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With Reconciliation & Invoicing for Encodify you get an account reconciliation software that lets you do everything from analyzing and reconciling the financial health, profitability and burn-down rate of projects to invoice clients for services.
Why not keep track of 3rd party costs, expenses, and internal fees directly from an invoicing software that integrates with the project management and time tracking systems used by internal employees and freelancers alike? With Reconciliation & invoicing for Encodify you can do all of that, and more.
Using Encodify as your account reconciliation software lets you review key figures across all projects to understand KPI metrics like budget vs spend to determine the burn down of your projects or monitor profitability of projects and get notifications when specific thresholds are breached.
Reconciliation & Invoicing for Encodify lets you securely share access to financial data and get approval on budgets, purchase orders, and invoices from all relevant stakeholders. You can even collaborate with clients and 3rd parties to approve quotes, internally monitor and review large value expenses. And you maintain a full audit trail for the financials of all of your projects.
Using the Encodify software for invoicing you can bill clients automatically when projects are delivered, you can partially bill them when specific parts of the work is finished, or you can pre-bill them up front. And you can automatically invoice the entire or remaining balance of the project upon completion.
Account reconciliation and online invoicing software helps ensure that reconciliation is performed at regular intervals and that all of your financial records are accurate and up to date.
Having a good account reconciliation software helps discover deviations and suspicious transactions whether they point to fraud or simply originate from errors like duplicate entries.
Maintaining complete audit trails as part of your reconciliation and invoicing process is a core compliance requirement for most accounting standards and provisions both in Europe and globally.
Account reconciliation software compiles data, checks for errors, matches transactions, updates entries and validates account balances in an effort to automate the reconciliation process and ensure that internal documents and external systems are all aligned.
Choosing the best invoicing software will always depend on which industry we’re talking about and how big the business is. For individual freelancers Excel might be enough to create and manage invoices, and for small businesses simple business invoicing software will likely suffice. But for larger businesses with complex needs the best billing and invoicing software are the ones that integrate with the wider business processes to help align information and make sure that everything is correct from brief to contract to invoices.
