Invoice Workflow is the market’s most user-friendly solution. Both the finance department and approvers will experience a flexible solution that makes it much easier and less time-consuming to work with and approve purchase invoices. The solution’s approval portal gives you a constant overview - from receiving the purchase invoice. Using an automated invoice approval workflow can help companies streamline the invoice generation process and steer clear of any inconsistencies that could arise as a result of using manual invoicing processes, all whilst maintaining transparency. The approaches enterprises take when handling invoice receipt and approval workflow. This is the first major step in the A/P process, and can be crucial toward driving this function's strategic value across business cost containment efforts. Best-in-Class Performance E-Payables Defined Aberdeen utilizes 'e-payables' as an all-encompassing term to. Is your Invoice approval workflow process time-consuming? An invoice approval process is one of the biggest challenges for the A/P departments. As per a recent survey, 60% of the participants reported the Invoice approval process as one of the challenges for the AP team.

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Applies To: Microsoft Dynamics AX 2012 R3

This topic explains how to set up one or more workflow configurations for vendor invoices and vendor invoice lines. For example, you might set up workflow for vendor invoices that aren’t for a purchase order, or to automatically run invoice matching on invoices that are for a purchase order. If workflow approval is set up for vendor invoices, additional controls are displayed at the top of the Vendor invoice form. These include a yellow information bar, and either a Submit button or an Actions menu. For more information, see Submit a document and Workflow actions.

Some buttons in the Vendor invoice form are not available when an invoice has been submitted for workflow journal approval. When the invoice is approved, the options in the Post group on the Action Pane are available, and the other controls and fields in the form are not. If a user changes an approved invoice, the workflow status is reset, the options in the Post group are not available, and the other controls and fields are available. The user must resubmit the changed invoice for approval.

The following illustration shows how to set up vendor invoice workflows. The numbers correspond to the procedures later in this topic.

Example

The following illustration shows an example of a vendor invoice workflow that includes the following workflow elements:

  • An automated task, Evaluate policy rules for invoices

  • A manual task, Review vendor invoice matching

  • A conditional decision, Is the total amount under 10,000?

  • An approval task, Approve vendor invoice

  • An automated task, Post vendor invoices

Prerequisites

The following table shows the prerequisites that must be in place before you start.

Category

Prerequisite

Related configuration tasks

Accounts payable parameters

To use workflows together with vendor invoice policies, make sure that the Post invoice with discrepancies field is set to Allow with warning in the Accounts payable parameters form.

1. Optional: Set up expenditure reviewers for vendor invoices

You can set up expenditure reviewer configurations to route expenditures for review based on the user who is assigned to a project role or the financial dimension where the expenditure is being charged. The workflow process uses the specified project role or financial dimension owner to determine whom to route the expenditure to.

You don’t have to set up an expenditure reviewer configuration. You can assign a specific user or user group as a reviewer when you define the workflow. However, if you have a complex organization, you can improve the efficiency of the approval process by specifying expenditure reviewers. Also, you won’t have to change the workflow reviewer assignments every time that a reviewer changes job roles.

To set up expenditure reviewers for vendor invoices, follow these steps:

  1. Click Accounts payable > Setup > Policies > Vendor invoice expenditure reviewers.

  2. On the Action Pane, click New.

  3. Enter a name for the expenditure reviewer definition.

  4. On the Project distributions FastTab, select the check box for the project role that is responsible for reviewing vendor invoices that are assigned to a project. You can select Project manager, Project controller, or Project sales manager. Expenditures will be routed to the user who is assigned to that role. You can also route the expenditure to the financial dimension owner by selecting the appropriate financial dimension check box.

  5. On the Organization distributions FastTab, select the check box for the financial dimensions that you want to use to route vendor invoices that are not assigned to a project. Vendor invoices will be routed to the user who owns the financial dimension.

2. If required: Set up the roles for project distributions

Complete this procedure if you set up an expenditure reviewer and selected any of the options in the Project authority field group in the Vendor invoice expenditure reviewers form.

You can assign people to the roles for project distributions.

To set up the roles for project distributions, follow these steps:

  1. Click Project management and accounting > Common > Projects > All projects.

  2. Select a project, and then click Edit on the Action Pane.

  3. In the Projects form, use the fields in the Responsible field group to assign workers to the roles that are required for your business practices. Use the information in the following table to decide which roles to assign workers to.

