As a CFO, you are responsible for ensuring that the invoices your company receives are accurate and processed in a timely manner. This can be a daunting task, especially if your company relies on manual invoice processing. However, by leveraging technology, you can audit invoices quickly and efficiently. Here are the top 3 ways to use technology to audit your freight invoices:
1. Implement an Invoice Management System
The first step is to implement an invoice management system. This will allow you to electronically store and track all of your invoices in one place. Not only will this make it easier to find and audit invoices, but it will also help you avoid late payments and spot errors more easily.
2. Utilize Automated Payment Processing
Once you have an invoice management system, you can take things one step further by utilizing automated payment processing. With this technology, payments can be made automatically based on preset criteria, such as the due date or the supplier's terms. This not only saves time, but it can also help you take advantage of early payment discounts.
3. Take Advantage of Electronic Invoicing
Finally, you should take advantage of electronic invoicing. This allows you to receive invoices electronically, which cuts down on paper waste and makes it easier to keep track of invoices. Plus, many suppliers now offer discounts for companies that use electronic invoicing.
By implementing an invoice management system, utilizing automated payment processing, and taking advantage of electronic invoicing, you can easily audit your company's invoices and ensure accuracy and timeliness. This will save you time and money in the long run, so don't wait - start leveraging technology today!
Freightpay is a digital payment and auditing solution for logistic service providers. Reach for a free demo to see how to streamline your financial operations.