Welcome to invoice organization bliss with Spendesk Supplier Invoices
Published on April 26, 2019
Accounts payable is never straightforward. There are too many manual steps in the process, and too many people need to be involved.
Given the average business pays over 100 invoices every single month, this can quickly become a time-consuming and expensive problem.
Our Supplier Invoices Management tool lets you collect, approve, and pay invoices using Spendesk for a sleek process that liberates you from the back and forth invoice-chasing game.
Here’s how this can help your business.
Easy invoice management
With Spendesk's Supplier Invoices Management Tool, say "goodbye" to manual processes and "hello" to streamlined and efficient accounts payable.
Not only does this save everyone’s time, it also reduces the potential for miscommunication and human error, freeing your teams up to work on what’s important.
How it works
With Spendesk, invoice processing is simple:
Team members upload invoices (one at a time or all at once) to their Spendesk account.
All mandatory fields are pre-filled thanks to our OCR text detection.
Their manager is notified to approve the invoice in Spendesk.
The invoice is sent to the financial controller to process - again within Spendesk.
The entire process is handled within the tool, and everyone has full visibility over every step and can see the invoice's status. So there’s no need for the finance team to waste time looking back through email chains or instant messages, or checking details in person.
Automating the accounts payable process
The more you can automate tedious finance tasks like accounts payable, the more your team can focus on important work. Spendesk’s invoice management feature ensures that:
All relevant information is captured. If a mandatory field is left blank, the invoice can’t be submitted.
Invoices are sent to the appropriate manager immediately for approval. No more lost emails or missing attachments. Managers receive instant notifications when an invoice is submitted (by email, Slack or through the Spendesk app), and review and approve it wherever they are.
The finance team has full visibility over the accounts payable process. Financial controllers can view the invoice and proof of approval whenever they need it. No more questions about what the invoice is for.
The requester can see how the invoice is progressing, and receives a notification when it’s been approved for payment. Meaning they don’t have to bother the finance team when they’re wondering when a payment will be made.
Paying approved invoices is a breeze
Typically, the finance team has to pay invoices individually, which is not only manual and time consuming, but also leaves a lot of room for error.
With Spendesk’s Invoice Management tool, you can export all of your approved invoices in one SEPA (XML) file to upload to your bank and pay in bulk.
And of course, the file only includes invoices that have completed the full approval workflow. So there’s no risk of unapproved invoices sneaking through, or mistakes being made on payment amounts.
Split invoice payments to optimize cash management
Spendesk also lets you split payments for a single invoice. So if you’d rather pay in two or more installments, you can set this up at the same time as processing the invoice.
How this helps your business
Here’s why everyone in your business wins when you implement a robust invoice management and accounts payable process.
Chances are, your team members aren’t finance geeks and may not know the difference between the VAT and the invoice number. When they have to submit an invoice, they just want to know where to send it and when it will get paid.
With Spendesk, it’s simple. They simply log in, click the nice big Make a request button, and the tool walks them through the rest.
With Spendesk, managers get a notification as soon as one of their team members submits an invoice. They can immediately see the invoice in full context, along with any notes that the requester wants to include.
There’s no paper forms to collect, no accidentally deleting an email, and no mixed messages. They can give the invoice as much or as little consideration as they need to.
As we’ve seen, the biggest winners in this process are finance teams. Not only is there clear documentation of every request and approval, it’s all in one place - not scattered across emails, sticky notes and instant messages.
Financial controllers can find all invoice requests correctly categorized within Spendesk, and can approve them all efficiently. Once approved, all the necessary data can be easily sent to accounting tools, and outstanding invoices can be paid in bulk.
It’s more secure, smoother, and saves a mammoth amount of time.
So to recap: accounts payable just got way easier.
Take the pain out of invoice processing
In a world where everything is automated and optimized, managing accounts payable and tracking and paying invoices remains an enormous burden for most businesses.
But it doesn’t have to be.
If you already use Spendesk, talk to us today at firstname.lastname@example.org to find out how to enable the Invoice Management Tool on your account. We're offering you a 1 month free trial to test it out!
And if you're not on-board yet, what are you waiting for? Join us for a demo to see how Spendesk will help your business take control of accounts payable.