Invoicing is an important part of running your business smoothly. However, inaccuracies and errors can cost you and your company money and time. Common invoice errors – that all organizations suffer from – can include incorrect purchase order, shipper or carrier number, incorrect billing address, missing contact information and incorrect charges or date. If you’re shipping internationally, these inaccuracies could mean further costs due to exchange rates.
Auditing invoices before and after their approval will prevent issues such as double-billing or overcharging, but there are some other tips to keep in mind. You can free yourself from correctional paperwork and extra charges, such as fuel surcharges, by reducing or eliminating invoice errors.
You can reduce invoice errors by keeping the below information in mind:
Introducing a third party audit and analytics specialist will ensure invoices from vendors are 100% accurate. Invoices will be taken care of and paid on your behalf so you can focus more on doing your job and less on monotonous tasks. Ultimately, you’ll be able to reduce costs and save time.
Using one standard invoice for all vendors will reduce confusion. You should clearly mark each document as an invoice and include a unique reference number, as well as the date of issue. You’ll also need to include value added tax numbers and any contact information for the supplier and customer. As well, a description of the goods or services being shipped and the weight and volume of freight should be on the invoice. Lastly, you’ll need to include where the freight came from and where it’s going, as well as total charges and method of payment.
Invest in the right technology
Using auditing tools and technology will allow you to easily access your invoices and quickly make any needed changes in your own system. This will also allow you to view your invoices processed by the date or customer, as well as providing you with the ability to track orders and gauge customer interest. As well, you’ll be able to use this data to better visualize short and long term goals for your company.
Not only will you save money and time by using a standard invoice for every vendor, but you’ll also be investing in relevant technology that will allow you to visualize data from your invoice history.