Invoice approval and handling workflow

CMW Lab COVID-19 Recovery Kit

Invoice approval and handling workflow

Ready-to-use invoice approval workflow template for dramatic reduction of invoice processing time. Get the workflow automated quickly and ensure that your working-from-home employees work effectively.

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As your business grows, the number of bills to be processed daily rises and it can become a critical and complicated task to take care of them all properly. When your business switches to remote working, partly or totally, it becomes even more important to make sure that invoices are processed properly and in time.

Invoice Management Challenges

Invoice approval process is frequently paper-based, managed manually and often relies on approvals over the phone or email. It can be particularly difficult to complete the approval process in time due to busy stakeholders and employees having to chase each other around the office or throughout the messengers, if you work from home. And finally it frequently happens that some invoices are processed incorrectly or get lost in a mess. Eventually it generates risk of late or incorrect payments, lost benefits, and other negative impacts. In order to avoid the risks mentioned above, it is likely to make sure that your invoice management workflow is accurate, effective and quick.

Ready-to-use contract approval workflow template and other workflow templates are bundled into CMW COVID-19 Recovery Kit, workflow automation solution for pandemic crisis mitigation.

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How to Improve Invoice Management Workflow

It will be useful to create clear instructions regarding the way of incoming invoices processing. These instructions should include every step of arrival-to-pay cycle, from a supplier’s or contractor’s invoice arrival (via email, postal mail, fax, ...) and invoice classification by clerk to invoice approval and payment issuing. These instructions are also expected to include unique requirements based on an invoice type or transaction amount.

Sometimes an invoice workflow may exceed 10 steps before the payment is done. In this situation, paperless invoice approval process helps a lot with making sure that every invoice is processed properly and in time. Once invoice arrives, an accounts payable clerk just scans it and then Optical Character Recognition (OCR) technology converts the scanned image into text-document and sends it into workflow automation software. Further, workflow software captures data from various invoice fields, for instance, an amount, the supplier/contractor name, due date, and so on, and ensures automatic incoming invoice handling from arrival to posting invoice into the accounting system. The benefits of an electronic invoice approval process may include quick invoice processing, reduced human error, and on-demand reports.

Eligible for COVID-19 Related Governmental Funding
The Recovery Kit is designed for supporting activities to immediately mitigate and recover from the COVID crisis and eligible for COVID-19 Related Funding. Good choice for either those directly tackling pandemic effects, or those working in unrelated fields but getting temporary financial support to continue delivering their services.

Invoice Management Workflow Template

Comindware offers workflow automation software with the ready-to-use template of electronic invoice approval process and customizable payment request form. You will not have to adjust your operations to these templates - use them for quick start and correct it according to your business needs with drag’n’drop simplicity. Even more, you can easily integrate your paperless invoice approval workflow with your ERP or accounting system and ensure that exchange information goes smoothly.

Electronic invoice approval process template

Electronic invoice approval process template

Fully adjustable payment request form

Fully adjustable payment request form

Today is the best time to take control over workflows.

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