How Invoice Workflow can speed up approvals and improve efficiency

Mar 13, 2019 11:00:40 AM

Improve the Invoice Processing Efficiency in Your Organization with Timely Approvals

Today, most organizations realize how important it is to automate the process and have some ERP system in place to help the process along. However, even that may not be enough when it comes to the invoice approval process.  What you need is an invoice management solution that will work on the approval process. It should have the ability to route automatically, send reminders, have approval and delegate approver options.

In such a situation, you need a solution that is:

  • Easy to deploy, learn, and use
  • Offers an array of rich features
  • Completely integrated

Invoice Workflow Reporting Dashboard-3

Here is how having an optimum invoice process management system in place can help:

Quicker invoice approval routing through the automatic process: To understand why this has a huge impact; you need to know what the typical workflow would look like.

A typical workflow can consist of the following steps:

  • Purchase invoices would be captured, shared with the accounts payable manager for review, and sent to the approver to check for discrepancies in the value
  • Cost invoices are routed to accounts payable, a record created in general ledger, then reviewed, and sent for approval

As you can imagine the above steps would take a considerable amount of time and operational support to work out. However, with the automatic process, you can speed up the process. You can:

  • Automatically route the invoice to approvers for further steps
  • Accounts payable manager can configure and review the invoice pool to see what invoices have been received, forwarded, approved, open, and posted
  • Once you have the information on hand, follow-up and closing of the process can be much quicker
  • Approvers can also access a similar screen but with fewer options to track invoices that they are responsible for
  • The approvers would get a notification on email about the invoices they need to approve, and they have the option to use the device of their choice for approval
  • As the accounts payable manager, it is an easy enough task for you to set up email alerts and approval options for individuals or groups

Adaptable screens and delegation to approvers to quicken the process: Delay in approvals can occur  because the approver does not have all the information at hand. With the right solution, not only is redirection as per authorization limits possible but also the display of an image of the invoice can be enabled making the process much more transparent and complete.

What is more any related notations or comments by the approvers can become part of the invoice record instead of depending on handwritten comments. The invoice solution is also useful to configure an alternative approver if one of the approvers is not in the office as per strict timelines.

Approvals on time even for companies with many legal entities: The Invoice Workflow solution can be deployed even in companies that have multiple sub-companies or legal entities as part of their group. You can route invoices across borders within the company for approval. You can split invoices as agreed upon, and these can be posted in different ledgers with identifiable dimensions and then can be approved by the correct authority.

With the above points, the picture of how the right invoices processing solution can help in achieving a quicker ROI. Still not convinced? 

Curious to know more about how our solution helped our client, Ergonomics Solution cut costs, reduce overtime, and improve financial control?

 

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About Author
Martien van Dam

Martien van Dam

Having started his career with To-Increase, Martien has honed and contributed his expertise across multiple roles and domains for 15 years now. Besides Microsoft, he’s also worked closely with all kinds of stakeholders in the ecosystem—including software vendors, CFOs, Accounts Payable (AP) clerks/managers, logistics managers—and is cognizant of their challenges and needs. Therefore, as a Sales Specialist for our Business Productivity and Accounts Payable domains, Martien brings a balanced mix of different market perspectives from various global associates to the table. On the personal front, Martien enjoys meeting people and experiencing cultures, and has visited around 75 countries. He's passionately involved in voluntary work and loves spending time with his three kids in the great outdoors. Martien holds a Bachelor of Commerce in International Marketing Management and Business Process and Project Management.

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