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Build custom invoice approval workflows for booking invoices to your ERP
Implement multi-level approval matrices to facilitate speedy approvals that are compliant with company policies. Reference past approvals and comments via digital audit trails
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Safe and secure. Compliant with RBI guidelines & IndAS
Talk to Sales
Safe and secure. Compliant with RBI guidelines & IndAS
Trusted by more than 3000 companies
The Problem Today
Getting invoice approvals takes too long & requires regular followups
Approvals from procurement, tax and AP teams are required to get a single invoice approved. Comments from either team aren’t logged centrally. Leading to elongated timelines, and increased chances of compliance lapses and errors
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
The Problem Today
AP teams spend 100s of hours booking invoices
This is not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
Cluttered inboxes
Teams are often seeking approvals via email, cluttering inboxes and increasing chance of missing out on an invoice
Time consuming & error prone
Multi-team involvement and constant manual intervention means the approval process is time consuming & error prone
Stakeholders aren’t updated
Approvals as well as comments and rejections aren’t communicated to stakeholders in a timely manner
Invoice approval workflows built for large Indian enterprises
Book Invoices 4x Faster
Book invoices 4x faster and exercise control with custom invoice approval workflows
Create multi-layer approval flows based on department, vendor, invoice amount and more. Align with your company policies, so you’re always compliant
Assign Owners
Intimate the right stakeholders for the right invoice at the right time
Delegate approvals to trusted team members based on your internal policies and approval matrix. Send timely reminders, so your invoices can be booked 4x faster
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Invoice Collaboration
Collaborate, comment and align on invoices, all on a single dashboard
Get your entire team to upload, comment, approve, correct invoices and share feedback on a single platform
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Digital Audit Trails
Capture approval timelines, comments and more to always have audit ready digital trails
Capture invoice approvals, rejections, reasons for rejection, comments, activity and more to always be audit ready for every single invoice
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ERP & WMS Sync
Powerful ERP & WMS Sync for all your vendor invoices. Works with all ERPs
Sync your invoice compliance data in real time with SAP ECC, SAP B1, S4 Hana, Oracle, MS Dynamic and many more ERPs
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Explore our entire suite of Corporate Finance Automation Products
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Automated Invoice Approval Workflow & How to Set Up Invoice Approval Workflow?
An automated invoice approval workflow streamlines the entire accounts payable process by leveraging AP workflow automation. This system integrates invoice workflow automation and AP workflow solutions to enhance efficiency. By implementing accounts payable workflow software, businesses can optimize their workflow process, making invoice management workflow seamless and error-free. AP workflow automation software ensures that the accounts payable invoice approval process is swift, reducing manual intervention and human errors. The Invoice approval workflow becomes more efficient with automated workflows, ensuring compliance and timely payments. Invoice workflow software and accounts payable workflow automation tools provide a robust framework for an efficient workflow system, facilitating smooth accounts payable approvals.
Major Hurdles in Efficient Invoice Approval Systems
1. Manual Data Entry: Without invoice approval automation, manual data entry consumes significant accounts payable hours.
2. Document Management: Delays and risks in handling paper documents disrupt the invoice approval process.
3. Fraud Detection: Limited automation increases the risk of invoice fraud and errors, causing duplicate payments.
4. Payment Timeliness: Late payments and missed discounts are common in non-automated accounts payable workflows.
5. Approval Delays: Frequent follow-ups with approvers slow down the invoice approval process.
6. Supplier Inquiries: High volumes of payment status inquiries reflect inefficiencies in the AP workflow.
2. Document Management: Delays and risks in handling paper documents disrupt the invoice approval process.
3. Fraud Detection: Limited automation increases the risk of invoice fraud and errors, causing duplicate payments.
4. Payment Timeliness: Late payments and missed discounts are common in non-automated accounts payable workflows.
5. Approval Delays: Frequent follow-ups with approvers slow down the invoice approval process.
6. Supplier Inquiries: High volumes of payment status inquiries reflect inefficiencies in the AP workflow.
Benefits of Invoice Approval workflow
Improved Compliance and Fraud Detection
Accounts payable workflow automation and invoice approval workflow software enhance compliance and fraud detection, minimizing risks in the accounts payable approval workflow.
Cost Savings and Better Cash Flow Management
AP automation workflow and invoice workflow software ensure timely payments and optimize cash flow management by leveraging early payment discounts and streamlining the accounts payable process workflow.
Enhanced Efficiency and More Accuracy
Invoice workflow automation and AP workflow software reduce errors and speed up the AP workflow process, ensuring accurate and timely invoice processing.
Why choose CashFlo’s AP invoice approval workflow?
Choosing Cashflo’s AP invoice approval workflow offers several benefits. This invoice automation solution streamlines the entire accounts payable workflow, ensuring efficient processing of invoices. The invoice approval software integrates seamlessly with existing accounting systems, enhancing invoice approval automation and reducing manual effort. Cashflo’s automated AP workflow optimizes the accounts payable process, improving accuracy and speed. With intelligent functionality, easy exceptional handling, and optional PO matching, businesses benefit from a more reliable and streamlined invoice management, reducing errors and accelerating the invoice approval flow.
Manual invoice approval Vs. automated invoice approvalÂ
Manual invoice approval involves manually reviewing and approving invoices, which can be time-consuming and prone to errors. This approach often leads to delays in the accounts payable workflow, as each invoice must be individually processed and verified by staff. In contrast, automated invoice approval, facilitated by invoice approval workflow software, streamlines this process significantly. Invoice workflow automation accelerates the AP workflow by integrating invoice approval automation into the accounts payable workflow. Automated AP workflows ensure that invoices are processed quickly and accurately, reducing the risk of mistakes and improving efficiency. By adopting accounting workflow automation and accounts payable workflow solutions, businesses can enhance their invoice management workflow, benefiting from faster approvals and a more reliable accounts payable invoice approval process.
Challenges of manually approving invoices
1. Inefficiency and Delays: Manual invoice approval involves lengthy processes with multiple handoffs, causing significant delays and disrupting the accounts payable workflow.
2.Error-Prone: Manual handling increases the risk of errors like incorrect data entry, complicating the invoice workflow and the accounts payable invoice approval process.
3. Lack of Visibility: Without invoice workflow automation, tracking invoice status is challenging, hampering effective management and slowing down the invoice approval workflow.
4. High Administrative Costs: Manual processes require substantial time and labor, increasing costs compared to automated accounts payable workflows that streamline tasks and reduce overhead.
5. Compliance Risks: Manual approval processes risk non-compliance with financial regulations, whereas automated AP workflows ensure adherence through standardized procedures.
2.Error-Prone: Manual handling increases the risk of errors like incorrect data entry, complicating the invoice workflow and the accounts payable invoice approval process.
3. Lack of Visibility: Without invoice workflow automation, tracking invoice status is challenging, hampering effective management and slowing down the invoice approval workflow.
4. High Administrative Costs: Manual processes require substantial time and labor, increasing costs compared to automated accounts payable workflows that streamline tasks and reduce overhead.
5. Compliance Risks: Manual approval processes risk non-compliance with financial regulations, whereas automated AP workflows ensure adherence through standardized procedures.
Frequently Asked Questions
How does invoice workflow automation improve efficiency?
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What are the benefits of invoice approval workflow automation?
How to choose AP workflow automation?
What is invoice tracking software?
How do you approve an invoice?
What role does AP automation workflow software play in fraud prevention?
How can businesses optimize their accounts payable process workflow?
What is the importance of accurate data capture in invoice approval?
Power your corporate finance team with CashFlo
Speak to an expert from our team to see how CashFlo can help you automate and elevate your corporate finance function
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