Invoicing Portals and the Supplier Double Invoice Entry Dilemma

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Companies are always looking for ways to become more efficient and cut costs. One way companies are doing this is by digitizing and automating their financial processes. Historically, this has been accomplished by large buying organizations requesting their suppliers to submit invoices electronically through a portal. Suppliers are faced with the double invoice entry dilemma — they can either re-enter their invoices into the portal or risk losing the buyer’s business.

Why is double invoice entry a problem?

Anytime you do something twice, it wastes time and money that can be better spent on some other part of your business. Factor in the risk of human error and the costs of double invoice entry; it can add up quickly.

This is a hot-button issue in supplier accounting departments. Suppliers have identified double invoice entry as their number one invoicing problem preventing them from improving their invoicing processes.

The solution is integration

Double invoice entry goes away when you connect your accounting system to the portal, allowing your invoices and your customer’s status updates to synchronize between systems automatically. System integration typically requires a large technical team or the hiring of a third party to build and maintain the connection. This is feasible for large companies with the invoice volume and resources to justify implementing a technical solution. But what about the smaller suppliers who don’t have the resources and don’t have the invoice volumes to justify the expense?

Introducing OpenInvoice Supplier Link

Oildex recently announced the release of OpenInvoice Supplier Link, a new optional module that suppliers can use to integrate QuickBooks and other accounting platforms with OpenInvoice. OpenInvoice Supplier Link works with QuickBooks Online, QuickBooks Desktop, and any other accounting software that can export invoices as spreadsheets or text files. Once configured with the help of Oildex’s client services team, using Supplier Link is a simple three-step process.

  1. Suppliers import invoices from their accounting system into Supplier Link.
  2. Suppliers validate the invoices against their customers’ requirements and add any missing information.
  3. Submit the invoices to OpenInvoice.

Want to see it in action? Watch our short video