Run your AP Department with less cost,
more insight, and increased efficiency with
Cor360 Approval Workflow
Speeding up cash flow means replacing slow, error-prone paper invoices with Accounts Payable automation. Even if you can generate and send electronic purchase orders, you probably still receive tons of paper invoices. Cor360 Approval Workflow integrates with existing accounting systems to accelerate processing by automatically directing every invoice electronically to designated approvers. By automating your invoice approval workflow, you can free up Accounts Payable to focus on adding value, instead of chasing paper.
on Day 1
Eliminate the burden of manually processing paper invoices from Day 1 and improve efficiencies.
Get complete visibility into invoices and spend for better forecasting across the business and more informed decision making.
Streamlined Automated AP Workflow
Reduce time, costs, and errors involved with manual and paper invoice processing.
100% Electronic Invoices
The first step to automating your accounts payable process 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. These now digitized e-invoices are then made available in Cor360 Approval Workflow immediately after conversion.
Three-way Invoice Matching
The next step in automating your accounts payable process 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.
Configurable approvals routing – You know your organization and how it operates, so you can set up business rules to route and manage both PO and non-PO digitized invoices. PO-based invoices can easily be matched to your purchase order and receipt data and then routed straight through to your ERP or accounting system for payment, reducing approval and turnaround time. For those that can’t be automatically matched, like non-PO invoices, Cor360 Approval Workflow lets you define sophisticated, yet flexible smart approval routing so invoices are quickly and efficiently routed to the right approver, the first time.
Robust Mobile Functionality
Approvers get quick access to Cor360 Approval Workflow, allowing them to review, approve, decline, cc (carbon copy), route, and pend invoices, all while on the go. The robust mobile functionality offers a similar look and feel to the desktop experience. Users can view documents including invoices, check requests, and adjustment forms. They can also view allocations and matched information as well as access reports, anytime, from anywhere.
Cor360 Approval Workflow integrates seamlessly with any ERP or accounting system so you can transfer data to and from your financial system with seamless Enterprise Resource Planning connectors that don’t strain your IT resources. That breaks down roadblocks between departments so you achieve cash flow, spend visibility, and process efficiency across the organization.
Did you know?
Best-in-class organizations have a
6x lower invoice processing cost.
Best-in-class organizations have a
3x faster invoice processing time.
It takes 8.3 days on average
to process a single invoice.
Source: 2020 Ardent Partners AP Metrics that Matter
How Cor360 Approval Workflow drives business:
As part of a holistic AP Automation strategy, this easy-to-use solution allows you to streamline, centralize, and digitize all of your paper invoices in order to eliminate manual processing from your AP workflow and go paperless on Day 1. Improve efficiency and reduce costs by automatically routing electronic invoices for approval, and gain access to the data you need to drive your business forward by utilizing real-time dashboards.
Related Accounts Payable Resources
Baird & Warner: AP Efficiency & Approval Workflow
A Day in the Life of an Invoice
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