Efficient management of invoices stands as a cornerstone for successful business operations, regardless of the scale or sector. Proficient handling of invoices not only ensures timely payments but also bolsters a healthy cash flow, nurturing positive relationships with both clients and vendors. This article delves into the comprehensive workflow of invoice module in RIVO, outlining key steps to optimize the process and enhance overall financial efficiency.

Initiating the Invoice Workflow:

The invoicing process begins with the seller submitting the invoice to initiate payment collection from the buyer.

Initiating a new Invoices: How to Initiate a New Invoice – RIVO Help & Support (surecomp.com)

After generating invoices, the subsequent step involves promptly issuing them to respective clients. Utilizing tools like RIVO aids in effective and timely invoicing, establishing a foundation for a transparent and efficient Invoice process, Uploading Invoices: The seller or supplier uploads the invoice within the system's designated Invoice module. The status show "Issued" on processing Invoice.

Invoice Acknowledgement: How to Acknowledge/Reject the Invoice as a Buyer – RIVO Help & Support (surecomp.com)

Upon receipt of the invoice from the seller or supplier, the buyer/importer acknowledge or rejects it. This acknowledgment process offers a tracking mechanism, reflecting the status of "Acknowledged" or "rejected."

Invoice Payment: Invoice Payment - Buyer – RIVO Help & Support (surecomp.com)

Clearly defined payment terms are imperative for seamless invoice management. Upon processing payments, the system promptly updates transaction statuses accurately. The buyer settles the invoice, updating payment details such as reference number, amount, date, and attaching payment copies. Subsequently, after signing, the contract status changes to "Payment sent."

Invoice Payment Confirmation - Invoice Payment Confirmation - Seller – RIVO Help & Support (surecomp.com)

Upon reviewing received payments, the supplier holds the prerogative to either accept or reject them, particularly in cases of amount discrepancies or other reasons.

Accepting the Payment results in a status change to "payment received."

Rejecting the payment prompts a status change to "Payment rejected."