WHEN IS IT WORTHWHILE FOR A COMPANY TO USE A DOCUMENT APPROVAL TOOL?
Approval of documents is a very useful process for larger companies to help control company costs. This financial management process is very widely used, but not always effectively and purposefully.
Ideally, the document approval process in the company should be very simple - the buyer receives the invoice, verifies its correctness and forwards or shows it to the responsible person to confirm it by signature or verbally. When the invoice is approved, it is paid and reflected in the company's accounts. However, the practice is somewhat different: in such a non-automated document approval process, human error or even fraud can easily occur.
To help businesses avoid this and manage their finances more responsibly, we have developed an automated document approval module. Using the rules, the head of each company will be able to decide for himself which invoices need additional approval and which do not. This tool is very flexible, so different rules can be created:
- Any amount above a specified threshold will require approval.
- Perhaps the invoices you submit for document processing do not need to be approved by the finance department, but the invoices submitted by sales managers need to be reviewed?
- At the employee level - by selecting the specific individuals whose submitted documents need to be approved.
- For each analytical cost center when working on different projects to accurately allocate costs.
A major advantage of this automated process is transparency and traceability. There will never be any question as to why one invoice or another reached the accountant, as each document shows who submitted the document and who approved and sent the document to the accountant for payment. In addition, automating document validation saves a lot of time - the person in charge can validate the document from their Robo account at any time and using any smart device.
Without automating this process, document approval can become an inefficient bureaucratic burden that does not benefit businesses due to the excessive likelihood of errors. The automated document approval module can be enabled for any RoboLabs client. Our experience shows that the benefits of such a module are felt most by companies with at least 20 employees and at least 50 expense invoices per month.
Well, in the end - no less important nuance. Companies that have already automated this process and use other document validation tools will be able to opt out, saving not only time transferring data from the system in use to Robo, but also money without having to pay additional license fees for using the document validation system.