Some businesses use paper documents for invoice approval, while others use spreadsheets. What does your business use? Automated digital invoice processing software is a paperless accounting process. Companies are gradually switching from manual invoice approval methods to automated ones because of their many benefits.
Can you remember the number of times customers and vendors have complained about lost or delayed invoices, approval errors, late payments, or worse still, fraud as a result of the manual invoice approval? While it’s possible to a manual process, it’s only manageable during the early stages of a business. In other words, spreadsheets and paper documents are not practical when your business starts to scale. Indeed businesses that insist on using the manual process hurts their bottom line and their relationship with their vendors and customers.
Invoice approval workflow software offers a better way of managing your invoices and improves visibility across the accounts payable process.
This article reviews the benefits of automating the invoice approval process.
Invoice Approval Workflow Software Explained
Manual invoice processing is both costly and boring. Suppliers and customers are disappointed when you pay them late or when they spot some mistakes due to human errors. Invoice approval workflow software is a better solution because it automates key steps in invoice processing in order to deliver faster and more accurate results. Indeed the digital process eliminates the excessive reliance on accounts payable professionals.
The invoice approval workflow software leverages technology like artificial intelligence and machine learning to provide incredible solutions. GetYooz built a team of experts to work on its platform. As a result, you can now scan, capture and record over 100 million invoices and manage multiple vendors seamlessly.
Here is what an automated invoice approval process looks like.
- A digital invoice or scanned document.
- Automatic matching of information with relevant documents like receipts and purchase orders.
- Logging data on the system records, i.e., the purchase order number, invoice number, VAT, supplier’s name and address, etc.
Once these steps are complete, the accounts payable staff can now approve invoices at the click of the button because the digital invoice software integrates well with the chosen ERP system. Indeed the software improves collaboration, communication, and relationships. The account payable gets real-time notifications, approves, rejects, or questions invoices anytime and anywhere and can check the status of the invoice even on their mobile devices. Further, customers and suppliers receive their actual payments on time because automation eliminates human errors common with spreadsheets.
Reasons Why Your Business Needs Invoice Approval workflow Software
The invoice approval workflow software has the following pros
It’s completely reliable and secure: Only nominated account payable staff can access the system, and the web and mobile versions have their passwords protected using two-factor authentication.
It provides a trail of approval history: The software guarantees documents traceability and full visibility. Thus the account payable team can monitor the status of the invoice and resolve any challenges that may arise along the approval process.
It increases productivity: Eliminating menial, labor-intensive tasks liberates your team and allows them to focus on key tasks.
Invoice approval workflow software automates invoice processing. It reduces the approval time, minimizes human errors, and the account payable staff can operate from any office location, including the remote and hybrid staff.
Customers and vendors are also happy when organizations abandon the manual processes and adopt digital invoice approval workflow software. Automation simplifies the process; their invoices are never lost, and their payments are never delayed. Further, organization records fewer or nil fraud cases when they digitalize their invoice approval process because of enhanced visibility as well as their bottom line.