An invoice is one of the most basic, yet important piece of record. It represents an agreement between a buyer and a seller against a good or service along with the modality of payment.
Accurate invoices are paramount for a business. They help businesses manage their liquidity. Invoices also have a direct impact on the financial planning of the business as they impact the year-on-year sales record and in turn impact the business forecast.
Without an invoice management system, there is no company.
Automatic Approvals
Folderit’s Invoice management system takes care of this and a many more complex issues for you. Using Folderit’s electronic invoice approval software you can automate and regulate the whole invoicing process. You will not need to chase down an approval or process any document yourself, all you have to do is upload it to the designated location and mark it for approval. The relevant signatories will be alerted to give their approval and it will take care of automatically, within moments. In case of multiple stakeholders, this can be done in a series, or hierarchal manner or all together, in no particular order.
Invoice management software can help overcome:
- Doubling of efforts
- Invoicing errors
- Client dissatisfaction
- Fraud
- Workflow slowdown
- Losing invoices
In addition to its unique automated invoice approval process, Folderit provides you with state of the art, secure, cloud storage system that offers 256-bit bank level secure servers. It ensures your data integrity by using SSL for data transfer in and out of the system.
Access Hierarchy
You can use Folderit to create hierarchical access levels for any number of stakeholders allowing you, your team, and any external stakeholders to view or edit documents. You are in total control to create groups or user groups to have your choice of access. You can use to ensure minimum departmental overlaps; at the same time, it also allows you to create teams to collaborate by granting access to personnel from different departments using varied access levels to a file or folder.
You can further boost productivity by using Microsoft Office 365 (separate subscription required) with any number of collaborators. This way, you could total your invoices using Microsoft Excel in real-time, as if you were sitting right next to each other and update and process records.
Folderit’s search employs Optical Character Recognition (OCR) which renders the cumbersome task of document searching into a simple one by locating media and content within files and folders even if they are in read-only formats such as images, scans, PDFs etc. You can also add custom metadata fields as well as associate files within different folders to create relations and link them to fetch them together when needed. Folderit also lets you create file versions whereby you can preserve the existing metadata as well as earlier versions of a file or document through its evolution. Reverting or restoring an older version of the same document is as simple as a single click. All of these features can help simplify invoicing to the degree that you can focus on the process without worrying about organizing the data.
Folderit further ensures internal accountability by keeping audit trail as well as allowing you to set notifications for any changes made to the documents and folders including edit, move, delete and even previews. You have a log of every activity and by whom and when inspiring accountability. This can help improve both compliance and verification.
Conclusion
Folderit’s state of the art infrastructure and advanced features mean that you are assured of the security and integrity of your data and financial records. Its audit trail feature encourages transparency and data indexable with use of meta data. Its automated invoice management and approval system ensures that any and all records are kept updated without running the risk of human errors and stored on a hyper-secure server and data transmission, encrypted. Also, with a myriad of features including notifications, file versioning, automatic retention, and mobile friendly, award winning interface makes Folderit the ideal Invoice management software.
