In a situation where growing costs have become a monthly reality, a smart invoicing solution helps to get a complete overview of the company’s financial situation in real time.
Do you know exactly how big your company’s fixed costs are? How much have the office’s utility bills increased in recent months? Do they go directly to accounting or are the expenses confirmed and approved before that? In order to make adequate decisions during difficult and changing times, it is extremely important to have the most comprehensive picture of incoming and outgoing cash flows in real time.
Create a reliable invoice approval process.
A clearly established set of rules and processes for approving expenses gives you solidity and a clear overview of incoming invoices. For example, a rule can be created in the Finbite system that all incoming invoices must be approved by the accountant, the contact person on the invoice and/or the manager. In this way, every invoice is approved by all parties before it is paid, and this in turn also reduces the risk of invoice fraud.
Get a clear overview of incoming invoices and save time.
In theory, invoices could also be confirmed by printing them out and signing them on paper or by sending a PDF documents via e-mail, but this creates an unnecessary amount of time wasted on tasks that could be automated. By introducing smart e-invoices and an e-confirmation circle, the entire invoice approval process is significantly more transparent and takes less time.
How can you save time while approving expenses?
- E-invoices move automatically between accounting systems, and the accountant does not have to enter them into the system manually, forward it by email or print it out for confirmation. If an invoice, that needs to be confirmed, is sent as a PDF, it can also be converted conveniently into smart e-invoices through a digitalization service provided by Finbite.
- In the Finbite system, you can create templates for recurring invoices. This means that every month the invoice is automatically sent to exactly the same people for confirmation. It is especially convenient for invoices related to various fixed costs. This way, the accountant saves the time required for the administration of the incoming invoice, and the information about the billed amount reaches the manager quicker.
- All participants in the confirmation circle will receive an automatic e-mail notification about the invoice that needs to be confirmed. There are two options in the letter – either you confirm it immediately, without opening the invoice, or you open the invoice for review and confirm or reject the invoice with one click. You don’t need to be in the office or logged in to the company’s network. Any smart device connected to the internet will do!
- The initiator of the confirmation circle always has an overview of who has confirmed the invoice and how far the circle has come. So there is no more need to run around the office with sheets of paper and collect signatures or send notifications to people with confirmation reminders.
- Flexible solutions allow you to appoint a substitute during your vacation who will approve the invoices in your absence. If you also want to keep up with incoming invoices outside of work, appointing a substitute is not mandatory and you can still confirm all invoices conveniently from your smart device anywhere.
The smart e-confirmation circle gives the manager a comprehensive overview of incoming invoices in real time, saves valuable time and helps to better manage the company’s cash flow in difficult times and make smarter decisions. This functionality along with other smart billing solutions is available with Finbite Standard package, for a monthly fee of only 12 euros.