Review Invoices Before Issuing Payment Checks

While reviewing bills and statements before issuing payments can become time-consuming, it is an important part of good financial management. Errors and overcharges can occur, and they can be even more time-consuming (and costly) to rectify later.

If the bookkeeping and invoice reviewing have fallen into a bit of neglect, consider some reasons to start a new habit of regularly reviewing invoices before issuing payment:

Make sure you’re not being overcharged

Review you bill statements to make sure you’re being charged the amount agreed upon in the contract or estimate guiding your purchase. It is always advisable to get estimates in writing and to save receipts for services paid to make sure that your subsequent bills and invoices do not overcharge or double-charge.

Make sure you have received all services listed

Prevent misunderstandings and frustrations later by ascertaining that your charges reflect services actually received. Going over not only dollar amounts, but also dates for services listed helps business owners make sure invoices align with in-house records.

Make sure you have been credited for previous payments

Avoid inadvertent overpayments and duplicate payments by reviewing your statements before paying. Overlap of payments with invoicing cycles may prevent your previous payments from being reflected, and issuing an overpayment will create a headache later, especially if payment is for a one-time service or product, and a “credit” is not something you can use.

Spot an unauthorized charge

Financial errors do occur and, unfortunately, fraud is responsible for billions of dollars lost to businesses every year. Reviewing your statements and bills every time will alert you to unauthorized purchases and fraudulent use of your account.

Identify fees, penalties, and interest charges for proper recording

If your bookkeeping has become a bit neglected or sloppy, you may have paid a bill or two past the due date. Inspect your statements to spot late fees and other charges whose removal you may be able to request or negotiate. Spotting these charges upfront also allows you to adjust your own records so that you are not left later with records that don’t match, a depleted cash flow, and a budget that is thrown off because of fees you neglected to realize or record.

Reviewing your invoices regularly has many bookkeeping benefits:

·     Makes account reconciliation faster when you know that statements have already been reviewed for accuracy

·     Prevents errors that are costly and time-consuming to fix later

·     Prevents overpayments, underpayments, and duplicated payments that require attention later to correct

·     Improves cash flow management

·     Reduces the money wasted on late fees and interest charges

Online check printing for accurate, on-time bill payments

Neglected bookkeeping leads to errors that are a hassle to fix later. Reviewing each bill and financial statement takes time, but saves more time (and dollars) down the line because it helps business owners maintain accurate records. When errors do occur, they can be spotted quickly.

Online check printing and mailing has been used by business owners, bookkeepers, and busy professionals for over a decade to help maintain accurate records and up-to-date payments. After verifying the accuracy of received invoices in accounts payable, use online check printing to pay your bills directly. Print a customized business check on demand right from your office, or have Checkeeper print and mail your payment checks for you. Convert your bills directly into check payments by linking your Odoo or Xero account and having the data imported automatically. Checks due to the same vendor can be consolidated into a single check with an attached invoice table that breaks down the total—guaranteeing faster processing and more accurate record-keeping for everyone.

Review your bills when they arrive. Then use Checkeeper to:

Print custom business checks on the layout of choice, complete with company logo

Add custom fields to business checks on an as-need or ongoing basis to aid with the processing and recording

Convert unpaid bills directly into check payments with Checkeeper automated bill conversion feature

Have check data recorded and stored automatically in a searchable online check registry

Outsource the check printing and mailing to Checkeeper