Many a times the accounts payable department in companies gets frustrated because of missing or lost invoices. The vendor seems to have sent the invoice, but the invoice has not reached the client payment department or has gone missing completely.
This creates problems at the time of payment of the invoice.
Here are some steps that need to be taken to avoid missing/lost invoices.
Find The Reason For Missing Invoices
There are a few vendors from which the invoices usually go missing, on a continuous basis. Such vendors must be recognized and action must be taken to ensure that the invoices from these vendors are not getting lost every time.
- If the process for sending of invoices is not being followed by these vendors then they must be asked to follow the process.
- The purchase department must have the complete accountability of the invoices and the process and must ensure that each and every invoice is in order.
Also learn: How To Deal With Overdue Invoices
Have a Purchase Policy
A purchase policy helps you ensure that there are minimum chances of an invoice going missing. The policy has to be adhered to by both, internal teams and vendors.
- Purchase orders must be sent out for all purchases
- It must also be ensured that the vendor is putting in the correct purchase order number – on each and every invoice
- Invoices that do-not carry the purchase order number must not be accepted
Refer to : Difference Between A Purchase Order And An Invoice
Receive Invoices Online
Using an accounts payable management solution like Invoicera helps in receiving payments online. This helps in ensuring that all invoices are received, and that too on time.
- The chances of missing invoices are the least, in case of online invoicing
- A separate inbox must be maintained for receiving invoices online
- This helps in finding the invoices with ease
Create a System For Verification and Tracking
An invoice verification and tracking system ensures that each purchase has a valid invoice, that is received in the correct format.
- This system ensures that there are no invoices that are missing or lost.
Recurring Invoices
Using an online invoicing tool helps vendors to set up recurring invoices. These invoices are sent automatically to the client on a periodic basis.
- These type of invoices minimize the chances of the invoice being lost
- These invoices reach the client mail-box in a timely manner
Invoice Reminders
Another useful feature that vendors can used for on-time delivery of invoices include invoice reminders.
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- This feature ensures that the client is reminded about the invoice periodically and there are no chances of it getting lost.
- The feature also ensures timely processing and payment of invoices
