When seeking ways of improving the process of effecting settlements with clients and subcontractors, it is worth answering the following questions:

• Can information about the projects that are due for invoicing be easily accessed by the accounting department? Must such information be submitted by the production department, or is it available directly?
• Can the accounting department easily access information about the payment deadlines for individual clients? Where is this information stored?
• How are invoice payment deadlines controlled? Does the company have an efficient method of sending reminders concerning the payments of overdue invoices? How much time does it take to send reminders? Does the company control the actual value of all the overdue invoices?
• How are the settlement documents that are sent to clients elaborated? How much time on average does it take to create all the current invoices?
• How frequently do subcontractors send in incorrect invoices (wrong amount, amount of tax, or contact data)? How much time does it take to correct these errors?

Selected advantages of the XTRF™ system for the invoice management department:

• Creating invoices: The system creates a list of all the projects for which an invoice should be made. The creation of these invoices takes no more than a few seconds. It is noteworthy that the system automatically enters payment deadlines concordant with the arrangements previously made with clients. Nevertheless, all accounting documents are fully editable; the system makes it possible to independently modify the appearance of an invoice, the number and contents of the items in an invoice, issuance dates, payment dates, etc.

• Direct sending of invoices: XTRF™ makes it possible to send invoices directly through an Internet browser. Files are sent by e-mail in PDF format to the client’s selected address. At the same time, the document is automatically saved on the server, while a copy goes to the accounting department. This guarantees the security of the data and prevents the loss of any documents.

• Invoices management: XTRF™ enables comprehensive invoice management, with efficient sorting and searching, provides access to specific reports and breakdowns of accounting documents, and offers the convenient export of a list of invoices for the accounting department.

• Overdue invoices management: The system ensures easy access to all overdue invoices. It is possible to automatically, and nearly immediately, send reminders concerning unsettled payments.

• Managing settlements with translators: The system facilitates the management of invoices and bills from subcontractors. Thanks to the automatic sending of lists of the projects approved for settlement, translators can approve their expected remunerations. It is in this way that XTRF™ considerably limits the number of incorrect invoices and shortens the settlement process.