Finance

How and where can technology be deployed to deliver real benefits?

Purchase requisition and invoice approval is a key process where efficiencies can be gained through automation. There are a number of ways of improving the process of invoice validation and approval that are available to organisations to make better use of resource.

Upon receipt invoices can be scanned, identified and where applicable can be automatically flagged for payment or sent to an individual or team for approval. Escalation procedures, reminders, timed actions and approval rules and exceptions can all be built into the system to allow the effective management of a traditionally manual process.

Key benefits can be gained from automating invoice approval such as:-

• Ensure early payment terms are received by keeping the approval cycle within agreed timescales
• Deliver documents for approval via web so remote workers do not have to wait until they are in the office to approve invoices
• Ensure the appropriate approval rules are followed every time and where applicable line management approval/authorisation is automatically applied to larger amounts
• Get real time statistics and visibility on the invoice approval process