Organize Your Invoicing to Reduce Time Spent on Collections

Posted By
BDO

Stressing to get your invoices out on time so you can depend on the cash flow committed to your organization shouldn’t keep you up at night. It’s amazing how much a little organization can really accomplish.

 Invoicing often makes people cringe because of the amount of effort that goes behind sending out an invoice.  The project manager notifies the accounting team that a project was completed.  An invoice is routed around the office for approval and is eventually sent to the customer.  And the process only goes that smoothly if there are no problems with pricing information, contract data, or anything else.  Add automation and streamline the accounts receivable and payable process with comprehensive software like Microsoft Dynamics® ERP and Microsoft Dynamics® CRM.

 Using enterprise resource planning (ERP) software like Microsoft Dynamics ERP and customer relationship management (CRM) software like Microsoft Dynamics CRM will integrate all of your business functions, including financials, project management, manufacturing, supply chain, sales and marketing, and much more.  Having all of your critical business data connected in a single software platform will streamline operations throughout the company, including invoicing.  Once the project manager indicates that a project is completed, an invoice can be quickly generated based on the contract and pricing data entered in the software.  Approvals can be made much faster and an invoice can be emailed to customers.  The faster you get an invoice out, the faster you’ll get paid.

 The same management process can be applied to accounts payable as well.  Paying your vendors and supply chain on time will not only save you money in late fees, it will strengthen your business relationships.  Your vendors are more likely to extend extra courtesies, like better pricing, faster turnaround, or extending credit, when you pay on time.  You can use automated banking features to cut checks faster and get your vendors paid faster.

 The right software, like Microsoft Dynamics ERP and Microsoft Dynamics CRM will automate and streamline many common processes throughout the company, including accounts receivable and accounts payable.  With the time you save, you can focus on other important business tasks and still go home on time.  Contact BDO for more information about the many benefits the Microsoft Dynamics ERP and CRM software can offer your company and how you can sleep better at night.

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