Invoice And Payment Process

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Invoice And Payment Process
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The ability to manage the cash flow of a business
is often the biggest worry for a business owner.
One of the easiest ways to ensure a steady cash
flow is to make sure that you pay your bill or
vendor invoices on time and without any blunders.
However, no business is immune to human errors,
no matter how efficient your finance staff is.
This is why the method you use for the invoice
and payment process for the invoices generated
through a bill generation app will likely make or
break your business. In simple terms, the
invoice and payment process involves the steps
taken from receiving an invoice generated via an
online bill generation software through paying
it. For transparency and proper functioning, the
invoices you receive need to be approved by an
authorized person before being paid. The pace of
this process depends upon the size of your
business. The bigger your company, the more
complex this process becomes. Mentioned below are
the basic steps that are involved with the
invoice and payment process.
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• You receive an invoice from a vendor. These days
  it is done using a bill generating app and sent
  to you via email or mail.
• A copy of this invoice is then placed or scanned
  and saved in your filling system. This is to
  avoid any discrepancies and it helps during the
  audits.
• The invoice is then sent for approval. An
  authorized person takes the appropriate action to
  either approve or reject the invoice.
• Once the invoice is approved, you can then pay
  your bill. The process between steps 3 and 4
  could be time-consuming since the payment can not
  be approved without a thorough inspection of the
  invoices.

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Incorporating automated invoice processing will
ease your work when it's time to pay your bill.
THANK YOU