How can a company benefit from having an automated invoice approval system?
It has been proved time and time again that paper processing of accounts payable documents costs every organisation a substantial amount of money.
Accounts departments are constantly awash with incoming documents and are one of the most likely departments within a business to benefit from automation. Not only do they have to keep track of all financial transactions from the generation of purchase orders, through to the receipt of goods received notes and finally the invoice, they have to ensure that invoices get paid on time. This is where the process starts to get costly as paper chasing is both time consuming and labour intensive.
An automated purchase invoice approval system with pre-defined workflow will immediately stop paper chasing and eradicate the risk of unauthorised payments.
The IPC Group’s invoice approval system does not replace an existing accounts system but works in conjunction with it and immediately eliminates all the issues associated with paper processing.
Whatever the format of the invoice – PDF, hard copy or scanned image – it can be saved onto the system and automatically directed via the relevant approval route for authorisation. If the authoriser does not respond within a pre-set timescale, due to sickness or annual leave, the invoice will be escalated to another person who will complete the task.
One of the most significant aspects of having an automated invoice approval system is that the benefits start to become apparent almost immediately. The amount of paper significantly decreases, costs are reduced and cash flow is improved.
For further information on how an invoice approval system can help your business, please contact The IPC Group on 08081 45 46 47.