Gut check. Is one of your teams holding up the finance and accounts payable department? Invoice approval is a tricky tasks that every organization handles differently.
At various points through the 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 complicated to-do with many tasks baked in. Invoice approval and payment encompasses auditing, allocating, submitting for approval and THEN cutting the check these invoices.
For most organizations the ‘waiting for approval’ process is the most time consuming and costly part. Here are then numbers to back this up.
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
But this doesn’t have to be your organization’s story. Ease up invoice duties for the finance department, and let them get back to what they are best at, crunching numbers. Valicom offers efficient Invoice Approval functionality through Clearview. With Clearview, managers can review the invoices charges, variances, and PDFs from their phone or from their computer. With a click of button – those invoices are approved and sent back to Finance, where the check gets cut.
Invoice approval is just one aspect to our approach to eliminating time sinks for the Finance department.