In the dynamic world of construction management, efficiency and accuracy are crucial. Streamlining administrative tasks, such as invoice processing, can significantly impact both time management and cost savings. This blog will delve into how Cheops all-in-one construction management software can revolutionise the invoice admin process, leading to substantial gains in productivity and financial resources.
How Cheops Makes Invoice Processing A Breeze
Automated Validation:
With invoice scanning, every invoice and claim must be verified as legitimate to a valid project and cost code at point of logging. Many document approval systems only try to validate at the end of the approval process when the transaction is being loaded into the accounting system. At this stage, if there is a problem such as the project is closed or the supplier is not registered in the accounting system, time-consuming processing problems can occur. As the name suggests, automated validation enables automatic cost codes and project matching with invoices before being loaded into the accounting system, to eliminate frustrating double handling and lengthy administrative processes.
Real-time Data Synchronisation:
Traditional invoice processing often involves physical paperwork, leading to delays in data entry and synchronisation. Cheops Invoice Scanning Software, on the other hand, allows for real-time data synchronisation across teams. This feature ensures that all stakeholders are working with the most up-to-date information, reducing the risk of miscommunication and costly errors.
Streamlined Approval Workflows:
Invoices often require multiple levels of approval before being processed. Cheops provides a seamless platform for setting up customisable approval workflows. This not only expedites the approval process but also ensures compliance with company processes, minimising bottlenecks and accelerating payment cycles.
Enhanced Visibility And Tracking:
Locating a specific invoice within piles of paperwork can be a daunting task. Cheops centralises all invoices in a digital repository, making them easily searchable and accessible. With just a few clicks, users can retrieve any invoice, track its status, and monitor payment timelines, saving significant time spent on manual searching.
Error Detection And Prevention:
Manual data entry is prone to errors that can lead to costly discrepancies and payment disputes. Cheops employs intelligent algorithms to cross-reference invoice data against project budgets and contracts. This helps identify discrepancies early, enabling timely corrections and preventing potential financial losses.
Cost Allocation And Reporting:
Cheops offers powerful reporting capabilities that allow users to analyse invoice data. The software can automatically allocate costs to specific projects or cost codes, facilitating accurate project budget tracking. These detailed insights empower better decision-making and ensure financial accountability.
Integration With Cheops Accounting
Smooth integration with accounting systems is crucial for efficient financial management. Cheops Invoice Scanning seamlessly integrates with Cheops Accounts Payable, eliminating the need for manual data transfer. This integration further reduces the chances of data entry errors and enhances data accuracy.
Mobile Accessibility:
In today’s mobile-driven world, access to information on-the-go is vital. Cheops provides mobile accessibility, enabling users to review, approve, and manage invoices from their smartphones or tablets. This feature is especially valuable for on-site personnel who need to stay connected regardless of their physical location.
Conclusion:
The traditional methods of invoice scanning and processing are riddled with inefficiencies that drain both time and money. With the implementation of Cheops’ Invoice Scanning software, these pain points can be transformed into streamlined, automated processes that not only save valuable resources but also enhance accuracy and data visibility. By embracing Cheops innovative features, construction companies can unlock a new era of financial efficiency and strategic decision-making.
Find out more about Cheops Invoice Scanning or Request a Demo today.