Invoice approval

How many invoices does your CFO handle every month? Is it regulated who is allowed to approve an invoice in your company? And what happens if the one who approves is on sick leave? Is substitution taken care of or you simply put aside all the invoices that need to be transferred?

Invoice approval

Invoice registration and invoice approval are key procedures in the life of a company since trust towards the company largely depends on whether they pay their partners and contractors on time. The procedure of invoice approval can take a lot of time without using a workflow system: it can take a couple of days as we place the paper invoice from desk to desk. This may lead to missing deadlines that does not only erode our company’s image, but we might have to pay late fees as well. The paper based invoices can become damaged when they are moved between sites, they might get lost and later it becomes impossible to track what happened to them.

Using a workflow support software the above mentioned problems can be avoided:

The complete “life-span” of the invoice can be tracked,

The procedure of approval becomes transparent and traceable: colleagues who can approve as well as deadlines can be defined and you can also check who blocks the given approval process.

There is no need for paper based documents for the approval procedure, only the recorded, electronic, scanned version; this way, only the digital picture of the invoice takes part in the approval procedure. This accelerates the procedure significantly, while the original invoice can go to the financial department right away.

The documents taking part in the procedure can be registered, managed, and stored structurally with the help of the system.

At the approval workflow configuration we can set up so called ordinal (one following the other) as well as parallel (for example when two people approving at the same time) approval.

An invoice can be retrieved from the system in a moment. It is a further advantage that the document management system does not only show the invoice, but the closely connected documents as well, such as the order form, contract, or certificate of performance. .

A typical procedure with and without workflow: invoice approval

The simplest example is the approval of an invoice. The complexity of the approval depends on the size of the company as well as the organization’s written and unwritten policies.

Without a workflow system the following issues may come up:

  • Who have the right to approve at the company?
  • Is there a multi-level approval procedure?
  • What rules are in effect in connection to the order of transfer?
  • Can the approval take place in an e-mail or only by signing the original paper version?
  • Has the service been performed?
  • Is there the right amount on the invoice?
  • What happens if the invoice is unknown?

By introducing a workflow system we can control the procedure of invoice approval, we can predefine each work phase as well as the deadlines and responsible colleagues for each phase:

  • Automated approval procedure,
  • Supports multi-level approval: for example when both the project manager’s and department head’s approval is necessary
  • The approved invoice gets into the document management system
  • Registering invoices and connected documents

If tracking the approval of invoices is problematic in your company contact our colleagues! You can find out what kind of positive changes can occur in the life of your company with the software based support of invoice verification. Moreover, we do not only offer an effective workflow solution, but our new systems provides help for everyday work in the areas of document management, task management as well as collaboration. 4 applications in one software!