As a business, you need reliable systems to organize all of your partner, customer, supplier, and vendor relationships. This is especially true when it comes to processing invoices and payments. Managing the flow of these payables can be tricky, but a well-established invoice approval workflow can help keep everything organized and make sure you’re paying your suppliers in a timely manner.
Manual invoice processing can result in lengthy approval cycles, missed deadlines, costly mistakes, and an overall disorganized accounts payable department. The goal of a proper invoice approval workflow should be to reduce those costly mistakes as much as possible while reducing the amount of time it takes to approve an invoice so that your company can receive early payment discounts from your suppliers.
With a digital invoice approval system, you can set up an automated process to ensure your managers are getting the proper notifications and reminders to process their invoices on time. Using fully mobile-responsive forms and electronic signatures, your AP process will be able to eliminate bottlenecks caused by invoice approval requests falling off the bottom of an approver’s inbox or being forgotten entirely.
Top of the line invoice approval automation solutions allow AP managers to build custom invoice approval matrixes that are specific to their organization – based on office, location, or dollar amounts, for example. As a result, they can easily assign the proper approvers and swap out people as needed without ever losing sight of where an invoice is in the process.
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