Ideally, an organization should send out invoices within 7 days of successfully completing the order. Unfortunately, not many organizations these days understand the importance of timely invoice delivery. The errors can be many. Delays in the process can be caused due to varied reasons. As an entrepreneur, you need to find out the right challenge and work towards its improvement.
There are a number of bottlenecks within the traditional invoice approval process that need to be taken care of, in order to achieve high Account Receivable transformation.
Here are few challenges within traditional invoice approval process:
Paper-based invoices are still common with many organizations leading to the slower invoice approval workflow process. It takes time to manually process and approve every invoice. A slower rate of processing time in invoice approval workflow results in accounts department falling behind deadlines and then struggling to manage cash flow in the organization.
Lose track of invoices
As a traditional way of dealing with invoices include sending and communicating via physical invoices. Therefore, losing out on invoices in the entire invoice approval system is common. It might get lost and never make it to the correct person for approval and further action.
Higher Chances of Duplicate and Fraudulent behavior
Paper-based invoices are prone to any damage or fraudulent behavior while you having zero control over any. It is more common for a company to have miscommunication and payment issues while keeping a track of invoices manually. Humans are prone to making errors and it leaves nobody.
Streamlined invoice approval workflow solutions are fast becoming a part of the enterprise across the world, and the AP department is gaining a significant level of competence using such solutions. The automated accounts payable solution can greatly speed up the invoice approval process and can make the payment mechanism more efficient and smooth.
The invoice approval process could be made simpler and more organized by adopting clearly-defined steps for faster approval.
In fact, invoices could be processed with no or minimal human intervention, if the following steps are incorporated:
The Invoice Approval Workflow:
1. Create Invoice:
Your entire invoicing process stays the same. We’ve just added some additional steps to cut down your extra efforts spent on invoicing for overwriting and re-editing. Create your invoices with your pre-set templates. Add all the relevant information and cross-check you did not miss any point on your invoice.
2. Enable Invoice Approval Process:
Once you’re done creating your invoice, here comes the next step of getting your invoice approved. Select the desired team of people who worked on that project and authorize them to review and edit an invoice. To enable the invoice approval process in your Invoicera app, go to the Add-on settings and integrate the invoice approval process with your current invoice settings.
3. Select Options as Per Your Business Requirements:
Admin has the supreme power to choose all the settings from basic to experts in order to review/edit the invoice. Now, add and customize settings for each project and send accurate invoices in one go.
4. Define Approval Authorities in electronic invoice approval software:
After setting up the entire invoice approval workflow, here comes the important task of including the right people in the process of getting the invoice approved. Select from the entire list and choose the people involved in a project and send them the invoice for the approval and suggestions.
5. Take Action:
After a full staff review, you are ready to add the proposed edits then and there without overwriting the entire invoice.
6. Auto Send Approved Invoices:
This is the last step in the whole invoice approval workflow process. Once your bill is approved and finalized, it can now be automatically sent to the customer without any inconvenience.
How An Invoice Approval Workflow Benefit Your Entire Business:
An invoice approval software acts as a supplement to your invoicing process. The add-on helps you to send accurate invoices in one go. Here is how the revolutionary invoice approval process benefits your business:
- It allows you to send error-free invoices in one time.
- Miscommunication of official documents can be reduced to zero.
- A streamlined workflow makes cash flow quick and smooth.
- Never miss billing any billable amount.
- Save time wasted on overwriting invoices.
- Build brand image with accurate communication of official documents.
Do you Know?
THANKS TO INVOICERA CUSTOM WORKFLOW MANAGEMENT SOLUTIONS
In many ways, an automated invoicing solution like Invoicera helps save both time and money and is a much-needed system for today’s business ecosystem. Opt solution that provides end to end customized AR and AP management:
- Bespoke automated solutions
- Integrate with legacy CRM and ERP solutions
- Early payment options for improved cash flow
- Advanced analytics and automated reports
- Custom workflow management
- Branded invoice customization
Invoicera helps businesses in automating approval workflow process makes Approval Quick and Easy!