What is invoice approval?
Invoice approval is an important part of the invoice management process that involves checking and approving the invoice before it is paid. This helps businesses keep track of their money by making sure they only pay for things that are right and necessary. Staying on top of this is important to save money and ensure your organization runs smoothly financially.
Definition of invoice approval
Invoice approval is the process by which an invoice is checked, verified and approved by a manager before payment. It ensures that the invoice is correct, that the goods or services it refers to have actually been delivered, and that the terms match the agreement. In larger companies, this process can be time-consuming and very complex, especially if there are multiple approvers on the invoice.
Why is invoice approval important?
- Reduces the risk of errors by using predefined rules and criteria for approval.
- Provides better control and traceability in the approval process.
- Increases transparency by giving all parties involved access to information about invoices and their status.
- Cost savings are achieved by streamlining the approval process and freeing up resources.
This is smart invoice approval:
- Substitutes: Set up temps for invoice approval in case of absence.
- Serial approval: Send multiple vouchers for approval in a series with the option to prioritize.
- Parallel approval: Multiple people can approve vouchers at the same time.Notification: Receive email notifications and reminders for vouchers awaiting approval.
- Amount limit: Define amount limits per approver.
- User levels: Customize approval and posting rights for each user.
With the Compello mobile app, you can also do your invoice approval anytime, anywhere.
To automate and simplify the process of approving and posting vouchers, we let artificial intelligence and smart rules do the work.
So you can spend less time on invoice approval and more time on other, more rewarding tasks!
Nysgjerrig?
Vil du vite mer om automatisert fakturagodkjenning?
