Streamline invoice approval workflows to reduce costs per invoice by up to 80%
Paper and manual-based processes slow down invoice processing approvals, and are prone to errors. Instead of chasing approvals throughout your company, our Cor360 Approval Workflow solution integrates with existing accounting systems to make invoice processing easier by automatically directing every invoice electronically to the designated approver.
We make it easy to automate your entire accounts payable process
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.
Paper invoice approvals causing you pain?
Paper is the single most frustrating part of the job for your AP staff, causing them to:
- Spend too much time on manual data entry
- Resolve too many errors and exceptions
- Route invoices for approval
- Deal with a lack of visibility for in-process invoices
- Hunt for lost or missing invoices
- Forecast liabilities inaccurately
The cost to your company can be measured by the amount of time wasted, errors not identified, payments delayed, and discounts not captured…all of which can impact your bottom line.
Swap the complexity of paper-based systems and manual AP processes for the efficiency of friction-less, automated invoice processing.
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 accounts payable 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.
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.
How It Works
Our 3-way invoice matching capability enables invoices to be sent directly to your organization’s ERP without human intervention. Full visibility into each step of the approval process provides greater insight into where bottlenecks may occur so you can deal with them in a timely fashion–before large problems occur.
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.
Invoices are stored in a centralized repository, then routed electronically to the appropriate person for approval based on configurable business rules specific to your company
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.
Once digital, your invoices can be managed based on your business rules. PO-based invoices can easily be matched to your purchase order and receipt data and automatically routed for payment. That translates to faster approval and accelerated turnaround time, elimination of lost invoices, and the ability to handle up to 70% more invoice volume per FTE.
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.
- Faster approval and accelerated turnaround time
- Ability to handle up to 70% more invoice volume per FTE
- No more lost invoices
Approvers receive real-time notifications via email that allow them to approve, reject, add notes and escalate invoices from anywhere. Users can also suspend work on invoices, as well as categorize them.
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.
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.