A Quick Guide to Invoice Approval Workflow Automation

The invoicing process for the company is an essential task, as it is a professional way of requesting payments to customers. It will help to manage the cash flow efficiently by getting the payments to the company.

Due to the various departments in an organization, any communication gap leads to human errors. In most cases, companies make the mistake of manually creating invoices and approving them.

To eradicate this mistake, automation comes into play, which helps the company easily analyze, edit, and approve the invoice before sending it to the customers. Next, we will discuss what the invoice approval workflow process is.

What is the invoice approval workflow process?

Invoice approval is the process of reviewing & approving invoices before sending them to the customer. At the end of each month, the audit team verifies and processes multiple invoices simultaneously. Invoice approval workflow software allows them to make the invoice presentable without errors and automatically send it to customers.

What awakens and needs invoice approval process in an organization?

The company faces many problems when its invoices are not approved.

Some of them are:

Unbalanced cashflow

If the company sends an incorrect invoice to the customers and its return, the review, and reissue take a lot of time and lead to delays in payments. And this affects the company's cash flow.

Approval takes too long.

If the invoice is rejected, it will take a long time to review and reissue. This makes the whole process difficult and complicated. Therefore, the internal invoice approval process makes the whole process faster and easier.

Internal conflicts

In any given project, there are several departments involved. For any given invoice, it is the accounting department that creates and sends it. With manual communication of project deliverables and chargeable, inclusions become difficult. Hence, conflicts arise. It is advisable to keep track of milestones in order to be able to invoice correctly. This is exactly where Invoicera comes into play and stores the details in reports for you. In addition to sending notifications to review invoices before sending them to customers.

Invoice approval workflow steps

1) Invoice creation

Initially, the administrator holds the key position in invoice creation. The administrator's responsibility is to add all relevant information related to the project to the invoice, including the address, due date, and payment method, so that no billable amount remains.

2) Adding team for an invoice approval workflow.

A list of the resources required on that particular project should be predefined and mentioned as a billable amount on the invoice. Therefore, it is necessary to involve those who worked on that project to know how much time and money the project took.

Invoice approval workflow software helps employees to go into the system to double-check all the items so that no billable amount is left in the final invoice approval process.

3) Give editor, commenter, and suggest rights.

Once all data is entered into the system, the administrator gives access to other authorized members to make suggestions. This process helps to make the invoices error-free and like a professional invoice. Invoice approval software plays an important role in reducing the accountant's burden by managing the entire process online and in a single dashboard.

4) Taking feedback and correcting invoices

After taking the employee's suggestion, it is time to correct the details as per the feedback and send that invoice to the customers. In this way, the accountant's burden is reduced, and it helps to create better and more presentable invoices.

5) Automatic sending of the approved invoice 

Once the invoice is approved, the final task is to send it to customers for payments. Customizing the invoice approval workflow helps to send accurate invoices to customers automatically. And it is easier for customers to view the detailed invoice report and pay quickly to get rid of late fees.

6) Update in the dashboard

The last step in this process is to update the entire report in the dashboards to access the record for any query on the specific projects. This makes the entire process transparent and helps to manage the process efficiently.

How does an online invoice approval workflow benefit your entire company?

Automated invoice approval software acts as a means to streamline the entire invoicing process. It helps you send accurate invoices to your customers in one go. Here are the benefits of the invoice approval process for the business.

• Helps reduce communication gaps between departments.
• It helps to send an accurate and error-free invoice in one go.
• It allows you to make your brand identity in the market.
• It helps to save time in rewriting the invoices.
• Automated software helps to get paid more easily and helps to streamline the entire workflow process efficiently.
• It automates late fees and payment reminders to get paid quickly.

Want to know the best invoice approval workflow software?

Invoicera, with experience of more than 17 years in providing automated invoicing solutions, helps businesses save a lot of time in creating accurate invoices and facilitate the entire invoice approval process.

It has the following features:

• Automated invoicing helps to send accurate invoices effortlessly.
• It helps to create an invoice with attractive templates.
• Integrates the software with ERP/CRM to automate the invoicing process.
• Provides options to receive payments from 30+ payment gateways.
• Assists in detailed expense reporting so that no billable amount is left over.
• Tracks payments and sends automatic reminders to expedite payments.
• Customized workflow management and more
• Automate your invoice approval process today. And for more information, check out their demo version.                                                                                                 

Conclusion:

In this blog, we've discussed the invoice approval process and the steps required to manage your invoice approval workflow. Sending the right invoices helps to gain your trust and helps to make your brand image in the market. The use of customized invoicing software allows companies to send professional-like invoices to customers. It also allows you to eliminate the communication gap between departments and reduce the burden on the accountant. We also talk about the best invoice approval software to automate the entire work process. It is up to you to choose the best software of your choice, but never forget to check its demo version.

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Created on Jun 2nd 2021 01:04. Viewed 324 times.

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