As your business grows, the number of bills to be processed daily rises and it can become a critical and complicated task to take care of them all properly. When your business switches to remote working, partly or totally, it becomes even more important to make sure that invoices are processed properly and in time.
Invoice approval process is frequently paper-based, managed manually and often relies on approvals over the phone or email. It can be particularly difficult to complete the approval process in time due to busy stakeholders and employees having to chase each other around the office or throughout the messengers, if you work from home. And finally it frequently happens that some invoices are processed incorrectly or get lost in a mess. Eventually it generates risk of late or incorrect payments, lost benefits, and other negative impacts. In order to avoid the risks mentioned above, it is likely to make sure that your invoice management workflow is accurate, effective and quick.
It will be useful to create clear instructions regarding the way of incoming invoices processing. These instructions should include every step of arrival-to-pay cycle, from a supplier’s or contractor’s invoice arrival (via email, postal mail, fax, ...) and invoice classification by clerk to invoice approval and payment issuing. These instructions are also expected to include unique requirements based on an invoice type or transaction amount.
Sometimes an invoice workflow may exceed 10 steps before the payment is done. In this situation, paperless invoice approval process helps a lot with making sure that every invoice is processed properly and in time. Once invoice arrives, an accounts payable clerk just scans it and then Optical Character Recognition (OCR) technology converts the scanned image into text-document and sends it into workflow automation software. Further, workflow software captures data from various invoice fields, for instance, an amount, the supplier/contractor name, due date, and so on, and ensures automatic incoming invoice handling from arrival to posting invoice into the accounting system. The benefits of an electronic invoice approval process may include quick invoice processing, reduced human error, and on-demand reports.
Comindware offers workflow automation software with the ready-to-use template of electronic invoice approval process and customizable payment request form. You will not have to adjust your operations to these templates - use them for quick start and correct it according to your business needs with drag’n’drop simplicity. Even more, you can easily integrate your paperless invoice approval workflow with your ERP or accounting system and ensure that exchange information goes smoothly.
Electronic invoice approval process template
Fully adjustable payment request form
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