    Field

    Description

    Sales manager

    This role corresponds to the Project sales manager role that is specified for the expenditure review participant.

    Project manager

    This role corresponds to the Project manager role that is specified for the expenditure review participant.

    Project controller

    This role corresponds to the Project controller role that is specified for the expenditure review participant.

3. If required: Set up the owners for financial dimensions

Complete this procedure if you set up an expenditure reviewer and selected any of the options in either of the Financial dimensions field groups in the Vendor invoice expenditure reviewers form.

You can assign people to be owners of a financial dimension. This lets you set up workflow approvals by financial dimensions, for example, by department or cost center. You can also require that approvals for a vendor invoice be sent to the owners of all the distributions for a line item. For example, if you enter a vendor invoice for rent expense and distribute the line item to three different departments, the workflow approval step will go to the owners of all three departments.

To set up the owners for financial dimensions, follow these steps:

  1. Click General ledger > Setup > Financial dimensions > Financial dimensions.

  2. Select a financial dimension, and then click Financial dimension values.

  3. Select a dimension.

  4. On the General FastTab, in the Owner field, select the user ID of the person who is the owner of this dimension.

  5. Repeat steps 2 and 3 for the remaining financial dimensions.

4. Create a workflow for vendor invoices

You can create multiple workflows for vendor invoices.

To create a workflow for vendor invoices, follow these steps:

  1. Click Accounts payable > Setup > Accounts payable workflows.

  2. On the Action Pane, click New.

  3. Select the type of workflow to create, and then click Create workflow.

    Select from the following options:

    Type

    Purpose

    Vendor invoice

    Create workflows for vendor invoice headers. You can view the invoices in the Vendor invoice form.

    To use workflows together with vendor invoice policies, make sure that the Post invoice with discrepancies field is set to Allow with warning in the Accounts payable parameters form.

    Vendor invoice line

    Create workflows for vendor invoice lines. You can’t run a vendor invoice line workflow by itself. You must add it to a vendor invoice workflow. You can view the invoices in the Vendor invoice form.

    To use workflows together with vendor invoice policies, make sure that the Post invoice with discrepancies field is set to Allow with warning in the Accounts payable parameters form.

  4. Configure each element of the workflow. For more information, see Configure workflow elements.

  5. Repeat steps 2 through 4 to create additional workflows for vendor invoices.

5. Optional: Configure automated and manual tasks for vendor invoice workflows

Complete this procedure if your business practices require any of the following:

  • A person to review a vendor invoice

  • A person to review the results of invoice matching

  • An automated process to evaluate policy rules for invoices

  • An automated process to post the invoices

You can use a combination of automated and manual tasks in the same workflow.

Each of the following workflow tasks can perform an action on a vendor invoice. Use the information in the following table to decide which workflow tasks to use.

Task

Type

Description

Post vendor invoices

Automated

Post vendor invoices automatically. This task can be used with other tasks, but should be the last task element in the workflow configuration. If a review or approval process is used, that process should occur before this automated task. For an example of how the Post vendor invoices automatic task is used, see Workflow with a conditional decision.

This automated task does not work with vendor invoices that are from an approval journal. Post approval journals manually.

Evaluate policy rules for invoices

Automated

Evaluate policy violations on vendor invoices. For information about how to use workflow and policies together, see Key tasks: Vendor invoice policies.

If one or more policy rules for an invoice is violated at the header level, the violations are displayed in the Policy violations form for that invoice. For an example of how the Evaluate policy rules for invoices automatic task is used, see Workflow with a conditional decision.

Review vendor invoice

Manual

Assign this task to a user who is authorized to review the vendor invoice lines that are in the vendor invoice. You define the steps for the review in the description section when you create the workflow.

The difference between a review manual task and an approval workflow element:

  • If the review manual task is assigned to multiple users, the workflow can continue after any one of those users completes the task.

  • If you assign an approval workflow element to multiple users, all those users must approve the document before the workflow can continue.

For more information, see Workflow with multiple users in a task.

Review vendor invoice matching

Manual

Match product receipts automatically to vendor invoices by creating a batch task to run in a batch job.

  1. Click System administration > Inquiries > Batch jobs > Batch jobs.

  2. In the Batch job form, click the View tasks button.

  3. In the Batch tasks form, in the Class name field, select VendInvoiceMatch.

This batch process will match product receipts to their corresponding invoices. The batch process applies to vendor invoices that were entered in a vendor portal or received through a service.

