Why do you need approval automation for accounts payable?
Approval automation for accounts payable means implementing a technology that will eliminate manual work, make carrying paperwork back and forth obsolete, and streamline the approval process with automated routing. So, approval automation is an important component of excellent spend control. With a highly intuitive user interface, automated notifications, the ability to work on the go and other benefits it will really boost the efficiency of your authorization process.
To take a deeper dive into this topic, make sure to join our webinar, "Bill Automation Tech Stack: Establish Proper Financial Controls for Accounts Payable" on November 19, 2020 at 12:00 p.m. EST to learn about the other opportunities this tech stack opens up. You can register here.
The main benefits of approval automation include:
Spend control
- Fully traceable approval decisions
- Built-in spend policies
- Fraud prevention
Insight and transparency
- Real-time visibility of all spending
- Reliable data for cash flow forecasting
Compliance
- Proof of segregation of duties
- Audits with minimum effort
- Approval process on the surface
Saving time and money
- Paperless approval process
- Mobile app for on-the-go approvals
- Early payment discounts are observed
When do you need it?
The best time for implementing an accounts payable approval system is actually before its necessity becomes obvious. Not that it’s ever too late to change things for the better but when you do get to the point where you really need an approval system, the company culture is often gridlocked. Financial services providers can face a lot of resistance when they suggest early on to move away from a paper-based system. However, why waste valuable time? Any organization that provides accounting and advisory services must push for maximum operational efficiency to keep up profitability. Such businesses simply cannot afford to fritter away time with chasing approvers on the client side or collating signed paper authorizations when compiling an audit report.
It makes much more sense to address the challenge of proper approvals before it starts to hurt. But how do you actually know that it’s time for a change? Download our checklist to find the answer!
Want to learn more about approval automation? Join our webinar, "Bill Automation Tech Stack: Establish Proper Financial Controls for Accounts Payable" on November 19, 2020 at 12:00 p.m. EST to learn about the other opportunities this tech stack opens up. You can register here.