How To Process Supplier Bills Faster - 4 Easy Ideas You Wish You Implemented
Processing supplier bills efficiently is crucial for maintaining smooth operations and financial management. Timely and accurate processing of supplier bills ensures smooth cash flow, maintains positive relationships with vendors, and keeps your business running like a well-oiled machine.
Yet, despite its significance, invoice processing can often become a cumbersome and time-consuming task, leaving you bogged down in paperwork and administrative hassles. But, fear not! In this article, we highlight four easy-to-implement ideas that will revolutionise the way you process supplier bills.
When it comes to running a successful business, having a supportive accountant on your team really can make a world of difference. Accountants are experts when it comes to implementing efficiency and can provide valuable insights and support to help you process supplier bills faster, and so much more!
As a UK-based bookkeeping and accounting company, the team at Joanna Bookkeeping knows firsthand how business owners can benefit from collaborating with an accountant, and what this partnership can mean for efficiency, especially when it comes to important tasks like processing supplier bills.
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Discover these four simple yet effective ideas that will help streamline your bill-processing workflow.
Have one designated email address for receiving supplier invoices
To avoid confusion and unnecessary delays, establish a single email address dedicated solely to receiving supplier invoices. By centralising all invoices in one place, the person responsible for processing them or forwarding them to your bookkeeper or accountant can efficiently collect and manage them without wasting time chasing invoices scattered across various email accounts.
Plus, a designated email address for invoices facilitates better organisation and record-keeping. With all invoices received in one location, you have a clear audit trail of your accounts payable. This makes it easier to track payments, monitor outstanding balances, and reconcile your financial records. Having a well-organised and transparent invoice processing system enhances accuracy and reduces the likelihood of duplicate payments or overlooked bills.
Utilise automation software
Take advantage of automation software that can read invoice information and auto-populate key fields, such as invoice dates and payment terms. Additionally, you can configure default settings like account codes or VAT rates, significantly speeding up the invoice processing time. Leveraging automation minimises manual data entry, reduces errors, and improves overall efficiency.
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Embrace a paperless approach
Combine the use of a designated email address with a paperless system to optimise your invoice processing. In larger companies, bills may arrive in different individuals’ inboxes or through physical mail, increasing the risk of lost or delayed invoices. Transitioning to a paperless system eliminates these challenges, ensuring invoices are promptly received, organised, and processed in a timely manner.
In today’s digital age, going paperless aligns with the trend toward remote work and flexible office setups. With many businesses embracing telecommuting or hybrid work models, having a digital invoice processing system allows employees to access invoices from anywhere, promoting remote collaboration and maintaining business continuity.
Implement email software rules
Whether you use accounting software or spreadsheets, setting up rules in your email software can streamline your invoice processing. Create rules to automatically send specific emails and attachments to your invoice processing or accounting software. Alternatively, categorise emails with supplier invoices using folders or tags, making it effortless to locate them when needed. Simplifying email organisation saves valuable time and enhances efficiency.
In addition to their practical benefits, implementing email software rules aligns with a proactive approach to time management. Instead of getting weighed down by managing countless emails, you can focus on more strategic tasks that contribute to your business’s growth and success.
Now that you are armed with these four easy ideas, it’s time to unleash their potential and transform your invoice processing system. Embrace centralisation, automation, paperless practices, and smart email rules to unlock the full power of efficiency in your business. By implementing these simple yet effective strategies, you’ll wonder why you didn’t make these changes sooner!
Remember, streamlined processes don’t only save time, but also provide a clearer financial overview for better decision-making.
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