Invoicing process for the company is an essential task as it is a professional way to ask the clients for the payments. It will help to manage the cash flow efficiently by bringing payments to the company.
Due to the various departments in an organization, any loopholes in communication between them lead to human errors. In most scenarios, companies make the mistake of manually creating invoices and approving them.
To eradicate this mistake, the role of automation comes into play and helps the company to analyze, edit, and easily approve the invoice before sending it to clients. Next, we will discuss what the invoice approval workflow process is?
What is the Invoice Approval Workflow Process?
Invoice approval is the process of reviewing and approving the invoices before sending them to the client. At the end of every month, the audit team verifies & processes multiple invoices simultaneously. Invoice approval workflow software allows them to easily make the presentable invoice with no errors and auto send it to clients.
What awakens and needs of the invoice approval process in an organization?
The company faces lots of issues when its invoices are not getting approved.
Some of them are:
Imbalanced cash flow
If the company sends an incorrect invoice to clients and its comeback then, review & re-edit take lots of time and lead to late payments. And this affects the company cash flow.
Approval takes too long
If invoice gets rejected then, it will take lots of time to review and re-edit it. This makes the whole process challenging and complicated. This process put a lot of burden on the accountant to review & rewrite it. hence, the in-house invoice approval process makes the whole process quicker and easier.
Internal conflicts
In any particular project, multiple departments are involved. For any invoice, it is the accounting department that creates and sends it out. With manual communication of project deliverables and chargeables, inclusions become difficult. Hence, leads to conflicts. It is always recommended to keep a track of your milestones so as to invoice them correctly. This is exactly when Invoicera comes into play and saves the details in reports for you. Along with sending out notifications to review invoices before sending them to clients.
Steps for the Invoice Approval Workflow
1) Creation of invoice
Initially, the admin holds the key position in creating the invoices. The admin's entire responsibility to add all relevant information related to the project including address, due date, and mode of payments to the invoice. So that no billable amount gets left.
2) Adding the team for Invoice approval workflow
A list of the resources required in that particular project must be predefined and mentioned as a billable amount in the invoice. Therefore, it is necessary to involve those who worked on that project to know how much time and money the project took.
Invoice approval workflow software helps employees log in to the system to recheck all the items so that no billable amount is left in the final invoice approval process.
3) Giving Editor, Commenter & Suggesting rights
After all details entered into the system, the admin gives access to other authorized members for their suggestions. This process helps to make the invoices error-free and help to make it like a professional invoice. Invoice approval software plays a greater role in reducing the accountant's burden by managing the whole process online and in a single dashboard.
4) Taking feedbacks & correcting the Invoices
After taking the employee's suggestion, it's time to correct the details as per feedback and send that invoice to the clients. In this way, the accountant's burden gets reduce and helps to create better and presentable invoices.
5) Auto send the approved invoice
As the invoice gets approved, the final task is to sending it to clients for the payments. Invoice approval workflow customization helps to send accurate invoices to clients automatically. And it is easier for the clients to see the detailed invoice report and pay quickly to get rid of the late fees.
6) Updating it in the dashboard
The final step for this process is to update the whole report into the dashboards to access the record in any query about the particular projects. It makes the entire process transparent and helps to manage the process efficiently.
How an Online Invoice Approval Workflow Benefits Your Entire Business?
The automated invoice approval software acts as a medium to streamline the entire invoicing process. It helps you to send accurate invoices to your clients in one go. Here are the benefits of the invoice approval process for the business.
- It helps to reduce the communication gaps between the departments.
- Help to send the accurate error-free invoice at one time.
- It allows making your brand identity in the market.
- It helps to save lots of time in rewriting the invoices.
- Automated software helps to get paid easier & helps to streamline the whole workflow process efficiently.
- Automate late fees and payment reminders to get paid quickly
Want to know about the Best Invoice approval workflow software?
Invoicera, with experience of more than 17 years in providing automated invoicing solutions, helps the companies to save lots of time in creating accurate invoices and make the whole invoice approval process easy.
It has the following features:
- Automated invoicing helps to send accurate invoices effortlessly.
- It helps to create an invoice with attractive templates.
- Integrate the software with the ERP/CRM to automate invoicing process.
- Provide options to receive payment from more than 30+ payment gateways
- It helps to make the detailed expense report so that no billable amount gets left.
- Track the payments and send automatic reminders for quicker payments.
- Custom workflow management & many more
Automate your invoice approval process today! And for more information, check its demo version.
Conclusion:
In this blog, we discussed the invoice approval process and the steps involved to manage the workflow for invoice approval. Sending the correct invoices helps to gain their trust and helps make your brand image in the market. Using the custom invoicing software allows the companies to send professional-type invoices to the clients. It also allows to remove the communication gap between the departments and reduce the burden on the accountant. We also discuss the best invoice approval software to automate your whole workflow process. It's upon you to choose the best software of your choice but never forgot to check its demo version.
