Invoice Policy Template and 7 Tips for Getting Started
Take Away AP Pain with a Strong Vendor Invoice Policy Template Creating a policy for managing invoices may seem time-consuming initially, but in the absence of a policy, organizations are operating in the wilderness without a map. Once created and enforced, an effective invoice management policy can greatly reduce the amount of time-related to the tasks of approving and processing vendor invoices, addressing exceptions, and managing and storing documentation.
The easier a policy is to understand, the easier it is for your employees to follow and enforce.
To get started, first review the 7 tips such as:
- Asking team members from different departments to participate in the creation of the policy so you can get their input on their challenges and encourage them to act as policy champions within their departments.
- Considering how you work with vendors. Examining your procedures, looking for ways you can work with vendors more efficiently.
- Keeping the policy clear and concise while still covering the basics, and have other departments review drafts to ensure the policies are fair, the document is easy to understand, and that anything confusing or ambiguous is addressed before wider distribution to ensure policy compliance.
- Looking for ways to automate more of your invoice processes as you establish the policy. Considering how intelligent technology can automate data entry, document storage, and auditing procedure to reduce processing time, streamline workflows, support remote work, reduce errors and fraud, and gain visibility across AP.
- Then, use our free invoice policy template with more detailed explanation for each category, as well as example template language to help create or update your business’s Vendor Invoice Policy. Please note, this free invoice policy template is not a legal document – it’s a starting point. You can edit the examples to suit your company’s policies and procedures and add information in the bracketed areas that are specific to your company.