The Problem With Email Me The Invoice!

Just email me the invoice. If this is your invoicing process or how you capture invoices from vendors, this video is for you. So just having somebody email the invoice to you is easy, right? I mean, you could just, you don't have to set up a process. You don't have to give them any information, you just have to give them your email address. And the problem with this approach is over a period of time as you start to scale your company, this process doesn't scale. And you probably end up paying vendors late leads to late payment charges, poor vendor relationships, and many more issues that come along with growth. Now in this video, I'm going to talk about three areas and three signs on why this process doesn't scale, what to do to kind of fix that. Right. If you're joining me for the first time, welcome. My name is Sachin Sharma. I am the founder of Procure Desk. We help growing companies automate their invoicing process. So let's jump right in. Number one is you're stuck in infinite email loops. So what do I mean by that? Somebody sends you an invoice, invoice maybe doesn't come to AP directly. That means that invoice is forwarded to you. You gotta go clean up your inbox. Now you gotta take that invoice and guess what? Send it to somebody else for approval. That's another email. Then you're waiting for them to approve it, chasing them for approval and so on. And then you find you, maybe you want to send, create a badge for payment and send another email. So it's email after the email after email. It just becomes too hard to scale. You don't have a central place to track what's going on with the invoices. And that means you're going to miss invoices for payments. Maybe there are critical invoices. Or guess what, maybe the work stops because you did not pay critical invoice and then you're just last minute chasing the issue. Right? So email loops doesn't scale. Number two is inbox searches don't scale. So what I mean by that, let's say an auditor reaches out to say, all right, show me the approval process for these 10 invoices. They're doing an audit. So guess what are you going to do? You're going to go search your email and find it, take a screenshot, send it as an evidence for control. And it's fine if you're doing it once in a while, but let's say if somebody else comes to you and say, hey, what about that invoice? I don't see it was paid. Now you got to go search your inbox, figure out did I even get it or not. So inbox searches don't scale. As you try to scale the volume number three is late payment fees starting adding up. So you probably see vendors once in a while they will just say okay, that's fine, you can pay me late, we won't charge you late payment charges. But if that becomes the norm, you, you are going to start seeing late vendor charges or you probably have exhausted your credit limit. Let's say you have $100,000 credit limit with the vendor. You have five open invoices for a hundred thousand dollars. They might not charge you late payment charge, but they will stop shipping the product and that stops the whole production line. Maybe you are on a, you're a construction company, your crew is sitting idle now because there's no product. So it does create second level consequences, not just late payment charges. If you're seeing all that and you see these challenges scaling up as you try to scale your company, here's what you need to do. You need to put in a process where a system captures all the invoices you want to enable self service. Maybe you want to have one central email where all invoices are coming in and the system automatically picks them up, scans them through, figure out where it needs to go for approval, router for approval, and and you have one place for you to track exactly what's going on with your invoices. So don't wing the process and just email the invoice. Set up a system and a process so that your invoices flow through smoothly and you're not paying any late payment charges. If you're dealing with any of these issues, click on the link below and schedule time with one of our product specialists and we can walk you through how a system can help you alleviate all these challenges. Thanks for joining me today and I'll see you in the next video. Thanks.