For more information, see Create a batch job.

To configure automated and manual tasks for a vendor invoice workflow, follow these steps:

  • For automated tasks, see Configure an automated task.

  • For manual tasks, see Configure a manual task.

6. Optional: Configure automated and manual tasks for vendor invoice line workflows

Invoice Approval Workflow

Complete this procedure if your business practices require any of the following things:

  • A person to review the results of invoice matching

  • An automated process to evaluate policy rules for a vendor invoice line

You can use a combination of automated and manual tasks in the same workflow.

Each of the following workflow tasks can perform an action on a vendor invoice line. Use the information in the following table to decide which workflow tasks to use.

Task

Type

Description

Evaluate policy rules for invoice lines

Automated

Evaluate policy violations on vendor invoice lines. This automated task differs from the Evaluate policy rules for invoices task because it evaluates only policies that use a rule type that is based on the Vendor invoice lines query name. For information about how to use workflow and policies together, see Key tasks: Vendor invoice policies.

If a vendor invoice violates one or more policy rules at the line level, this task reports the violations in the Policy violations form for that invoice. For an example of how the Evaluate policy rules for invoice lines automatic task is used, see Workflow with a conditional decision.

Review vendor invoice line

Manual

Assign this task to a user who can perform a review of vendor invoice lines that are in the vendor invoice. You define the steps for the review in the description section when you create the workflow.

The difference between a review manual task and an approval workflow element:

  • If the review manual task is assigned to multiple users, the workflow can continue after any one of those users completes the task.

  • If you assign an approval workflow element to multiple users, all those users must approve the document before the workflow can continue.

For more information, see Workflow with multiple users in a task.

To configure automated and manual tasks for a vendor invoice line workflow, follow these steps:

  • For automated tasks, see Configure an automated task.

  • For manual tasks, see Configure a manual task.

7. Optional: Create conditional decisions

Complete this procedure if your business processes require different workflow processes depending on the amount of the invoice or other amounts such as sales taxes or charges.

The Invoice amount field is used with vendor invoice and vendor invoice line workflows. For each workflow, you can set up conditions that include this field. For example, you can require that invoice amounts that are greater than 5,000 require one approver and that invoice amounts that are greater than 20,000 require two approvers.

Calculated field

Description

Invoice amount

The total invoice amount for the vendor invoice.

To create conditions, see the following topic:

8. Assign participants to workflow elements

You can associate a workflow element with the following groups of participants.

User group

Description

Security role participants

Assign the workflow element to a Microsoft Dynamics AX security role. You might use this option if a group of workers can approve invoices and it doesn’t matter which person approves a particular invoice.

User group participants

Assign the workflow element to a Microsoft Dynamics AX user group. You might use this option if a group of workers can approve invoices and it doesn’t matter which person approves a particular invoice.

Vendor invoice expenditure participants

Assign the workflow element to expenditure participants. Expenditure participants can include users who are associated with specific projects or who are owners for specific financial dimensions, such as departments and cost centers. This option provides the most control and the most flexibility for vendor invoice and vendor invoice line workflows.

  • For instructions about how to assign participants to a workflow, see Configure workflow elements.

Related tasks

Technical information for system administrators

If you don't have access to the pages that are used to complete this task, contact your system administrator and provide the information that is shown in the following table.

Category

Prerequisite

Configuration keys

No configuration key is required for this task.

Security roles and duties

To perform this task, you must be a member of the -SYSADMIN- security role.

Are you a finance manager or controller and struggling due to a lack of effective supplier invoice approval workflow?

Then THIS strategy is for you.

Using this strategy, our Clients have seen anywhere from a 35-50% reduction in the time spent on processing invoices.

An ineffective invoice process is a reason your team is always struggling to process invoices on time.

Invoice approval workflow software

The difference between a well-run Accounts payable function and a chaotic AP process is the effectiveness of the supplier invoice approval workflow.

It is not the case that the controllers or CFO’s don’t understand the criticality of AP automation, in fact, most companies have invested in some form of invoice approval software so that they can automate the review and approval process. But is the automation helping in reducing the time spent on processing invoices?

