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Build custom payment approval workflows and be audit ready with digital trails
Say goodbye to cluttered inboxes & chasing for payment approvals. Implement multi-level approval matrices to facilitate speedy approvals that are compliant with company policies.
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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
Payment approvals are cluttered and can’t be traced back for audits
There’s no way to configure payment approval flows that align with company policy without a technology tool. Cluttered inboxes are a main stay for payment teams, and payments are often delayed while awaiting approvals.
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not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.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.
Constant followup
Multiple followups are required with various stakeholders to make a single payment.
Time consuming
Getting approvals is a time consuming process, often delaying procurement and reducing speed at which org operates.
Missing audit trails
Lack of a central system means payments are difficult to audit, and audit timelines are often extended.
Payment approval workflows built for large Indian enterprises
Approval Flows
Process invoice approvals 4x faster and exercise control with custom approval flows
Create multi-layer approval flows based on department, vendor, invoice amount and more. Align with your company policies, so you’re always compliant.
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Assign Owners
Inform the right stakeholders for the right invoice at the right time
Keep your team focussed, and help them move faster. Delegate approvals to trusted team members. Send timely reminders, so your payments go out on time.
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.
Digital Audit Trails
Capture approval times, 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.
Explore our entire suite of Corporate Finance Automation Products
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Unlock the potential of your finance team & boost productivity 10x. Let us show you how.
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Payment Approval Workflows & Why are they essential for businesses?
Payment approval workflows are structured processes that ensure payments are systematically reviewed and authorized, incorporating financial controls to streamline management. These workflows include payment initiation, authorization, and reconciliation, often automated with approval workflow software. By integrating with invoice and expense management systems, they reduce errors, prevent fraud, and enhance accounts payable efficiency. Automated workflows improve payment management, minimizing manual effort while ensuring accurate and timely transactions. This leads to better financial control and operational efficiency, covering the entire process from invoice approval to payment reconciliation.
A step-by-step approach to payment approval workflows
1. Initiation & Submission: Authorized personnel submit payment requests with required documentation. Digital or manual submissions are supported by financial controls and workflow automation.
2. Review & Approval: Finance teams verify documents, ensuring adherence to payment procedures. Multiple approval levels ensure proper authorization and robust payment management.
3. Processing & Recording: Timely payments and accurate records are crucial for financial control, supported by invoice and expense management systems.
4. Reconciliation & Compliance: Regular reconciliations and audits ensure policy compliance, with automation enhancing efficiency and payment management.
2. Review & Approval: Finance teams verify documents, ensuring adherence to payment procedures. Multiple approval levels ensure proper authorization and robust payment management.
3. Processing & Recording: Timely payments and accurate records are crucial for financial control, supported by invoice and expense management systems.
4. Reconciliation & Compliance: Regular reconciliations and audits ensure policy compliance, with automation enhancing efficiency and payment management.
Benefits of an Effective Workflow
Enhanced Financial Controls
Implementing a robust payment approval process ensures tighter financial controls by streamlining the payment management system, reducing the risk of unauthorized payments.
Increased Efficiency through Workflow Automation
Leveraging workflow automation in the accounts payable workflow accelerates the approval process, minimizes manual errors, and optimizes the overall payment approval workflow.
Improved Compliance and Accuracy
An automated approval system within the invoice management system enhances compliance with regulations by ensuring all payments undergo a consistent approval workflow, leading to accurate and timely payment reconciliation.
Challenges in Payment Approval Workflows
1. Inefficiency and Delays: Inefficient payment approval workflows can cause significant delays, particularly when manual steps slow down the approval process. This affects overall payment management and disrupts timely payment authorization.
2. Errors and Inaccuracies: Without workflow automation, manual payment procedures and invoice approval are prone to errors, leading to inaccuracies in financial controls and complications during payment reconciliation.
3. Compliance Issues: Ensuring compliance in approval workflows is challenging when financial workflow automation is lacking. This can result in inconsistencies within the expense management system and vulnerabilities in the payment control procedures.
2. Errors and Inaccuracies: Without workflow automation, manual payment procedures and invoice approval are prone to errors, leading to inaccuracies in financial controls and complications during payment reconciliation.
3. Compliance Issues: Ensuring compliance in approval workflows is challenging when financial workflow automation is lacking. This can result in inconsistencies within the expense management system and vulnerabilities in the payment control procedures.
Best Practices for Payment Approval Workflows
1. Clear Policies: Well-defined payment approval procedures ensure consistent financial controls, transparency, and effectiveness in every process.
‍2. Training & Awareness: Regular training enhances staff understanding of payment workflows, reducing errors and improving control procedures.
3. Automation Tools: Workflow automation optimizes approval workflows, streamlining accounts payable and reducing manual tasks.
4. Regular Audits: Frequent audits of expense management and payment reconciliation ensure compliance and identify improvement areas.
5. Technology Integration: Advanced technologies enhance financial automation, improving payment accuracy and reducing risks of errors and non-compliance.
‍2. Training & Awareness: Regular training enhances staff understanding of payment workflows, reducing errors and improving control procedures.
3. Automation Tools: Workflow automation optimizes approval workflows, streamlining accounts payable and reducing manual tasks.
4. Regular Audits: Frequent audits of expense management and payment reconciliation ensure compliance and identify improvement areas.
5. Technology Integration: Advanced technologies enhance financial automation, improving payment accuracy and reducing risks of errors and non-compliance.
Cashflo provides payment approval solutions according to future trends
1. Streamlined Workflows: Cashflo enhances payment approval by integrating automation, ensuring a seamless process that strengthens financial controls and reduces delays.
2. Improved Controls & Compliance: Cashflo's software enables robust payment control, reducing errors and ensuring compliance through automated approvals and consistent reconciliation.
3. Optimized Payment Management: Cashflo simplifies payment management with advanced automation, improving efficiency in accounts payable and minimizing manual intervention in the approval process.
2. Improved Controls & Compliance: Cashflo's software enables robust payment control, reducing errors and ensuring compliance through automated approvals and consistent reconciliation.
3. Optimized Payment Management: Cashflo simplifies payment management with advanced automation, improving efficiency in accounts payable and minimizing manual intervention in the approval process.
Frequently Asked Questions
How does Workflow Automation improve the Payment Approval Process?
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What role does Financial Controls play in Payment Approval Workflows?
How does Cashflo’s Approval Workflow Software enhance Financial Management?
What are the steps involved in a typical Payment Approval Workflow?
How does an Invoice Management System integrate with Payment Approval Workflows?
How does Payment Reconciliation benefit from a structured Approval Process?
What best practices should businesses follow for effective Payment Approval Workflows?
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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