Beef up the benefits of automation with a well-defined invoice approval process

Introduction

As they are processed, Accounts Payable invoices go through several steps from capture to payment. Today, we focus on one of those steps: invoice approval and the benefits of automating this task.  

You can have the best technology on the market, but if your processes aren’t right, it will be difficult to leverage the full potential of automation software. This is why the list we share below presents a combination of the right technology with optimized and well-defined  flows.

Automation increases productivity, accuracy, and efficiency, resulting in time and cost savings. And with the right workflow tool in place, automation will effortlessly streamline invoice without any complications. So here’s our list. 

How a well-established invoice approval workflow supports your business

• Reduce errors
  When an organization lacks AP automation software it is usually the responsibility of the Accounts Payable team to route invoices to the right approvers in line with company policy. This doesn’t always go according to plan, especially in large organizations. Invoices sent to incorrect approver/s obviously take longer to process which can potentially result in a late payment. 
  
  When you deploy AP automation software capable of supporting your invoice approval flows you clamp down on this source of error. The automated invoice workflow will route the invoice to the right approvers every time.
• Improve efficiency
  As you stamp out errors and streamline the approval process, you can significantly reduce the time it takes to process invoices, not only for the AP team but also for other departments within your organization. Actions such as reminders, escalations, or delegations can also be planned and automated. Such boosts in speed and efficiency lead to better relationships with vendors and improved cash flow management.
• Gain visibility
  Without AP automation technology such Cevinio’s, it can be difficult to track the status of invoices or gain an objective view of your processes. Data analytics on the approval process will help you build insight into how efficiently you work, and where the process can be optimized. 
• Avoid fraud
  Fraud in accounts payable can take many forms, but a strong approval process supported by advanced technology will help you spot and thwart it.
• Enhance control and accountability
  Clear approval steps and delegation of authority help ensure that only authorized individuals can approve invoices, preventing unauthorized payments and increasing accountability.
• Standardize invoice processing
  A consistent invoice approval flow ensures that all invoices with the same defined characteristics are handled in the same manner, promoting consistency, and minimizing errors.

The approval workflow as part of AP automation

When processing Accounts Payable invoices in an AP automation software solution you can automate the process end-to-end from reception to posting in the relevant ERP system.  

For example, with the Cevinio AP Automation solution, you can:  

• Import invoices from different channels 
• Process scan, PDF, and electronic invoices  
• Split batches into separate invoices  
• Identify PO-based invoices  
• Process both PO and non-PO invoices automatically 
• Execute compliance checks  
• Automate the invoice approval workflow  
• Provide data to make more informed decisions. 

Solid and advanced approval workflow features will help ensure that even “difficult” invoices requiring special checks and attention are processed according to your standards in the most efficient and cost-effective manner. 

How Cevinio’s invoice approval workflow capabilities contribute to faster and more efficient processing

Our AP Automation solution is already supporting Accounts Payable teams in many global organizations. Below we highlight how Cevinio has helped those teams transform the way they work. 

Cevinio unlocks seamless collaboration 
In addition to empowering your users with the ability to approve, delegate, reject, and seek advice within a robust approval workflow, you can benefit from unlimited multi-level approval capabilities with intelligent notifications, reminders, and time-based escalations.

We help you navigate global complexity with ease 
Handle intricate business scenarios effortlessly with support for complex business rules and dedicated escalation methods for invoices and individual lines.  

We support your global organization, enabling the creation of an unlimited number of entities or groups of users to design different paths and conditions that align with your business’s unique structure.

Cevinio automates invoice routing for precision 
Experience automatic invoice routing based on a comprehensive set of parameters. Achieve clear differentiation between approval flows by utilizing criteria such as project, cost center, GL accounts, suppliers, purchase head, subcategory, location, services, work or product, invoice types, and many others. 

We bring simplicity to maintenance and management

Our platform is designed to be user-friendly and easily accessible, ensuring a seamless experience for users. When there are changes in the organization, the authorized user can amend this information independently in the Cevinio system, keeping the approval process up-to-date. 

Effortless onboarding with training content
Facilitate smooth onboarding for approvers with our intuitive platform. Our training content ensures that users quickly adapt to the system, maximizing efficiency from day one. 

Access real-time information securely from the cloud via mobile devices. 

We enhance control and boost efficiency 
Take command of your approval process and continually improve over time. Leverage approval workflow analytics to evaluate efficiency, identify bottlenecks, and track the average time each responsible group takes to review invoices.

Cevinio provides contextual insights for approvers
Equip your approvers with greater context when they have questions, ensuring informed decision-making. Our platform provides a comprehensive view of the data stored in one centralized system.

Conclusion 

In summary, a well-defined and automated invoice approval process stands as a linchpin in optimizing Accounts Payable. Beyond mere technical integration, it represents a strategic fusion of advanced technology and streamlined processes, offering transformative benefits for businesses. 

This synergy produces heightened productivity, accuracy, and efficiency, with AP automation software such as Cevinio’s leading the field. By minimizing errors, automating actions, and providing real-time insights, we not only enhance operational speed but also foster stronger vendor relationships and improve cash flow management. 

As we conclude, the question is: How can our AP Automation solution meet your unique business needs? Connect with our experts today to discover a future of autonomous accounts payable processes.