Cor360 Approval Workflow

Eliminate paper and automate approvals
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CORCENTRIC PAYABLES AUTOMATION SOLUTION
Cor360 Purchase Order
Cor360 Approval Workflow
Cor360 Payments

Streamline purchase invoice workflows to reduce processing cost per invoice by up to 80%

Move to a fully paperless invoicing process that automates your 3-way match with accuracy and gets invoices approved for payment, faster.

Even if your business is able to generate and send electronic purchase orders, it’s likely your AP department is still weighed down in paper from receiving hundreds of invoices via mail, email, and fax. AP teams spend an inordinate amount of time processing manual invoices, chasing invoice approvals, and searching for answers to suppliers’ payment questions.

That’s where Cor360 Approval Workflow comes in

Our easy-to-use, web-based accounts payable solutions have the power to eliminate paper and automate your entire AP department, without compromising your business requirements or creating IT hassles. We have various capabilities that fit together to solve your business needs, including tools for creating purchase orders, capturing and digitizing paper invoices, moving them through approvals, and delivering to your suppliers.

How It Works

100% electronic invoices

Even if your business is able to generate and send electronic purchase orders, it’s likely your accounts payable department is still weighed down in paper from receiving hundreds of invoices via mail, email, and fax (yes, really!). AP teams spend an inordinate amount of time processing manual invoices, chasing invoice approvals, and searching for answers to supplier’s payment questions. Thankfully, there’s a solution: automation.

The first step to automating your accounts payable is centralizing and digitizing your invoices.

Corcentric will set up managed mailboxes, both physical and digital, so all of your invoices can be immediately centralized and converted to accurate, easy to manage, electronic invoices.

Invoices are made available in the Corcentric system immediately after conversion and begin their efficient, automated journey through the approval process that has been configured for your business.

Let’s face it. A PDF is not an electronic invoice.

Invoice matching

The next step in automating your accounts payable is enabling fully automated three-way matching with the power of electronic invoice data.

The three-way match is a key accounting practice that safeguards your business against unauthorized payments and fraud – but in a manual AP world it is often time-consuming and impractical.

Cor360 Approvals Workflow integrates directly with your ERP allowing your purchase order and receipt data to be used to match against invoices and automatically send them as approved for payment.

All Corcentric AP solutions are configured for your business’ policy and exceptions. This allows for fully-automated, three-way matching with most invoices being matched without processor involvement. Those invoices flagged for review will be immediately routed electronically to your designated processors.

Rule-based approval routing

Once digital, your invoices can be managed based on your business rules. Your PO-based invoices can easily be matched to your purchase order and receipt data and automatically routed for payment.

For those that can’t be automatically matched, like non-PO invoices, Cor360 Approvals Workflow lets you define sophisticated, yet flexible approval routing so invoices are quickly and efficiently routed to the right approver, the first time.

Configurable approval routing paths and roles let you define things like thresholds, tolerances, escalations, proxy and out of office approvals.

Mobile friendly notifications and approvals

Approvers receive real-time notifications via email that allow them to approve, reject, add notes and escalate invoices from anywhere.

Swap the complexity of paper-based systems and manual AP processes for the efficiency of friction-less, digital processes

Paper is the single most frustrating part of the job for your AP staff

  1. Spending too much time on manual data entry
  2. Resolving too many errors and exceptions
  3. Routing invoices for approval
  4. Dealing with a lack of visibility for in-process invoices
  5. Hunting for lost or missing invoices
  6. Accurately forecasting liabilities

 

Our team will work with you to understand your needs.

Time has proven the value and benefits that AP automation brings to an organization. So, why are so many organizations still using paper? Because we assume change is hard. But it doesn’t have to be.

Already somewhat automated?

If you already have some level of AP automation, we can help you fill in the gaps for maximum efficiency and savings. Or, you can make one call to Corcentric for a comprehensive, end-to-end accounts payable solution.

Designed for your business, integrated with your ERP

Corcentric integrates seamlessly with any ERP or accounting system so you can transfer data to and from your financial system with seamless ERP connectors that don’t strain your IT resources.

CONTACT US

Get in touch with us for a better way to automate and optimize your accounts payable process.

Request a Free Demo