October 25th, 2018 • Invoice Approval • Procurement Process
The accounts payable team is likely one of the most pressurized teams as they are accountable for accelerating the procure-to-pay cycle by paying the vendors on time without botching the vendor relationship.
Managing the invoice approval workflow manually is a typical mistake that most organizations do. When the invoice is shared with the approval authority through email, it, apparently, gets lost among the deluge of emails in her inbox.
Consequently, the team keeps waiting for the invoice approval until it becomes blue in the face. On the flip side, an automated workflow keeps all the stakeholders on the same page and reminds everybody about the part they should play for the process to complete at the right time.
For any workflow, the foremost step is to design a form to capture data. A typical invoice approval form consists of the following fields:
Defining an invoice approval workflow includes steps like:
The various levels of approval completely hinges upon your organizational process. For instance, the invoice can go through multiple levels of approval such as approval by accounts payable team, procurement or finance managers who are the stakeholders of the process.
With KiSSFLOW, you can set up conditions depending on which the item can be approved. For example, you can define a condition which states that your invoice has to go to the head of procurement for approval, only if the amount is greater than $10,000.
Towards the end of your workflow, you can also create follow-up tasks or pass it on to another department.
When the workflow consists of confidential data, that needs to be protected, it is essential to set visibility conditions, so as to hide it at certain levels. You can also prescribe permissions such as making certain fields read-only to few stakeholders in the workflow, based on their roles.
For example, you may not want someone from the finance team to edit the vendor details and hence may mark it to be a read-only field. Besides, you can also revert the invoice to the person who started the workflow, if any changes or additions are made in the flow.
Once you’re done with all the steps, the final step is to publish the workflow. Before publishing it, choose an easily identifiable subject to tag every item, associated with the workflow. Generally, the vendor name or invoice number is picked to be the subject, as it helps in identifying the items without any hitch.
Now, are you up for creating an invoice approval workflow? Go ahead and do it all by yourself, without having to count on any external support. Take a look at KiSSFLOW and experience the ease of creating workflows without the need of complex backend coding.
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