Invoice Management Process Definition
An invoice management process is a process whereby businesses track and manage invoices. This usually includes issuing, tracking, and paying invoices.
The first step in any invoice management process is issuing an invoice. This is typically done using accounting software, though some businesses still do it manually. Once the invoice has been issued, it must be tracked. Tracking invoices can be done manually or through accounting software.
Once an invoice has been tracked, it must then be paid. This can be done electronically or by check. Some businesses have automated their payments, while others do it manually. Regardless of how the payment is made, it is important to keep track of when payments are due so that late payments can be avoided.
