Every month invoices arrive from the Finance or Accounts Payable departments. Charges, invoices and expenses that need to be approved by a variety of department heads, managers and directors. It’s a daunting and complicated task, auditing, allocating, submitting for approval and finally paying these invoices. For most organizations the ‘submitting for approval’ process is the most time consuming and costly part. But it doesn’t have to be.
Invoice Approval Resource Sinks:
Money: The industry average cost of processing an invoice is $9.60
Time: On average invoices take 8 days to be processed
In January, Valicom released a new and pivotal module to our web-based technology expense management (TEM) tool, Clearview. The ‘Invoice Approval Module’ allows you to review, track, double check and finally approve invoice charges. Our goal is to make your life better with easy invoice approval. The invoices in the approval queue can sorted by any of the invoice fields: account number, date, amount, or variance from last month. Each individual invoice is available to view as a PDF.
The Big Benefits of Invoice Approval
Invoice approval is just one step of the process. The invoice lifecycle starts with auditing and ends in check cutting, with time and money sinks all along the way. Valicom’s invoice processing services create efficiency for your team while saving you money.
Go Green: Reduce the amount of paper generated while printing and sharing invoices among teams.
Spend Less: The hidden costs of approving invoices and making payments add up quickly. Let Valicom handle the lifecycle of your technology invoices, saving you time and preventing late fees.
Save Time: Streamline invoice processing with automated emails, prompting assigned team members to review and approve outstanding invoices.
Receive Discounts: Early payments equal discounts. You could be missing out on these savings with slow invoice approval and payment processes.
“Invoice processing and approval is an expensive pain point for many organizations. Clearview’s Invoice Approval Tool processes saves organizations time, money and staff resources.” – Jeff Poirior President & COO.
We’ll explain how the invoice approval process works in more detail in a blog next week. Stay tuned! In the mean time download the ‘Benefits of Invoice Approval’ sheet.