Most of the invoice approval process is a combination of manual or automated processes. The process is generally cobbled together. Here is a common AP business process:

1. Receive invoices via email or mail.

2. Scan and put them in a shared folder, or online storage like Dropbox.

3. Followed by a manual process to review the invoice and then identify who needs to approve the invoice.

4. Email the person and then send multiple reminders so that you can get the invoice processed.

5. Finally, enter the invoice into your accounting system like QuickBooks so that they can process payment to the supplier.

Does this process look familiar to you? We call this Invoice maze and to navigate this maze, you need to be very skilled. Give this process to a new person and they take weeks to fully understand the nuances of the process. Yes, we exaggerated on the weeks!

So what is the solution?

The solution to an efficient invoice processing process is to first clearly identify the optimum process and then use software for automating the invoice approval process.

Yes, it is simple but still many companies directly jump into automation first without assessing the efficiency of the current process.

The key is not to look at the process in isolation but to review this in conjunction with your purchasing or procurement process.

In this article, we will cover:

1. How to assess the cost of your manual invoicing process.

2. How to design an effective invoice approval workflow.

3. How to use AP automation to supercharge your invoice approval process.

Our goal is to get rid of the maze and provide you with a simple process that helps you reduce the time spent on processing invoices. Along with time savings, it also has added advantage of fraud prevention.

But before you move forward, download the invoice process optimizer

Then follow along and see how you can cut 40% invoice approval time by leveraging these strategies.

and follow the strategies to reduce the invoice processing time by 40%.

If you would rather see how our tool can supercharge your invoice approval process,
Schedule a free demo and we will show you how to successfully navigate the invoice maze.

Let’s get started

1. What is the cost of your manual invoice approval process or workflow?

Increasing the productivity of your team starts with understanding the cost of productivity loss. It helps you build the business case and provides key metrics you would need to measure the return on investment in this process.

Here is a typical invoice processing cost with a manual invoice management process:

You could use the following cost to calculate your invoice processing cost or you could use some existing benchmarks. The following is the breakdown

a) Systems cost

These costs include all the systems you are using to process the invoices. Here are some examples of the system costs

1. A tool to capture invoices and scan them.

2. A tool to store invoices online for easy access.

3. A tool for routing the invoice for approval and sending reminders.

4. A tool to upload data to your accounting system.

The easiest way to calculate this cost to look at the past 12 month invoices or your credit card statements and identify charges related to these systems.

b) Data entry costs

This is the cost to manually enter the data into your accounting system.

As per a recent survey by Levvel 86% of the SME’s and 65% of mid-market firms are still processing the invoices manually.

The easiest way to calculate this cost is to identify the FTE’s who are working on processing the invoices. You might have multiple shared resources working on processing invoices. If you are even processing 100-150 invoices/month. You could assume .5 FTE as the cost.

The cost per FTE would vary but $65,000 annually is a safe bet for the cost.

c) Time spent in approvals

As per a recent study by research firm Levvel, the average invoice approval cycle is 2-3 approvals per invoice.

This is the time spent by different people in approving the invoices. You could easily assume $100/hour or more as the cost and based on the time spent, one can calculate the cost of the approval process.

d) Calculating your invoice processing cost

Now you have all your costs, all you have to do is to take the annual volume and total cost and calculate the average cost to process an invoice.

Let’s assume you are processing 3000 invoices annually. If the average cost is $10 as some of the benchmarks suggest, then the total annual cost is $30,000. Now that might not be a lot depending upon your company size but as you scale your business, this cost would also increase.

So any measure you take now to reduce the time spent on processing invoices will help to reduce the cost over the long term.

2. Creating your invoice approval process flowchart

Is your Invoice approval workflow process time-consuming?

An invoice approval process is one of the biggest challenges for the A/P departments. As per a recent survey, 60% of the participants reported the Invoice approval process as one of the challenges for the AP team.

It is either too long or complicated and hence they land up spending too much time on it.

Now some of you might say that it is better if the invoice takes long because then we can pay vendors late and have less strain on the working capital!

This might be true in some cases but not always. The two challenges company often face are:

1. Lack of complete visibility into your cash flow

Invoice Approval Workflow In Quickbooks

If an invoice is stuck in an approval process, then most likely it is not yet entered into your accounting system. The finance department then has to deal with a lack of visibility into the working capital requirement.

Granted, you can look at historical invoice data to come up with some estimates on what your monthly outflow is. But if you are borrowing money to fulfill your A/P requirements then you could be paying additional interest which you can easily avoid.

