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Accounts Payable Invoice Approval Workflow

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Accounts Payable Invoice Approval Workflow 2017-09-14T08:52:05+00:00

Accelerate your Invoice Approval Workflow

In a standard business environment, the ideal time to process an invoice is 3-5 days. However, many businesses lose this edge and take weeks to process an invoice. Traditional approach of AP filing is paper-centric and error prone as accounts payable teams manually route invoices for approval and file paper invoices in filing cabinets. Eventually there are loads of papers to sift and sort through, which either results in misplacing invoices or late payments. In both the scenarios, the ultimate processing cost increases while the business-supplier relation suffers.

Accounts Payable Invoice Approval

How to streamline AP Invoice Processing?

The answer here is AP invoice automation. Docsvault’s three-pronged approach of AP invoice automation helps speed up filing, approval and search which leads to an efficient and seamless paperless accounts payable process. Invoices are scanned or imported to Docsvault repository and in the process are named consistently as per predefined rules. Invoices are then automatically routed for approval to the concerned employee. In case of multi-step approvals, Docsvault’s flexible workflows can be set to satisfy practically any routing requirements based on invoice amount, number of approvals needed, funding source, etc. Timely reminder alerts, automatic escalations & delegations, and complete traceability make the invoice approval process highly efficient. There is no chance of losing an invoice and there is greater transparency in the entire process.

Key Benefits of AP Invoice processing with Docsvault

  • Improves productivity of accounts payable teams
  • Centralizes AP process between multiple offices
  • Digital signature adds authentication to process
  • Increases accuracy and transparency
  • Facilitates task delegation and improves accountability
  • Reduces physical filing costs
  • Improves processing and cash flow
  • Keeps suppliers happy

Take definitive steps to increase AP productivity. Contact us to see how Docsvault can help you streamline your AP invoice processing.

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