About the project

Prior to the implementation of Invoice Manager, we faced several invoicing challenges. Managing invoices manually often resulted in errors, misaligned payments and inefficiencies that disrupted cash flow. With contracts and rate cards for various internal teams and subcontractors, we needed a tool to ensure accurate invoicing and timely payments, while mitigating financial risks.

Additionally, subcontractor invoicing was a complex process due to the need for precise alignment between the services delivered and the contractual terms. Without a centralized tool to manage this, our invoicing process was labor-intensive and prone to errors.

To address these issues, we needed an invoicing solution that would automate invoicing, enhance accuracy, and ensure compliance with all contractual obligations. Invoice Manager was the answer to these challenges.

Challenges

Implementing a solution to automate invoicing and financial processes presented several challenges:

Complexity of Rate Cards and Contracts: We work with both internal teams and subcontractors, each with distinct rate cards and contractual terms. Ensuring that invoices reflected the correct rates and services required careful management and automation.
Subcontractor Invoicing: The tool needed to manage subcontractor payments accurately, verifying that only agreed-upon services were invoiced.
Payment State Tracking: Ensuring timely payments and maintaining cash flow required real-time tracking of payment statuses and the ability to flag potential financial risks.
Integration with Existing Tools: The new invoicing tool had to integrate with our existing internal tool, PM Autotools, to aggregate data related to tasks, rates, and services.

Solution

Invoice Manager is an internal tool designed to simplify and automate the invoicing process. It integrates data from rate cards, contracts, and PM Autotools, allowing for precision in the creation, management, and tracking of invoices. The key features of Invoice Manager included:

Automated Invoicing: The tool automated the creation of invoices, ensuring that the invoiced amounts aligned with contractual terms and accepted documents. This automation eliminated human errors, sped up the invoicing process, and enhanced overall operational efficiency.
Rate Card Integration: Invoice Manager integrated with both internal and external rate cards, ensuring that invoiced amounts were in line with agreed-upon rates. This feature allowed for adjustments to services and rates, reducing the potential for discrepancies.
Subcontractor Invoicing: The tool provided a specialized function to manage subcontractor payments, ensuring that only agreed services were invoiced and that they aligned with contractual terms. This reduced the risk of overbilling or underbilling subcontractors.
Payment State Tracking: Invoice Manager tracked payment statuses in real time, allowing us to monitor outstanding invoices, ensure timely payments, and maintain a healthy cash flow. This feature mitigated financial risks by providing insights into delayed payments and helping us manage its financial health.

To ensure that Invoice Manager fully addressed our invoicing challenges, we engaged in an intensive discovery phase. A dedicated team of financial and technical experts analyzed the existing invoicing process, identified pain points, and gathered requirements for the new tool. We created detailed wireframes, technical specifications, and workflows that captured the most important functions needed to ensure financial accuracy and compliance.

The implementation process for Invoice Manager involved the following key steps:

Custom Development: Invoice Manager was custom-built to integrate with PM Autotools, rate cards, and contractual data. The team tailored the tool to meet our specific financial processes.
Real-Time Tracking: The tool was designed to track payment statuses in real time, providing a clear view of outstanding invoices and payment delays. This feature empowered our finance team to stay on top of cash flow management.
Smooth Integration: The tool was integrated with our existing systems, allowing it to draw data from PM Autotools and ensuring a smooth workflow between project management and financial operations.

Technologies used

Low-Code

Results

The deployment of Invoice Manager delivered several key benefits to Ascendro’s financial operations:

Enhanced Accuracy: The automation of the invoicing process eliminated human errors, ensuring that invoices aligned with agreed contractual terms and accepted rate cards.
Improved Efficiency: By automating invoicing tasks, we were able to reallocate time and resources to more strategic initiatives, optimizing overall operational efficiency.
Better Cash Flow Management: Real-time payment tracking enabled us to maintain a healthy cash flow, ensuring timely payments and mitigating financial risks.
Increased Transparency: Invoice Manager fostered financial transparency by providing clear and accurate records of all transactions

Perspective

Invoice Manager has become a critical tool in our financial management ecosystem, playing a key role in ensuring the accuracy, compliance, and efficiency of invoicing processes. The tool has provided real-time insights into payment statuses and financial health, allowing us to mitigate risks and maintain strong client relationships.

The success of Invoice Manager highlights our commitment to operational excellence and financial transparency, and the company continues to explore new ways to enhance its internal tools to support long-term business growth.

Invoice Manager is a testament to our dedication to precision, efficiency, and transparency in financial operations. By automating and streamlining invoicing processes, we improved accuracy, enhanced cash flow management, and fostered trust with both clients and subcontractors. This custom-built tool has become an indispensable part of our operations, enabling us to focus on delivering high-quality services while maintaining a strong financial foundation.

As a dedicated software development team with expertise in nearshore software development, software development outsourcing, IT staff augmentation and many more, we specialize in providing innovative solutions across industries, from custom manufacturing software development to business process optimization, ensuring that our clients remain competitive and efficient in their operations. Check out our software development projects here.