Companies and organizations which have differentiated departments often face an issue; they might either forget to charge their services or send the wrong invoices in the wrong places.
This often happens to firms where the accounting department might not be in coordination with other wings of the unit, thus, leading to clerical errors in invoicing.
To resolve this loophole, the invoice approval workflow must be sorted out and smoothened through electronic invoices.
The automatization of financial processes in companies can be useful in the verification of invoices through the timely synchronization of all the actors in the process, from the warehouse to the supplier, approver, buyer, and finance departments.
In this article, we will explore what invoice approval workflow is, and what its benefits are. We will also see how easyap invoices help companies to iron out every financial process in the way, to ensure a smoother functioning between the various departments.
What is Invoice Approval?
Invoicing approval refers to the process of approving all the financial dealings of an organisation with a supplier, and promptly jotting down all the details in the forms of invoices and receipts. Companies carry out this procedure before processing payments from a supplier.
Once the supplier’s invoice is received through some medium, it is forwarded to a respective stakeholder for approval.
Traditionally, either a group of designated individuals or the accounting department of an organization handle this procedure and keep tabs with manually created ledgers.
In today’s digital world, not only does this method seem redundant, but also highly prone to minor human errors, which can later lead to financial imbalances.
Thus, most of the larger organizations are turning towards accounts payable software from reliable firms like easyap to simplify the invoice approval procedure. This is because it digitalizes all the invoices, which can in turn be easy to review and approve.
A good invoice approval workflow software also provides the facility of suggestions in the coding of accounts on the basis of charts. They also rely on the historical records to provide this optimisation, thus ensuring a good workflow.
What are the Benefits Of Invoice Approval Workflow
Invoice approval workflow poses a lot of benefits for organisations utilizing this technology. Here we have stated a few of the benefits offered by easyap’s electronic invoicing.
- Electronic record of all actions in the process, favouring and resulting in internal control.
- Reduction in exception resolution time, and in the approval process.
- Facilitates Treasury planning.
- Visibility of the status of each and every one of the invoices. This automatically assigns the tasks to those responsible based on business rules.
- Helps in the transformation of fixed costs into variables.
- Exception Categorization identifies clear points for improvement in associated processes.
- Increased productivity of the actors in the process, resulting in cost savings.
- Free invoice template to maintain accurate financial records
easyap Invoice Approval Workflow Services
easyap is the pioneer and market leader among electronic invoicing experts. They provide various facilities to their clients like tools for issuing and receiving e-invoices.
The service also helps in the digitization and data extraction of invoices in the form of both paper and pdfs.
easyap has over 20 years of experience in the field of electronic invoicing for companies of all sectors, sizes and locations. The services have been utilized by many SMEs and companies from across Europe and America. It has been leading to a substantial improvement in their performances and growth.
easyap’s invoice workflow approval consists of a comprehensive service model that covers all the steps of the processing. This can be done both with and without a purchase order.
Features of easyap Invoice Approval Workflow
easyap’s invoice approval workflow services help in aiding to improve and optimize their supplier accounting processes.
The best feature about easyap’s invoice approval invoices is that it can lead to cost savings up to 45%!
There is no requirement for an initial investment to start. The costs for this service are calculated per the number of invoices processed and doesn’t require internal developments.
On an Ending Note
The invoice workflow services are among the most critical aspects of running a business. This helps to balance out income and expenditure, and efficiently communicate with the supplier as well.
Easyap offers services that can be utilized by companies of diverse sizes to mark an increase in productivity. If you wish to take your business to greater heights, visit the easyap website, and check out their various services.