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Isn't it time you left manual invoice approval behind?[/caption] The typical manual invoice approval process can be slow and cumbersome. Some invoices may be paid right away, but others may fall by the wayside due to common problems with the invoice approval process. For example, when there are numerous document touchpoints including physical document preparation, routing, manual data entry, and error correction, it's easy to miss out on opportunities like early payment discounts. What's more, when management is invisible throughout the invoice approval process, others involved may be completely mystified as to the current status of the invoice. A clunky invoice approval process contains many hidden costs, particularly if there are several manual steps involved. Every time an invoice is physically handled before payment is made the risk for an error increases. This contributes to higher labor costs, longer processing cycles, and cash flow irregularities. But when you automate the invoice approval process, you can enjoy several benefits. For one thing, an automated invoice approval process is easier to scale up without having to add staff members. Manual matching can be made a thing of the past, as can the physical routing of paper documents from desk to desk in pursuit of approval. An automated invoice approval process helps eliminate duplicate payments, can create an automatic audit trail, and can reduce invoice disputes significantly. Here are some ways to make your invoice approval cycle a breeze.
Automate Matching of Invoices, Purchase Orders, and Receipts
When you take the time to automate invoices, purchase orders, and receipt generation, you can speed up the invoice process considerably. Your process can be designed so that each invoice that arrives is matched against the correct purchase order and receipt. When invoices match, they can be quickly routed straight through any necessary approval steps right to your company's finance system. Manual matching of invoices, purchase orders, and receipts becomes a thing of the past, freeing up staff time for more important tasks. [caption id="" align="alignright" width="400"]
Extras like email approval and notification greatly accelerate the invoice approval process.[/caption]
