Why use workflow software in accounts payable?

    Approving invoices for payment is an important step in the accounts payable cycle. Workflow software accelerates invoice approvals and exceptions resolution by digitally routing invoices to purchasers and other decision-makers based on pre-configured business rules.

    Digitally routing invoices for approval eliminates the possibility of invoices becoming lost or “stuck” in the process, ensures segregation of duties and chain of custody, enforces adherence to business rules, and makes it possible for approved invoices to be uploaded to any ERP or accounting system without human operator intervention. Alerts, notifications, and escalation procedures keep approvals on track, even when staff work from home.

    And the best accounts payable automation solutions enable AP departments to define rules for high-value invoices, invoices from strategic suppliers, goods and services that need to be expedited, and other scenarios. Fast invoice approval significantly reduces late payment penalties, increases opportunities for early payment discounts, reduces calls and e-mails from suppliers regarding the status of invoices, and improves visibility into outstanding liabilities.