critical to your company’s financial health. Understanding expenses and identifying billing errors and redundancies will ensure your organization remains cost-efficient and ready for what’s coming.
We know cash flow is one of the most important parts of your business. Therefore, one of the biggest opportunities for cost containment in your organization is to effectively and efficiently monitor how you are being paid and how you are paying others.
At first glance, invoice management doesn’t seem to be a complex task. An invoice is received or sent to the vendor, accounting pays or receives the invoice, and a record is created in the company’s financial books.
So why is there a need for invoice management? Let’s look at how invoice management can help your organization.
1. Builds Better Vendor Relationships
We are living in an age of digital transformation, where payments are often an instantaneous transaction. It no longer cuts it to tell a vendor “the check is in the mail.” Invoice management is key to maintaining strong relationships with your vendors. It also ensures timely payments and allows for proactive financial planning.
2. Reduces Error & Inefficiencies
Small inefficiencies and manual tasks, such as invoice processing, often lead to delays, errors, and late payments, costing your organization hundreds of thousands of dollars. An invoice management system automates your company’s invoice process completely, while simultaneously reducing errors and discrepancies. Companies dealing with complex invoices benefit greatly from invoice management. These invoices vary based on volumes consumed, rates, add-ons, etc. An invoice management system can spot trends focused on items that are in need of attention (inefficient usage, erroneous charges, etc.) and optimization opportunities. Invoice management also allows enterprises to be able to efficiently allocate and split charges on an invoice to the proper department(s) without the opportunity for error.
3. Greater Cash Flow Transparency
For small businesses, invoice management means more than paying and receiving accurate invoices. When dealing with overhead expenses, payrolls, and accounts payable, it can be hard for a business to predict what their cash flow will look like.
An invoice management system helps streamline the process to ensure a positive cash flow while identifying cost-saving opportunities. Data becomes centralized and automated, bringing efficiency and transparency to your company’s workflow.
How Cannon Group Can Help
The experts at Cannon Group provide experience in all aspects of invoice management. Not only do we leverage our well-established vendor relationships to negotiate the best prices for your invoices, you will also receive access to our easy-to-use, telecom expense management platform, InvoiceVue. InvoiceVue gives you an in depth look at your organization’s invoices and identifies cost-saving opportunities for you. Our experts will guide you through turning these cost containment possibilities into realities that enable your business to proactively save both now and in the future.