subject: Workflow Management In Minneapolis: Automating The Invoice Approval Process [print this page] Workflow management in Minneapolis can improve many internal business processes, including invoice approval. Accounts payable and accounts receivable invoices represent a companys most important accounting documents. By automating invoice approval, companies can eliminate paper handling, improve information flow and substantially reduce physical storage. Accomplishing these tasks produces numerous benefits that can transform business operations.
Workflow Management in Minneapolis: A Paper-Based Invoicing Process
The following steps characterize a typical paper-based invoicing process:
1.When an accounting department receives an accounts payable invoice, its generally stamped with empty fields to be filled out during the approval process.
2.After stamped, the invoice is routed to the person who ordered the products and/or services for approval.
3.The originator of the order reviews the invoice and approves it by filling in the blanks on the stamp. Typical information provided for the approval include P.O. number, general ledger code, job number, etc.
4.The approver then routes the invoice back to accounting where an accounting clerk will continue processing. He or she will enter the coded invoice into the companys accounting system.
5.After system entry, the invoice is paid and the paperwork set aside for filing.
Since the above manual workflow is dependent on employees physically handling each invoice many times, processing can take weeks or even months. Approval an invoice may only take a few days if the appropriate staff members are available and dont hang onto paperwork. Filing often gets pushed aside and can take a long time to complete. And, no tracking method is available in a paper-based system causing inquiries to tack on extra time.
Workflow Management in Minneapolis: An Automated Invoicing Process
When automating the invoicing process, automated workflow management in Minneapolis greatly reduces, or eliminates, physically handling and storing paper invoices. A typical digital process would involve the following steps:
1.Incoming invoices would be scanned into a document management system and electronically routed through an approval system.
2.Invoices pending approval will appear in a folder on the appropriate employees computer desktop.
3.The approver opens the folder and inputs the required coding information. Depending on the established approval requirements, the invoice is routed automatically for further approvals or back to the accounts payable department for payment.
4.All invoices are automatically stored electronically.
Since invoice statuses are updated automatically, accounting personnel can monitor all invoices quickly and easily. By establishing the proper workflow management in Minneapolis, the automated system uses pre-determined approval and security processes. Only selected employees will be allowed access and approval authority.
The Benefits of Automated Invoicing
Automating invoicing streamlines workflow management in Minneapolis and provides numerous benefits for users, departments and the company as a whole.
User Benefits. Company employees can access information in just seconds, even if theyre in another location. An automated process makes everyones job easier and allows efficiencies and productivity levels that could never be realized with a paper-based system.
Department Benefits. Automated workflow management in Minneapolis allows the A/P department to efficiently process and monitor invoicing. Invoices dont get lost, misfiled or overlooked. Instead, theyre tracked throughout the entire approval and payment process. This increased efficiency often curtails collection calls from unpaid vendors and avoids late payment fees. In addition, companies can take advantage of payment discounts for early payments and improve vendor relationships.
Company Benefits. For multi-location organizations, automated workflow management in Minneapolis bridges the gap by making information available electronically. Increased efficiency in invoicing allows companies to make better use of available staffing resources.
In addition, automated workflow management in Minneapolis helps certain companies meet federal guidelines for securing and storing information. By complying with regulations, organizations can reduce their legal liability.
By automating the invoicing process and providing immediate access to documents, companies can realize significant cost savings and greatly enhance their cash management.
