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One thing that’s common in the hospitality industry is staff members having to spend hours each week on manual, data-input. Think late nights spent transferring paper or digital documents into other systems. It’s time-consuming, simple work but one error and it could lead to a trail of discrepancies that you just can’t solve.
One area where this often comes up is manual invoice reconciliation and management. Manual invoice management is risky. Invoices that are manually input into your systems are vulnerable to errors, duplications and omissions, all of which impact your financial results and reporting.
Errors can also slip through the cracks if you’re manually checking delivery notes against invoices, meaning you could end up paying for stock you never received, or paying more than what’s expected. This also takes up a lot of time! Checking each item delivered (when you have 10s or hundreds of stock items) against the same line on an invoice is manual, time-consuming work.
Some companies will turn to specific invoice scanning software or an invoice scanner app - literally paying for a piece of software just to scan invoices and replace the manual work of entering them manually.
But what if we told you there’s a simpler and better way to not only auto-scan your invoices to your inventory management system, but to validate them too?
With the help of our inventory management software, growyze, you can automate and streamline your invoice management process. Cutting down on wasted hours and ensuring you aren’t paying for items you haven’t received.
How to automatically validate invoices with growyze
growyze is comprehensive inventory management software. It lets you place product orders within one system, for every supplier, and then validate orders, deliveries and invoices. Catching discrepancies and ensuring you aren’t paying for items that haven’t been received. Let’s take a step-by-step look at how this works:
Line-by-line validation between orders, deliveries and invoices
- You place an order from your supplier, quickly and easily from inside growyze.
- Once the items are received you book in your delivery, and assign it to the original order that was made. This confirms the delivery, but also checks the order against the delivery items to highlight any discrepancies. This catches the first problem - ensuring you aren’t paying for items which haven’t been received.
- Once orders and deliveries are matched together and you’ve received the invoice you send this to a specific email address (we’ll agree this together when you create your growyze account).
- growyze’s smart engine reads all the data from the invoice, including all items and charges, and adds it to your growyze account.
- The invoice data is compiled and uploaded automatically onto your dashboard, with the invoice details stored in the system as an attachment. This removes having to manually type in invoice data to your systems.
- You can then easily assign the invoice to the order and delivery you’ve already matched. growyze will then highlight if the invoice total matches the order total, and if not, show the variance.
- Based on this, you can approve or reject the invoice. If there’s a simple explanation you have the flexibility inside growyze to edit the invoice, for example if you’d expected to receive one case but only received one single bottle. If there are discrepancies you can notify your supplier (this happens inside growyze as well) with a list of the discrepancies easily and quickly.
As well as the power of three-way validation to ensure variances are found and analysed, growyze also makes integrating inventory with accounting easy. Inside growyze you can send your invoices to accounting software Xero in a single click!
The invoice data will be transferred without any third-party invoice scanning or input tool required.
Master your invoice management with help from growyze
With growyze, invoice scanning, reconciliation and validation becomes simple. Book a demo and we’ll show you how growyze’s inventory management capabilities can help automate and simplify your invoice reconciliation process.
