Remove Bottlenecks From Your Invoice Approval Process
April 7, 2021
Estimated Reading Time: 1 minute
One of the biggest challenges slowing accounts payable (AP) teams down is following up on approvals. Almost 37% of AP teams struggled to get invoices signed off on time from managers while working remotely last year. Weeding out such work-intensive tasks and reducing unnecessary delays can help fast-track your accounting workflow.
The invoice approval waiting game
It’s easy for invoices to get lost in the approval process. If paper invoices are stuck on someone’s desk – at home or the office – it can be difficult to know where to go to find out what has happened to them. It can be like looking for a needle in a haystack.
This can result in late payments, which not only affects an organization’s cash flow but also damages vendor relations. If suppliers have to wait through long payment delays, trust and relationships can quickly deteriorate.
Managing approvals quickly & transparently
To enhance productivity and eliminate approval delays, Beanworks AP automation uses a series of features. Each one is crafted to handle the demands of your specific business.
Our user-friendly platform gives you a preview of all invoices that are pending approval and from whom. If an invoice is rejected, you can review the notes to see why it wasn’t approved and what needs to happen next.
During a hectic time like month-end, or when you urgently need to get an invoice approved, just send the manager a reminder and they’ll be able to check and approve on their phone or desktop.
Watch our step-by-step guide here.
With Beanworks, you don’t have to worry about chasing approvers and sending follow-ups. The system will ensure approvers are notified on time and will also remind them of requests that need attention. In short, the software will chase the approvers so you don’t have to.
You won’t have to wonder where your invoices have disappeared ever again. Now you can easily locate your invoice in the system and prevent future bottlenecks.
Discover what Beanworks can do for your business
How Financial Dashboards Can Drive Transformation
63% of accountants during the pandemic have been working overtime because data wasn’t easily accessible. Having information at your fingertips is critical for decision-making. Learn how this can be achieved with dashboard reporting on key AP metrics.
Keep Invoice Approvals Moving – Even When Managers Are Out-of-Office
Beanworks’ approval channel delegation feature allows businesses to transfer approval authority to another colleague – either temporarily to cover a vacation or leave, or permanently. This helps eliminate delays in paying vendors.
Simplify AP Document Management
When you do things manually, that means searching through old files until you have found what you are looking for. Luckily, with Beanworks there is no need to pull through and open up all your filing cabinets to get to the right document.
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Discover how AP automation can free your accounting team from manual data entry, delays, and paper-based processes.