Smart Invoice Approval Routing
Configurable approval routing puts the power back in your hands
Once you have digitized your invoices, they 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. This straight-through processing translates to faster approval and accelerated turnaround time, elimination of lost invoices, and the ability to handle up to 70% more invoice volume per full-time employee (FTE).
Three-way match not possible? No problem.
However, not all invoices can be automatically matched, either because they are non-PO based or because there are exceptions; thus they don’t qualify for straight-through processing. 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.
Cor360 Approval Workflow’s Smart Routing capability lets you define sophisticated, yet flexible approval routing so invoices are quickly and efficiently routed to the right approver, the first time. This streamlines the exception handling process needed in approvals workflow within the AP department.
Benefits of configurable approval routing
Configurable approval routing paths and roles let you define things like thresholds, tolerances, escalations, proxy and out of office approvals. Configurable approval routing will allow you to:
- Accelerate approval and turnaround time
- Handle up to 70% more invoice volume per FTE
- 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
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