Streamlined Invoice Tracking for Management

Invoice tracking for Management

it's a good day for a good day everybody what's up everybody loves accounting right that's not normally the case so what we did here and I'm going to show you in just a minute some of the details about this is we created a board for an accounting team that was having some issues with how they were documenting AP and all their payables so we wanted to build something that would give proper reporting to operations and management and also allow her to have some quick reminders and checkpoints to make sure no info was getting dropped and no payments were getting dropped and we wanted it to look good and be really simple for her so check out how we did that what we built and the way that it gives us the right information at the right time to the right people with the monday.com board so we built this board the accountant came to me one day she said can you help me build the checklist so that I can have our the operations team be able to look at it and make sure that they are comfortable with the status of all the bills that need to be paid so this is for the AP portion of the accounting QuickBooks is the accounting system used because there's so many holding companies and subsidiaries and locations that are all built out separately in QuickBooks they just needed a simpler way to track all the AP and allow for reporting on that there was an issue in the past with transitions in that department where some things got missed there was no great system to make sure that there were no dropped payments so this is the catch-all and the safety net to make sure that there's no issues with ap that affect operations so there's some statuses that are able to be chosen here that we created so you have working on it which is kind of a Monday default stuck paid pending and scheduled so she chooses one of those once she moves in when she receives an invoice what she'll do is she'll put in the invoice number or the date so here's an example some invoice numbers then she'll put in the date that the bill was received or the date that the invoice was generated the due date that's on the invoice and then here the spot where she fills in when the payment was made she also chooses the payment method so that's ACH online payment an auto payment a paper check which is thankfully very rare and I think there's one more type that we use a wire payment I believe yep wire transfer so she has all those options to choose from which is great so she can have accurate reporting in here show which bills or which payment method the amounts and then the account that it hits and if it's a split Bill she can choose between one or two or more there's also a spot where she's going to start adding the files or the document of the invoice so that anyone can do a quick reference and just check make sure everything looks right so what this does is it allows the Ops Team to passively go in and check see the status of bills so throughout the month they see that the number of paid invoices is increased the amounts the totals the dates Etc what's cool is we created some automations for her so she can go in and um choose how far before a due date she wants to be notified so if the status is not yet paid anything but paid within two to three days of the due date she'll get a notification to pay that bill so it's a good way for her to just make sure she's not missing anything this dashboard that we created also shows the total bill pay as she enters it for the month and then the status of all the paid scheduled pending or what whatever other status is available there's also a calendar below that shows the due dates for all the payments so she can see for cash flow purposes but it has vendor names so I won't show you that today it's been a great tool because it does those automations that notify her if we needed to we could turn on some notifications that would notify the Ops Team and the management team so that they could see when payments are being made the amounts if they wanted that to keep in mind for cash flow purposes all that reporting and the dashboard would allow us to build out more information with that as well if needed it's great because then you can search or create automations by payment type as well and if there were issues with certain payments not being made on time there were a type of payment we could make adjustments as well to how those are being paid maybe put them on autopay if they're not already so it's a great tool you could use this for accounts receivable as well do something similar build out the invoice dates the status as well so that you can do quick reporting with the rest of your team or have these dashboards that work great and it's really not much extra work than just entering into something like QuickBooks obviously some of those providers of accounting software would do well to have options for reporting like this but until then this is a workaround that allows us to do some great reporting and keep our team confident in the results that we're getting with ap making sure that stuff is getting paid on time and we're not dropping the ball let me know in the comments below if you've ever used monday.com for a similar accounting process or if you have thoughts on how you could expand it to help your accounting process improve