A company can automate invoice approval with accounts payable automation software. The software automatically converts a paper invoice, for example, into a digital electronic format. From there the software determines which corporate leaders should approve which invoices and automatically sends the invoices to the appropriate leaders based the company’s rules and workflow restrictions.
These rules and restrictions help eliminate the hassle of reaching out to an approver every month about the same dollar amount threshold.
All approval amounts can be set during implementation for a smooth, streamlined process. Approvals can also be rerouted in the absence of the approver to keep business running as usual.
Customers who use invoice automation software can track the status of any invoice at any time. They can analyze critical metrics like approval cycle times and month-end accruals. And with one-click accrual, these customers can see what invoices still need approval, how they’re coded and the dollars outstanding.
AvidXchange’s invoice automation software can mirror your current approval processes and workflows, helping reduce paper, duplicate payments and security risks. By automating the invoice management process, companies can track invoices electronically, streamline workflows, and access a central repository for anytime, anywhere access to invoice and payment data.