In the fast-paced environment of modern business, it can be a challenge for administrative staff to give certain tasks the full due diligence that they deserve. Invoice processing is one of these tasks, and if it becomes disorganized or otherwise falls by the wayside, it creates challenges that will affect all aspects of a company's operations. Properly assessing the state of your invoice processing allows you to understand what's working and what could stand to be more streamlined and efficient. Taking advantage of the data entry outsourcing services provided by ARDEM is an ideal way to bring about those adjustments.
Solving timeliness and redundancy concerns
In a post written for AICPA Store, accounting consultant Mary S. Schaeffer pointed out that late invoice payments are a minor issue for numerous businesses – at least at first. After the initial invoicing, patrons typically receive reminder notices at 30 and 60 days after the initial due date. Companies may then accidentally file the reminders as duplicate invoices and, in the hectic rush of a typical business day, may think no more of those bills without fulfilling obligations to payees. One or two late invoices from a payer – even if 60 days overdue – is typically something that a payee can forgive and forget about. But once it becomes anything resembling a pattern, customer relationships become jeopardized.
Fortunately, ARDEM's cloud-based processing solutions mitigate the chances of ignored or misplaced (and thus unpaid) invoices. We scan your invoices, extract all essential information and return it to your organization in no more than 12 hours. Direct connection to your enterprise resourcing platform allows for timely data archiving to minimize the likelihood of duplicates, late mailings and other related issues. Through a combination of manual and programmatic, self-learning extraction processes, making use of ARDEM's platform helps to streamline your back-end at a competitive cost.
Reducing paper volume
"Going paperless" has been thrown around so often it may seem like a white-collar buzzword, but in fact it's more important than ever. Despite how many business processes have moved partially or entirely into the digital space, numerous offices still rely on paper more often than they should, and invoicing and payroll frequently contribute to this issue. Partnering with ARDEM and allowing us to handle your invoice processing bolsters your business's overall sustainability while cutting paper costs.
Vetting customers and establishing greater accuracy
According to the American Express OPEN Forum, determining payer reliability may also require some research efforts. You can gather credit reports from Experian or Dun & Bradstreet or vet customers in-house through your own processes. Once you have been reasonably assured of your payers' history in the market and discovered some bona fides that prove it, ensuring the complete accuracy of all sent and received invoices is the next logical step. As discussed in an ARDEM blog from April 2017, "good enough" or "accurate enough" simply isn't enough for organizations across all their departments, and it's arguably more vital for invoicing than for any other process because of its direct effect on a business's bottom line.
By scanning all invoices and leaving the data entry and processing to ARDEM, your organization can eliminate these operations from your back-office tasks, leading to a more streamlined workflow overall. Through the data extraction process, ARDEM's cloud-based invoice processing platform can identify any discrepancies before invoices progress too far through your system. This way, you and your clients or vendors have more time to focus on issues that require meticulous personal attention.