Requesting payments with technology

Managing payment requests can be a real challenge for many companies, especially when it involves bureaucratic processes and repetitive tasks.

Have you ever thought about which process is the most common in organizations?

The Traditional Process

The traditional process usually works like this: when a supplier provides a service or sells a product, they send an invoice or Invoice by email requesting payment. The company then receives the email, registers the request and begins a cycle of internal approvals. This cycle often involves a large number of emails, just to approve payment to the supplier.

For companies with only a few suppliers, this isn't a big problem. However, as the number of suppliers grows, so do the number of emails and the complexity of the process. Here are some tips for improving this process in your company.

Establish a Criteria for Receiving Documents

Organize the receipt of financial documents by defining a specific window of days to receive Invoices, invoices and billing requests. This helps organize all subsequent tasks within the same month, improving efficiency.

Define approvers

Create clear policies to determine who will be responsible for approving expenses. The rules can vary based on the area, type of position, amount involved and type of material or service purchased. This ensures more effective control over who is involved in the approval process.

Establish a step-by-step process

After defining the receipt criteria and approvers, develop a step-by-step process for the process from payment request to crediting the supplier's account. The main steps include:

1. Sending the request
2. Approvals
3. Sending to Treasury
4. Payment at the bank
5. Return of receipt
6. Credit notice to supplier

Use technology

Define the appropriate technology to facilitate and control the entire payment request process. Although emails and spreadsheets can be useful, they are generally more time-consuming and less organized. Consider acquiring a technological solution that offers:

• Fields for the supplier to fill in information;
• Attach documents such as orders, invoices and bills;
• Automated workflow for approving expenses;
• Automated emails at each stage to ensure visibility;
• Automatic sending of proof of payment to the supplier;
• Automatic notifications of the credit date to the supplier's account.

Advantages of automation

These improvements not only save time, but also reduce the burden of repetitive work, allowing professionals to focus on more important tasks for business growth. Today, advanced technologies are accessible to companies of all sizes. Small and medium-sized businesses can now organize their payment processes with the same efficiency as large corporations.

It can therefore be concluded that investing in technology to optimize payment request management is no longer a luxury, but a necessity. With a well-defined and automated process, your company can save time, reduce errors and improve operational efficiency. This frees your professionals from repetitive tasks, allowing them to focus on strategic activities that drive business growth.