Invoices Tracking

Invoice tracking helps streamline the approval process, prevent budget overruns, avoids duplicate payments, enhances financial reporting and decision-making, improve efficiency, and reduce errors.Below are some issues that usually encounter in invoice processing and the propose solutions to tackle those.

Issues with invoices control

• Missing purchase orders or delivery receipts
• Inaccurate descriptions of work or materials and different in unit rate

• Mismatches between invoice amounts and contract terms
• Differences between billed quantities and actual quantities received or used

• Delayed invoices from subcontractors or suppliers
• Late submission impacting cash flow and project timelines

• Slow internal approval processes
• Multiple layers of approval required

• Accidental submission of the same invoice multiple times
• Lack of a robust system to track and prevent duplicates

• Invoices exceeding the allocated budget
• Unapproved change orders leading to unexpected costs

Proposed solutions

• Develop standardized processes for invoice submission, review, and approval
• Train all relevant personnel on these procedures to ensure consistency
• Review and update procedures regularly to adapt to project needs and feedback

• Require all invoices to be submitted through the invoice management system
• Ensure that invoices are complete and accurately documented before submission

• Define clear roles and responsibilities for invoice approval
• Use automated notifications and reminders to speed up the approval process

• Offer regular training sessions for staff on the new system and procedures
• Collect feedback and continuously improve the invoice management process