2. Delayed payments lead to late fee charges

The vendor might charge you late fees if the invoice is paid late. Now in the short term, that might not be a lot of money but over a year, the late fees could easily add up. When was the last time you checked on the late fees?

3. Creating your invoice workflow flowchart

Here is a sample invoice process workflow:

To improve your current process, you need to identify the process flow as well as current bottlenecks. It might sound overwhelming to create an invoice workflow flowchart but in fact, it is very simple. Here is the step-by-step process.

Step 1:

First, list all the methods by which you currently receive invoices from the vendors. If possible, break up the % of invoices by the method you receive them. For example

  1. Paper Invoices received by mail – 30%
  2. Invoices received by email – 20%
  3. EDI invoices – 30%
  4. Invoices sent directly to the stakeholders – 20%

Step 2:

Next, detail how these invoices are processed after they have been received. For example, you enter the invoice data in an invoice workflow system. Or you could be just sending the invoices first for review and then keying the data in the relevant system.

Step3 :

After that, you need to detail your current approval process. Here is what you need to cover in this step

  1. Who is approving the invoice and when? For example, an invoice needs to be approved when there is no PO # on the invoice. If all your invoices are currently sent for review, then clearly mention why you are doing that.
  2. If there are exceptions then who review the invoices.
  3. Do you have different authorization limits based on the invoice amount? If yes, mention that in the workflow

4. Optimizing your invoice approval workflow

The next step is to identify areas in which you can optimize the current invoice approval workflow.

Here are some questions you should ask yourself and your team

  1. Can we move some vendors to electronic invoices so that we don’t have to scan paper invoices?
  2. Can we move some vendors to EDI/Electronic data interchange so there is no need to send invoice documents? Most of your common vendors like Amazon.com already support this.
  3. Can we implement a 3-way match process so that the invoices can be automatically matched to the PO and receipt, hence avoiding the need for workflow?
  4. Can we set up tolerances so that the invoice can be automatically approved if the invoice amount is over the order amount but within the set threshold?

Automation does help with some of these optimizations and we will cover that in the next process

In this section, we will look at optimizing the invoice approval workflow with the help of technology. Our goal is to highlight key technology features you would need to set up an effective invoice approval process.

Reducing the time & effort to enter invoices.

The first step of optimizing the invoice workflow is to streamline the process for capturing the invoices from your vendors. We recommend centralizing the process for accepting invoices from your vendors.

There are a couple of ways technology can help you do that.

  1. Automatically receive invoices using EDI/cXML. EDI stands for Electronic Data Interchange which is an old data standard for exchange documents electronically. You could also use cXML which is more modern and very well suited for procure-to-pay transactions. If you are using a modern purchasing system, then these capabilities are already built for you.
  2. Use a supplier portal so that suppliers can submit the invoices electronically. This process is very effective when you are using the purchase order. If you use a purchase order then suppliers are always invoicing against a purchase order which eliminates the data entry errors.
  3. Setup a centralized email for your suppliers, for example [email protected] and ask the vendors to send the invoices to that email only. It not only solves reduce paper invoices but also ensures that the invoices are not lost.
  4. A system to scan the incoming paper invoices.

5. A 3-way match process for auto approving invoices

Once the invoices are captured, you need to then automate the matching process for matching the invoice with the purchase order and receipts, also called a 3-way match process.

The idea here is to use technology to check the invoice against an approved purchase order so that you don’t have to spend time manually figuring out whether the invoice is approved for payment or not.

If it is a tangible product purchase, then a receipt is the confirmation that the product has been received by the buyer.

Workflow

If it is a service purchase, we highly recommend an invoice review process so that the end consumer of that service can confirm whether the service has been received or not.

An automated routing engine to route invoice exceptions and maintain an audit trail

We talked about the automated matching of the purchase order, invoices, and receipts but what happens if these documents don’t match with each other.

For example, you ordered 10 widgets, the vendor shipped 10 but invoiced you for 11.

If you have an integrated purchase order and the invoicing system then the exception management can be fully automated.

All you have to do is to define business rules on what should happen when the system finds an exception. For example, you could set up a process that the original requester should be automatically notified to review the exceptions in the system and provide guidance.

In our experience, ProcureDesk customers get the biggest benefit in the invoice matching process because the AP team is not spending time on routing invoices for approval.

Now if you have a single-person AP team, the automated matching and routing process is a must!

