Accounts payable teams waste so much valuable time pushing for invoice approvals. Why? Oftentimes invoices arrive via mail, fax or even emailed and printed and then assigned to a team member. From there, data is manually entered into a system or spreadsheet where then the invoice can be reviewed for approval. This requires the review of the original purchase order, and vendor invoice to ensure everything matches, and this is all before the bill is sent to an approver. This is a tedious and exhausting process and often requires AP teams to dig through filing cabinets for physical documents. With an invoice automation solution like OnePosting, your AP teams can shop chasing invoice approvals, and in turn get more accurate data to help your teams complete their tasks with ease and accuracy.
Streamline Your Process
With OnePosting you can dictate which steps an invoice must follow. You can set up a specific workflow to delegate who is responsible for approvals, while also setting due dates and reminders as necessary. These reminders can speed up the approval process, and streamline the process overall, keeping your team and key personnel accountable to keep the business moving forward.
Set Up Approval Levels
The second step in improving your approval process is to get the proper level of approvals in place. With OnePosting you can set a specific dollar amount or threshold to ensure that you are getting approval from the key team members that need them. This is important because it can help prevent fraud, while also ensuring that proper protocols are in place to ensure the approver is also not the same person who is authorizing payment. This ensures that the process is upheld, accurate, and it ensures that invoices that haven’t been approved are flagged. These layers of approval also increase spend visibility across your team.
Access Three Way Match With Ease
When you adopt a solution like OnePosting, you can say goodbye to a manual matching process. The three way matching process is easy for you to put everything in one place, which means your teams no longer have to waste time digging in filing cabinets for physical records. A three way match can make the approvals automation and you don’t need an individual. You can also set the threshold so invoices over a certain amount can go for single or multiple approvals from individuals.
With OnePosting, you can stop chasing invoice approvals by setting up automated workflows that keep your team on task with reminders and notifications, while also eliminating a lot of the manual processes that hold up your teams. The benefits of OnePosting don’t stop there, when you streamline your process you can also increase your visibility across your spending and forecasting.
Create an Audit Trail
Once a streamlined process is in place, you can also create an audit trail from requesting an item to when it is received, which means you can eliminate confusion from your team and you can go directly to the source to get the action you need to keep things moving.
Extract Invoice Data
By streamlining your approval process, your not only speeding up the approval process but you can also get access to data that can be useful to other parts of your business including
- Routing data to finance or ERP systems, where trends and patterns can be analyzed such as changes in prices over time, differences in pricing between regions etc.
- Due to the accuracy of the data extracted from invoices, the data can be used by some clients to pre-populate their Goods-In applications to minimize data entry
- It can be used to update procurement solutions, separate from the updates to financial systems
With a solution like OnePosting, the integration with your existing ERP system is easy and seamless, which speeds up the approval process, eliminating redundancies and more importantly streamlining your process to ensure that your business is moving forward, allowing your team to focus on more productive tasks. At OnePosting, you can add as little or as much automation that you need, making it the perfect solution for your business. Connect with us today to find out more.