I'm about to step into the role of IT Manager and I need a reliable tool to track all incoming invoices and bills. Right now, the current Network Admin uses an Access database for entering invoices and an Excel sheet for monitoring monthly payments and annual renewals. Since most bills come in through email or hard copies, they are integrated into the company's invoicing system. I'm looking to create my own database to manage everything more effectively. What do you recommend?
5 Answers
I usually set calendar reminders for critical deadlines like certification renewals and licensing. Most of the financial tracking is done through our payment software, so all I do is approve transactions. If your organization is big enough, it might be best to focus on minimizing your involvement in financial tracking, if possible.
If you're looking for a good solution, I use Asana for tracking everything related to our finances, including purchase orders and invoices. You can create a project specifically for invoice tracking, add each invoice as an individual task, and link them to their departmental budget codes. Once payments go through, just mark those tasks as complete! Plus, you can create dashboards to keep everyone updated.
Consider giving Tipalti a try—it's designed for handling invoices and payments smoothly, which could really streamline your process.
Have you checked if there's already a financial or ERP system in place at your company? Typically, those handle requisition and purchase orders, so you might not need to recreate the wheel here. It could streamline things if you utilize existing systems instead.
I’m curious about why you think this is your responsibility. Isn’t there a finance team with a system for tracking all the cash flow? In my experience, IT usually doesn't handle that side of things directly. But if you're set on it, just know you're not alone in dealing with complex financial software!
Totally get that! But many smaller businesses have poorly integrated systems and struggle with spending visibility, so it might fall onto IT to manage it.