Eliminate Paper and Automate Invoice Approvals

Approval Workflow and Invoice Processing Solution

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 Corcentric 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:

  1. Spend too much time on manual data entry
  2. Resolve too many errors and exceptions
  3. Route invoices for approval
  4. Deal with a lack of visibility for in-process invoices
  5. Hunt for lost or missing invoices
  6. 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 Corcentric 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

100% electronic invoices

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

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.

Corcentric 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.

Smart routing

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, Corcentric 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
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. 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.

Three-way invoice matching

The “three-way match” is the most effective way for AP teams to ensure that a payment should be made. This consists of a match between the invoice, the purchase order, and the receipt of goods. Manual invoice matching is a slow, time-consuming, and labor-intensive process. It can be difficult to accumulate all the information needed for payment, which often results in delayed payments and upset vendors. One way that AP departments can reduce invoice processing times by up to 70% is by automating the invoice match process, ensuring an accurate 3-way match.

Whether your POs have been instantly converted to e-invoices by the supplier or scanned and converted with double blind keying, our solutions provide three-way match capabilities that significantly reduce your costs and time to process.

Automated three-way matching will have an immediate and significant positive impact on your business by:

  • Matching invoices automatically, without human intervention
  • Speeding up the invoice processing cycle by flagging exceptions
  • Dramatically reducing administrative and processing costs
  • Tightening up controls with a full audit trail
  • Ensuring data accuracy

 

Configurable approvals process

Though the three-way invoice matching is the most efficient process, it isn’t feasible for all types of invoices. When there are numerous manual steps for routing and receiving approvals, payment delays are inevitable. This often leads to missed early payment discount opportunities or late payments that could affect your supplier relationships.

Automating the approvals process is estimated to reduce invoice processing time by up to 70%. Implementing an automated approvals workflow that is designed specifically to your business needs is our specialty. Our approvals workflow solution will:

  • Develop automation and workflows that follow your internal control policies for cost center allocation, approval authority, and high dollar authorization
  • Automatically flag and escalate duplicate invoices
  • Send mobile-friendly email notifications and alerts to remind approvers
  • Most importantly, provide visibility into the status of every invoice at every step of the process
CONTACT US

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

Request a Free Demo