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Invoice approval is a critical step in any organization's financial processes, ensuring accuracy, compliance, and timely payment. However, manual invoice approval can be time-consuming, error-prone, and inefficient. That's where Valicom's Clearview TEM platform comes in, offering a streamlined solution to simplify and enhance the invoice approval process.
With the evolution of technology continuing to grow forward, there’s no doubt that organizations across the globe are seeking new ways to update their invoice management process and complicated technology environments.
Accounts Payable and Chief Financial Officers understand the need to automate but proceed with caution. With automated procedures, the risk of accuracy is always an important variable in the process. Trusting automated systems can put the risk of accuracy on the side which can result in extensive overpayments and other overlooked fees which can make the automation process irrelevant and redundant.
Invoice audits are those notorious accounting practices that make you feel like you're squirming in the hot seat. You're well aware you have to endure them because they are critical for the health of your company. Much of the complications (and headaches) that arise from invoice audits are trying to interpret the cryptic billing details that might as well be ancient Greek.
Remember that invoices are all about the numbers. Numbers are always math and math will produce the same results. With this in mind, there are certain things to look for in your invoices that are consistent with every company. So take a deep breath and count to 10 - we'll go over 10 things with you to look for in every successful invoice audit. You got this!
Running a successful business requires more than the ability to track sales and generated revenue each month. In order to streamline the workflow with your employees while also maximizing productivity, software solutions are extremely beneficial.
Using TEM (Telecom Expense Management) software solution helps to boost productivity while providing advantages over managing the telecommunication bills and data manually and by utilizing manpower in the workplace.
Organizations receive a wide variety of bills each month from a number of different service providers. It's important for businesses to not only pay on time, but to also actively monitor their available resources accurately. Bill payment solutions have emerged as a possible answer to these issues. Let's take a quick look at the pros and cons of bill payment solutions...
Approving invoices manually includes hidden costs and room for errors. An invoice approval tool can maximize savings and free up time for more important tasks!
It’s quite the alphabet soup. This is where wireless device reimbursement and wireless policies can get tricky, complicated and time consuming. Do you have the resources to comb through each wireless device invoice for how many phone calls were personal, and how many were for work? How much data was consumed checking email, and how much was used to watch Netflix?
Today is all about bill payment, more specifically how your team can outsource the check cutting for the individual invoices that show up in your mailbox every month. If you choose not to outsource your bill payment for telecom, it can cost you time and money. The risks of in-house bill payment are not worth the headache. Three risks to look out for when doing it yourself:
At various points through the month, invoices arrive from the Finance or Accounts Payable departments. Charges, invoices and expenses that need to be approved by a variety of department heads, managers and directors. It’s a complicated to-do with many tasks baked in. Invoice approval and payment encompasses auditing, allocating, submitting for approval and THEN cutting the check these invoices.
Bill payment for telecom, technology or other monthly-recurring invoices is a time-consuming process. Time consuming for your finance team and for the departments approving the individual expenses (but more about that part later…). Today is all about bill payment, more specifically how your team can outsource the check cutting for the individual invoices that show up in your mailbox every month.
Last week we hosted hot-topic webinar, “i-Spy Telecom Invoice Errors”. During the session we shared five of the most commonly missed and most expensive telecom invoice errors. Could you be missing these telecom invoice errors in your invoices month after month? Your existing telecom invoice processes could be the sticking point.
Every month invoices arrive from the Finance or Accounts Payable departments. Charges, invoices and expenses that need to be approved by a variety of department heads, managers and directors. It’s a daunting and complicated task, auditing, allocating, submitting for approval and finally paying these invoices. For most organizations the ‘submitting for approval’ process is the most time consuming and costly part. But it doesn’t have to be.
Invoice approval is just one step of the process. The invoice lifecycle starts with auditing and ends in check cutting, with time and money sinks all along the way. Valicom’s invoice processing services create efficiency for your team while saving you money.
Invoice errors. Those pesky little line items that are costing your operations budgets big time. So what are they? Typically, telco items that are not billing correctly, disconnects gone unprocessed, and a myriad of slamming and cramming fraudulent charges. How will you distinguish what is what? How will you spot those opportunities for savings?
Savings within your telecom invoices are hiding just below the surface. But are you searching hard enough to find them? You would be surprised to know how often telecom invoices go totally unchecked, and how easy it is for telecom invoice errors to slip by. The result is crippling, and might be costing your organization more than you think.
