One of the first places to start is with invoice digitization. The digitization of an invoice unlocks the information within the invoice so it can be used in many ways to support every area of your business.
Any PDF copy of an invoice can be transformed into a digital invoice. The digitization process extracts the relevant data from these invoices such as the purchase order number, job number, item description, quantity, price and cost. Once an invoice is digitized, the data can be easily downloaded into excel, searched by keywords and uploaded into other applications.
Embracing technology to streamline business operations is key to gaining and maintaining a competitive edge in today's environment. Cloud software tools are allowing companies to remotely control and manage their projects.
This is empowering their teams to ensure jobs are moving along successfully and within budget. The advantage of using cloud software is that it allows you and your team to access the data needed at anytime from anywhere.
This includes the invoice details of products ordered for a job, the quantities of items used and the cost of the materials. Having access to this data remotely allows you to ensure client billings are executed on time and accurately to keep cash flowing.
Glenn Sturdy of Sturdy Power is benefiting from the digitization of his invoices for estimating and client billing.
Glenn used to flip through stacks of printed supplier invoices to find how much he paid for his material. He would need this information so he can update client costs in order to issue their bill with the right pricing. But now with his invoices digitized, Glenn uses ePRO360 to search by job number and find all his material purchased in an easy to read format that can be downloaded and added to his client’s bill!
Glenn also used to flip through his paper invoices in order to update his estimating prices with the latest costs, but trying to find the products he was looking for on paper was like trying to find a needle in a haystack. It was not uncommon for items that had significant price increases or decreases such a wire to get missed in error.
With ePRO360, Glenn uses the search functions to find all the times he was charged for a product. For example, he can search by keywords such as ‘teck’ or ‘RW90’ and ePRO360 returns every invoice that contained this product across all his suppliers and the price he was charged. Glenn takes the price that would be the most accurate to use in his estimate to ensure profitability and secure the job.
ePRO360 has given Glenn and Sturdy Power quicker visibility into pricing with more details which helps him make better decisions when estimating jobs and protecting his profits when billing clients.
Technology can also help streamline and automate manual job tasks such as price checking of invoices. Automating this task will save you money without having to forgo the responsibility of checking your invoices.Read More