2. The Remi Group
Check Your Invoices Carefully
Check Your Invoices Carefully
Improperly managed invoices can result in extra charges and unnecessary expenses. Here are six
tips on checking your invoices to help you start the year off right.
1. Check the Print
Misplaced decimal points, typos, incorrect sub-totals, and mistaken quantities can add up to a lot
of money in additional charges for any business or organization. Make sure you are paying the
total amount due, not the unit price for the product or service. Some companies offer discounts
or penalties for payments remunerated along an extensive timeline. Note the dates and prices
correlated with this timeline. The highest amount is not always the actual total due.
2. Late in the Game
Mismanagement of invoices can lead to overspending through expensive late fees and high
interest charges. To assist in proper management, make sure the due date of each invoice is
clearly marked on a calendar (unless bills are paid upon receipt). Provide sufficient amount of
time for mailing and processing to avoid missing the due date. Monthly invoices should be
recurring items on your calendar with an easy addition for those claims that are irregular such as
equipment repair invoices.
3. Early to Rise
Take advantage of early payment options if the discount offered is greater than the capital gained
from interest baring accounts. Many companies offer this incentive to avoid late fees on their
invoices due for the services they provided your organization.
4. Don’t Pay Twice
Misplacement of invoices can result in duplicate billing, or other penalties. It is imperative to
properly organize bills and keep them in order. Once payment is made, make sure the following
information is appropriately tracked: check number, amount paid, associated reference number,
and date paid. The same information should be noted if payment is organized in a spreadsheet or
with digital software. If paper files are stored, attach a copy of the payment (check) to a copy of
the original invoice and follow up by attaching the payment receipt if one is received.
5. The New Age – Tech Savvy
Lacking a proper online-bill-pay method can increase expenses through supplies and postage
costs. Some companies send both electronic and paper bills, some only send one. Beware of
duplicates and make sure cleared invoices are properly marked to avoid double payment. If the
majority of bills are organized online, don’t set aside paper payments that come via mail. To
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