The peculiarity of the retail industry is that the amount of goods coming in and out is a lot. If the payment is late, it will affect the delivery schedule. If the supplier has difficulty in delivery or slow delivery due to late payment, it will affect the store's revenue.
Over time, along with business expansion, retail businesses have to receive thousands of invoices from suppliers every day. The use of manual methods for management is no longer suitable for the enterprise operating apparatus.
So how do retail businesses solve that problem? What is Bizzi's application in improving invoice processing efficiency for the retail industry? Check out Bizzi's post below!
1. Problem: How to process supplier invoices on time?
For a retail business, the growing size of the business is both an advantage in increasing revenue, but also brings significant challenges for the management team as well as the departments. Not only that, the management levels themselves also have headaches about process optimization and productivity optimization.
When there is only 1 store the workload is just enough for employees, but when the scale of the number of stores increases to tens to hundreds of stores the workload per employee increases to x3, x4 even. even x5 times.
With payment accounting positions in retail businesses, they often have to deal with many invoices and documents from suppliers, their workload falls in the range of 300-800 bills/day.
The accountant's job is even more stressful because they have to pay on time for suppliers, and at the same time, they also have to process invoices and documents quickly and accurately, requiring them to work very focused and apply. all the experience, knowledge and skills to get the job done well.
For each payment, the number of printed invoices and documents is very large, equivalent to a large number of suppliers in each batch. After payment, accountants continue to check that the set of vouchers is complete with invoices or not, then close them into sets and store them in the voucher warehouse.
In the past, when there was no technology solution that could help businesses process input invoices, most accountants were late or worked on weekends, which is normal when the payment due date for suppliers is approaching. . At that time, it is imperative that the personnel must run according to their payment schedule, make sure that the invoice is correct or not, if there is an error, it must be handled within a limited time to keep up with the payment schedule.
2. Solution from Bizzi – invoice processing solution for the retail industry
“Work pressure plus mental pressure, eye strain to compare data on the system and on invoices. Without the help of technology, on average, every day, accountants have to process hundreds of invoices manually like that” – Share of Ms. Thao – Head of accounting and payment department of GS25 retail chain .
For these reasons, retail businesses are looking for a more efficient solution to optimize the processing of hundreds and thousands of invoices per day, and at the same time reduce the pressure on the accounting department during payment periods. supplier.
2.1 Process invoices quickly in a snap
Bizzi supports checking the data on the system and on the invoice, for example, is the invoice registered with tax or not?. At the same time, Bizzi helps accountants minimize errors and confusion so as not to affect the company's operation or make incorrect payments compared to the data on the system. In particular, the reading time is about 1-2 seconds/invoice improves your productivity in the peak season of accounting, especially payment periods for suppliers.
2.2 Effective debt management, automatic payment reminder
Although the number of invoices to be processed is up to thousands of invoices per day, since retail stores like GS25, Guardian, Medicare use Bizzi, the pressure is on to process them in time and pay enough for suppliers. leveling is now just a very ordinary job.
Bizzi speeds up chemical processing, significantly reducing the workload per billing period. In addition, Bizzi supports the payment due reminder feature, automatically sending a notification to the accountant when the payment due date for the supplier is approaching.
2.3 Smart, scientific storage with 10-year storage system
Previously, if the accounting invoices received from the supplier were saved on the accounting mailbox, or the accountant downloaded the PDF file and stored it on the computer. Then to find an invoice that the supplier sent, the accountant will have to number the mail box, sometimes the invoice number is duplicate, it takes a lot of time to find out. When the accounting application Bizzi only needs to enter the supplier's tax code, number the invoice with just one click and the invoice will be displayed immediately.
2.4 Support to switch arguments during the epidemic season, increase retail invoice processing productivity
When social distancing takes place, most businesses have to adapt to a new working environment, instead of before people could meet face-to-face, interact with each other to solve problems, now all activities Exchange and invoice processing all take place online.
At the time of the epidemic, many businesses had to close, but the retail industry still played an important role in providing necessities for people. Therefore, the appearance of Bizzi as a "savior" to support accountants during the epidemic season so that the processing of due invoices for suppliers is not delayed, ensuring the store has enough resources. supply to customers.
The birth of Bizzi as a solution to digitize all manual operations, no human intervention is required to 90% to meet the needs of the current epidemic situation, the need for digital transformation in the future. .
With features that Bizzi brings to retail businesses such as: GS25, Guardian, Pharmacity, Bizzi is proud to be a company that provides technology solutions for automating accounting and financial operations with the mission of becoming an invaluable assistant. productivity boost bill processing for many businesses, including SMEs.
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