Keep invoicing under your thumb
Invoicing clients is a necessary administrative activity, and without it, the company would not make any money. For many, however, invoicing is more of a bother.
Some people postpone invoicing by the deadline because it is an unpopular activity for them. Needless to say, this has a negative effect on cash flow. According to existing research, some invoicing will even be neglected completely. This can be compared to a situation in which a restaurant serves you perfectly all evening, brings you great food, but in the end does not give you a receipt and lets you leave without paying. This probably rarely happens in a restaurant. However, in companies with a larger number of projects and employees, this is not such an absurd situation. So, what do we do about that? Problems can be avoided by electronic invoicing using a system that allows quick, easy invoicing equipped with automated processes for checking and approving invoices.
Keeping invoicing within the company under control is a very important aspect of business. So, let’s take a closer look at the four main issues associated with invoicing and the solutions that Teamogy can offer you.
Issue # 1 – Incorrect billing and additional costs
Some companies use Excel spreadsheets or Word templates for invoicing or print accounting documents for invoicing on duplicate papers in order for the accountant to issue an invoice in the accounting system. These companies run a much higher rate for invoicing errors. So much information needs to be prepared and gathered for an invoice, – the customer’s correct addresses and personal data, the due date according to the agreement, the specific invoiced items and their correct price, etc. This is not always easy information to find, and the process does not always work flawlessly. If the client receives an incorrect invoice, this lowers the reputation of the supplier and incurs additional costs for re-issuing the correct invoices. Worse case scenario, not everything that should or could have been billed is billed, resulting in a loss of income for the business.
Solution – You can issue an invoice in Teamogy in 3 clicks
Thanks to the automatic integration of invoicing with the Job, you can issue an invoice with just 3 clicks in Teamogy. All of the basic requirements such as information about the company, due date, VAT rate, required number of invoices, or legal texts are automatically added into the invoice. You will no longer have to waste time searching and checking every line item on the invoice.
You can issue an invoice for the order very quickly. All of the requirements and items are automatically added for you, and the invoice is immediately ready to be sent to the client.
Issue # 2 – Incorrect or outdated billing overview
With a larger amount of work, you can very easily lose control over received and issued invoices in the company. Because of this, sooner or later, you won’t know the answers to the following questions: Have all past due invoices been paid? How many invoices are overdue and which ones? Has everything that should be invoiced really be invoiced?
Solution – Keep all invoices under control
Teamogy offers features that allow you to have an overview all invoices issued and received and allows you to have full control over them. Now we will focus on client invoices.
The first and most important step is to issue an invoice. Don’t forget that. Thanks to a clear overview of all projects and jobs, including the status of their invoicing, it is nearly impossible in Teamogy to not invoice a project. If you do happen to forget to invoice a project, it is highlighted for you in the Job overview screen with a red number.
Once the invoice is issued, the approval process can be set for it. Thanks to the approval process, you can ensure that all invoices are correct. You can easily see the current status on each invoice, who must approve the invoice now, who has already approved it, and what the next steps are. The approver can also easily add a comment, which is especially useful when the invoice is returned.
The approval process ensures that the invoice does not leave the company without the necessary approval or revisions.
In Teamogy, you will also have an overview of all unpaid invoices. For each invoice, you can easily see if it has already been paid. Therefore, you can conveniently filter out all outstanding or overdue invoices and then resolve these problems.
Use filters to find invoices that were not paid.
Issue # 3 – Invoicing wastes time
Time is a key asset of any company. Therefore, it is good to devote it primarily to activities that earn money, that are the main business of the company, and that are activities the team enjoys. A problem arises if invoicing is too complex. This begins with looking for all of the information needed to issue an invoice and can often end by physically bypass someone who has to approve the invoice.
Solution – Optimize the invoice according to your specifications and issue it directly from the Job
Electronic invoicing is a cheap, fast, and easy way to create and record invoices for every company.
Teamogy gives you the opportunity to create a customized form and basic content for your invoices. You can insert a company logo onto the invoice, edit the header, add predefined text or a table, or whatever else you may need. Predefined invoices will save you a significant amount of time, and anyone relevant to the team can create a standardized invoice with all the essential information without taking more time than necessary.
As mentioned before, a great way to expedite the invoicing process is the ability to issue them directly from jobs and projects. The invoice will be created automatically based on the data in the job. All you have to do then is just do a quick check.
Invoices will leave your company in a unified graphic design.
Issue # 4 – Difficulty finding invoices
Invoices are an important basis for accounting, and in many countries, companies are required to keep all of their invoices for a period of time. Businesses often use physical archiving or use a computer or external drive to store the data.
However, physical archiving is difficult to store and retrieve. Scanning is another option, but it is also not ideal because it will take a lot of time to finish. If your files are digital, what if your computer or external drive breaks, you may lose all of your valuable data. What do you do now?
Solution – Use the Teamogy cloud solution
You can have all of your invoices available anytime and from anywhere thanks to the Teamogy cloud solution. The advantage of the cloud solution is the automatic storage and registration of all invoices in the system. All of your client and supplier invoices will be in order, and you can find an invoice from last year or from a specific client in just a few seconds.
All data is ready for immediate data export for your accounting or other purposes.
You can use multiple filters at once for a more detailed search.
With Teamogy, you will have complete control over the invoicing of the entire company. Today, electronic invoicing is a very effective and also very secure solution that will help you at work. However, Teamogy can offer each company much more. It is a comprehensive system that offers a link between finance and jobs as well as the team and its communication.
Tiep is an integral part of the AD-IN-ONE European team. He uses his knowledge of the Teamogy system to create manuals and release notes. As part of the team that focuses on expansion to other markets, he specializes in content creation and is the main coordinator of language translations. He enjoys helping his colleagues and Teamogy users through his work. In his free time, he enjoys watching sports, traveling, and exploring new places.
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