{"id":1303,"date":"2017-03-02T14:00:08","date_gmt":"2017-03-02T14:00:08","guid":{"rendered":"https:\/\/www.aiminsight.com\/?p=1303"},"modified":"2021-02-17T12:47:27","modified_gmt":"2021-02-17T20:47:27","slug":"time-cost-manage-reconcile-invoices-payments","status":"publish","type":"post","link":"https:\/\/www.aiminsight.com\/blog\/uncategorized\/time-cost-manage-reconcile-invoices-payments\/","title":{"rendered":"Time and Cost to Manage and Reconcile Invoices and Payments"},"content":{"rendered":"<ul>\n<li>You spend a lot of time managing low dollar invoices.<\/li>\n<li>Unknown what % of your transactions are under $2,500.<\/li>\n<li>Unknown what % is that of your total dollars spent.<\/li>\n<li>For those small purchases.<\/li>\n<li>Unknown time spent on Invoicing.<\/li>\n<li>Matching POs.<\/li>\n<li>Is a manual process.<\/li>\n<li>Paper based.<\/li>\n<li>You sometimes pay out of petty cash.<\/li>\n<li>Unknown how it is reconciled.<\/li>\n<li>Unknown what is your cost\/transaction.<\/li>\n<li>You give credit cards to employees.<\/li>\n<li>You cannot control employee spending on an open credit card.<\/li>\n<li>You cannot prevent unauthorized spending.<\/li>\n<li>Unknown how you reconcile.<\/li>\n<li>Unknown cost to company.<\/li>\n<li>There is a disconnect between who made the purchase, who approved it, and who received it.<\/li>\n<li>Typically, where is the disconnect.<\/li>\n<li>There are items that should not be on the statement.<\/li>\n<li>Unknown how it gets reconciled.<\/li>\n<li>You manually track merchant data.<\/li>\n<li>You do not easily have access to tax information.<\/li>\n<li>Unknown how you generate 1099s.<\/li>\n<li>It takes long.<\/li>\n<li>There are errors.<\/li>\n<li>Unknown how it is reconciled.<\/li>\n<li>Unknown how you track purchases made with each merchant.<\/li>\n<li>It takes a long time to assign vendors in your ERM.<\/li>\n<li>It is a manual process.<\/li>\n<li>You cannot track it by a transaction basis.<\/li>\n<li>You have to manage all vendors individually.<\/li>\n<li>You cannot group them.<\/li>\n<li>Is a manual process.<\/li>\n<li>It takes long.<\/li>\n<li>It is tedious to manage and pay individual vendors.<\/li>\n<li>Unknown number of vendors you deal with.<\/li>\n<li>Unknown how many or what % you only deal with once or twice for very small amounts.<\/li>\n<li>Unknown process for setting up a new vendor in the system.<\/li>\n<li>Time.<\/li>\n<li>For paying vendors.<\/li>\n<li>Time.<\/li>\n<li>Cost.<\/li>\n<li>It is difficult to go back and review transaction detail.<\/li>\n<li>You have to log in and out of different systems.<\/li>\n<li>It takes much time.<\/li>\n<li>It is frustrating.<\/li>\n<li>You sometimes just give up.<\/li>\n<li>Issues integrating with other systems.<\/li>\n<li>Unknown how you post transactions to the GL.<\/li>\n<li>A\/P.<\/li>\n<li>It is a manual process.<\/li>\n<li>It takes much time.<\/li>\n<li>It is not error prone.<\/li>\n<li>They get out of sync.<\/li>\n<li>Unknown what happens if they do.<\/li>\n<li>Unknown how you reconcile it.<\/li>\n<li>Time.<\/li>\n<li>Cost.<\/li>\n<li>Your transaction process is paper based.<\/li>\n<li>You have to manually assign account codes.<\/li>\n<li>It takes long.<\/li>\n<li>Card transactions are rejected if information is missing.<\/li>\n<li>The GL account information is required.<\/li>\n<li>Vendor information.<\/li>\n<li>Unknown what happens if rejected.<\/li>\n<li>Unknown how you fix it.<\/li>\n<li>It takes much time.<\/li>\n<li>You cannot set up default cost allocations for cardholders.<\/li>\n<li>There is delay between the time of the transaction and when it hist the accounting system.<\/li>\n<li>You have to wait until the end of month.<\/li>\n<li>Until expenses are filed.<\/li>\n<li>Unknown impact on your account reconciliation.<\/li>\n<li>Cash flow.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>You spend a lot of time managing low dollar invoices. Unknown what % of your transactions are under $2,500. Unknown what % is that of your total dollars spent. For those small purchases. Unknown time spent on Invoicing&#8230;. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1303","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/posts\/1303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/comments?post=1303"}],"version-history":[{"count":1,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/posts\/1303\/revisions"}],"predecessor-version":[{"id":1305,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/posts\/1303\/revisions\/1305"}],"wp:attachment":[{"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/media?parent=1303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/categories?post=1303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aiminsight.com\/blog\/wp-json\/wp\/v2\/tags?post=1303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}