Integration to avoid redundant data entry

If you are using an integrated purchase order and invoicing system, then you have already entered the data once or the invoices are electronically received for you.

You don’t want to lose these productivity improvements by again spending time entering the data into your accounting systems like QuickBooks, Sage Intacct or Netsuite.

So the key piece of the integration is automated data sync with your accounting system so you can avoid redundant data entry.

Communicating with stakeholders for better adoption

As we noted above, the biggest benefit of automating the invoice approval workflow is the ability to match and route the exceptions for approvals. Employees are a key part of the approval workflow process so we need to make sure that we are communicating the changes to them.

To make sure that the new approval process is well adopted, you need effective communication with employees. Here are the key things to address in internal employee communication

Receiving invoices from vendors

In most of ProcureDesk deployments, we see a change in the way invoices are received by the A/P department. You are changing from a manual paper-based invoicing process to an automated invoicing process and that is what you need to communicate to employees.

For example – if you need suppliers to send invoices directly through a portal then employees who are working directly with the vendors can communicate it to them. We are not saying that you should inform vendors about this change through individual stakeholders. What we are suggesting is that you can use employees to reinforce the message to the vendors.

How the exception process would work

If you are implementing a new invoice exception review process then employees should know what to do when they get a request to resolve an exception.

Let’s say that the employee order 10 reams of paper from Amazon. The order is delivered and Amazon sends you the invoice but there is no receipt.

Even if your purchasing system is automatically sending automated emails to remind users to create the receipt you still need to let employees know what is expected out of them. In this case, they just need to know that a receipt needs to be created.

Similarly, if the unit price doesn’t match between documents then who resolves the exception and what they need to do to effectively resolve it.

Reporting issues with the process

Your process is not going to be perfect on day 1, so it is imperative that you have a feedback loop setup.

It doesn’t have to be complicated. A simple process like sending an email with the feedback is good enough to start with.

6. First 90 days and the plan forward

Sharepoint Invoice Approval Workflow

In the previous sections, we talked about setting up the invoice approval workflow and the related automation related to capturing invoices electronically.

In this section, we want to provide you with some markers to track whether the invoice automation and invoice approval is working or not. If you are just getting started with invoice process optimization, the following KPIs should be a good start.

Number of electronic invoices submitted

What is this?

This measure tracks the invoices which are submitted electronically. This includes invoices submitted through Electronic Data Interchange or through a supplier portal.

Why it is important?

Electronic invoices not only reduces the error from an invoice matching perspective but also reduces the data entry burden on the A/P team

How to measure it?

Total invoices submitted electronically/ Total invoices submitted for the month.

This is a monthly metric.

You should see a month-by-month increase for this metric.

Invoice exception rate

What is this?

The number of exceptions is the total exceptions generated by the system. An exception is generally an issue with an invoice. For example – the invoice quantity does not match with the order quantity or the invoice total doesn’t match the order amount.

Why is this important?

This is a direct measure of the accuracy of the data submitted by your suppliers. The lesser the number of exceptions, the more accurate the data. Now, this is not always the vendor’s fault, it could be that the purchase order was not generated properly, and that caused the mismatch between the purchase order and invoice.

How to measure it?

The invoice exception rate is measured as

Total invoice exceptions in a given month/ Total invoice process in a month.

This is a monthly metric and you should see a month-on-month downward trend for this.

Average time from invoice entry to send for payment.

Invoice Approval Workflow Office 365

What Is this?

This is the average time it takes for you to process an invoice. There are multiple steps to process an invoice. You could potentially look at each subprocess but to start with, you can just measure the end-to-end cycle time.

Why is this important?

Ap Invoice Approval Workflow

This is a direct measure of the efficiency of the whole invoicing process. The more efficient the process, the higher your team’s productivity.

How to measure it?

This is an average of the time takes to process each invoice. You should be able to get this easily from your invoice processing system

Workflow

Now your turn!

An efficient Invoice approval process is the key to increasing the productivity of the AP team.

By implementing an invoice approval process

  1. You can reduce the time spent on processing invoices.
  2. You can increase compliance to set purchasing policies by matching the invoices to pre-authorized spend.
  3. Take advantage of early-pay discounts. Since you can process invoices faster, you can take advantage of any early pay discount.

So if you are looking to get better cash flow visibility without spending endless hours on processing invoices, implement an invoice approval workflow to streamline the purchase-to-pay process.

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