What an Invoice Approvals Process Looks Like in the Hybrid Age

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Our survey with over 200 AP professionals found that they were spending one day per week on managing approvals. If your AP department uses a manual process for approving invoices and payments, you would know the common challenges that come with it:

  • Collecting physical signatures from approvers
  • Not knowing where the invoice is in the approvals cycle
  • Manually entering data in the system or spreadsheet
  • Locating backup documents when requested  
  • Reminding managers about pending invoices so you can close the month

With all these layers involved in the process, approving invoices on time and with ease, becomes a major challenge for accounting teams.

When approvals documents stay with managers for longer than expected, it stalls the AP cycle, resulting in late payments, and making AP vulnerable to financial risks. Often, lack of visibility and control contributes to the problem.

More control and better visibility

Approval channels that are poorly defined or lack technological support can leave organizations vulnerable to fraud and abuse. A robust approval matrix will ensure the workflow keeps running even when managers are working remotely. Here’s how you to construct a smooth and secure AP approval channel.

  • Create a separate approval process for invoices and payments: the responsibility to authorize invoices and payments should always be with different individuals. This prevents company funds from being frequently routed.
Read the full blog here

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