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Bookkeeping (Step 5 of creating an optimal Factoring Invoicing Process)

This article is the fifth in a series where we cover the whole factoring invoicing process and how to design it using smart tech. You will learn how to automate manual repetitive tasks, gain deeper insights and increase control. Give your employees, customers, and their debtors a smooth user experience.

Five main steps

We’ve divided the invoicing process into five main steps. Each step has its own quirks and technical demands. We will go through each one of them and describe how to handle the subprocess optimally.

In this article we will focus on the fifth and final step: Bookkeeping. If you haven’t already read our first, second, third and fourth article in the series, you will find them here: Part 1: Financing Requests – Generating and approving invoices | Part 2: Channels for distribution of factoring invoices Part 3: Reminders & Collection for Factoring | Part 4: Payments for factoring

Bookkeeping
– From payment to verification

Aah, the good ol’ bookkeeping. Invoicing can be quite intense when it comes to verifications. Bookkeeping for factoring is usually done wrong, and it’s also heavy on the manual labour side.

Our advice is to have a piece of software that continuously monitor payments of invoices and records from the bank. Based on the monitoring, the system then should create verifications, which in turn are automatically entered in the books of the ERP.

APIs and integrations are key to achieve automatic process like bookkeeping. At Quiddly we have our own engine with prebuilt integrations to the most common ERPs in the industry. And we call it … Squidd … since it’s like a squid or an octopus … with many arms that connect to other stuff.

 

Create an optimal factoring invoicing process using smart techContinue reading and get the 360 view of the factoring process for free!

This article only touch one part of the whole factoring process. The get the whole picture, download our free white paper on how to create an optimal Factoring Invoicing Process.

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At Quiddly we develop and license complete cloud based systems for Factoring, Invoicing and Debt Collection. Our concept is simple, but the solutions are advanced.

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