Invoice Management: Streamline Your Accounts Payable Process in Odoo ERP
Odoo ERP comes with some customary accounts payable administration tools. Although, companies utilizing Odoo usually discover they need more functionality and power to remove stress around their invoice management process.
5 Ways to Improve Invoice Management for Odoo ERP
With features like auto-populating recurring or predefined invoice values, Odoo Accounting management system can cut back some manual entries for invoice management. It additionally lets users create purchase orders (PO) and is able to some monitoring and reporting for accounts payable. But invoice management is a painstaking process, and as your vendor record grows, it solely will get extra tedious. Here are 5 methods to streamline your invoice management process in Odoo.
1. Minimize Manual Data Entry
Automated data entry is preferable at any time when possible because entering data by hand is a gradual and error susceptible exercise. While the auto-populate features that include Odoo out of the box assist, enhancing your invoice management process requires optical character recognition (OCR) software program with help to make sure accuracy. It’s additionally finest if your vendors are ready to ship some type of digital invoice so you aren’t spending time scanning documents. Removing this step wherever possible is a vital time-saver and requires much less data entry.
2. Ditch Paper
It’s an important concept to work with your whole distributors to receive digital invoices and coordinate with them so you can begin paying electronically. This will cut back your manual paperwork and cut back the number of paper checks you need to print. Going paperless together with your bill administration saves cash, reduces waste and accelerates your process as wet ink signatures and envelope stuffing are so time-consuming.
3. Simply Approval with Invoice Management Automation
Of course, Odoo Invoice management system permits customers to build customized workflows, but this may be its personal problem as your enterprise grows in complexity. In many circumstances, it would require a full-time Odoo developer in your IT staff to facilitate and preserve workflows. A purpose-built automation solution will simplify complicated workflows in a cheap method and cut back the pressure on your IT staff. Plus, with simple to arrange alerts and reminders, approvals keep on monitor and enhance the effectiveness of your complete invoice management process.
4. Process All Location Invoices from Headquarters
As an enterprise adds locations and grows its listing of distributors it could turn into an especially cumbersome process handling invoices without help for a number of places and a number of entities. Simplifying this process by enabling your staff to process invoices throughout locations all type one systems is vital. With Odoo Acoount management system solution, it’s simple to handle a number of entities.
5. Invoice Management that Integrates Directly with Odoo
If your AP process is too complicated for the out-of-the-box performance of Odoo Accounting Management System, it doesn’t imply it’s time to change to a brand new ERP system — it may imply it’s time to implement a third party invoice management automation solution. If you’re searching for an Accounts Payable solution, make sure it has direct integration so it really works from inside Odoo windows. With seamless integration, your AP solution will enable you to lower your expenses, help paperless, speed approvals and enhance access to data insights.