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5 invoice approval best practices to modernize your accounts payable 

5 invoice approval best practices to modernize your accounts payable 

Are you tired of being stuck in the old ways of processing invoices? Do you want to join the modern age and make your life easier? In this blog post, we’re going to show you some best practices for the invoice approval process that will help you streamline your accounts payable and bring it up to speed with the rest of the world.

 1) Embrace automation

First things first, it’s time to put away the calculators and pencils and embrace automation. There are plenty of invoice processing software solutions available that can take care of many of the tedious and repetitive tasks associated with the AP process. By automating tasks like data entry, invoice matching, and approval routing, you can speed up the process and reduce errors.

2) Set up electronic invoice submission

If you’re still receiving paper invoices and typing in data yourself, it’s time to upgrade. Electronic invoice submission will not only save you time, but it will also reduce the chance of errors. By allowing suppliers to submit invoices electronically, you can eliminate manual data entry and ensure accuracy. Plus, it’s better for the environment. Who doesn’t love a win-win situation?

3) Implement three-way matching

If you’re not already using three-way matching, it’s time to start. This process involves matching the invoice with the purchase order and the receipt of goods. By doing this, you can ensure that you’re only paying for what you actually received. It may result in some back and forth with suppliers, but it’s worth it in the long run. Plus, doing this now will save you from costly mistakes in the future.

4) Utilize mobile approvals

Don’t be tethered to your desk! With mobile approval solutions, you can approve invoices from anywhere, anytime. You no longer have to wait until you’re back in the office to get work done. You can approve invoices while waiting in line at the grocery store, sitting in a boring meeting, or lounging on the couch watching Netflix (we won’t judge). This not only speeds up the process but also makes your life a little more convenient.

5) Use cloud-based solutions:

Last but not least, consider using cloud-based solutions for your AP process. This will allow you to access your invoices and data from anywhere, at any time. It also makes collaboration with your team members easier (no more fumbling with different versions of spreadsheets). Plus, using cloud-based solutions often means automatic updates and backups so you never have to worry about losing your data.

We hope these invoice approval process best practices have been helpful. By embracing automation, setting up electronic invoice submission, implementing three-way matching, utilizing mobile approvals, and using cloud-based solutions, you can streamline your AP process and make your life a little easier.

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