The finance team in an organization facing a huge amount of queries every day and is continuously under pressure from other departments.
If you are working with external contractors, you likely dealing with the approvals of the incoming invoices.
When the volume of such approvals in the company gets higher, this puts significant pressure on the finance department. In turn, the response waiting time dramatically increases - from several hours to 2-3 days. Moreover, it becomes difficult to keep track of all requests and to document responses.
Usually, the process looks like this:
- The manager receives an invoice from the contractor and submits it for further approval and payment to a colleague responsible for the company's financial expenses (for example, a CFO).
- This person examines the invoice (for the amount and the list of services provided) and, if everything looks good, approves the payment.
- When the manager receives the approval, she sends the invoice to the finance department for payment.
- As soon as the invoice gets paid, the manager receives the update.
- The manager notifies the contractor about the payment.
This case requires lots of communication. Most companies use Email and corporate messenger such as Slack for it.
The described workflow lacks efficiency and takes way more time and effort from each side than it should:
- At each stage, there is always a risk of missing the request or some crucial information;
- Keeping track of things requires lots of follow-ups and status requests.
- There is no simple way to record all the requests. There should be a single place to document it, and when done manually, there is always the risk of human error. If there is no such place, it becomes extremely difficult or even impossible to find the necessary information on the past request. It takes a lot of time and effort. Failing to do so might also lead to severe financial losses.
With Approved Today, we tackle this problem from a different angle. Our app lives inside the Team's Slack Workspace, where most of the internal communication is already happening.
All you have to do is to send an incoming invoice to the app and tag those teammates whose approval your need to proceed.
The app will forward the invoice and will automatically follow-up with them until they respond. As soon as the request gets responded, you will immediately receive the notification and if it is approved - proceed with the payment.
The key benefits of this approach:
- You do not waste time on follow-ups. The more approvers there are, the more time you save on manual tracking their responses and writing follow-ups.
- A single place for all approvals. All responses are automatically tracked, logged, and easily accessible at any time via the Dashboard.
- Requestor and all approvers are getting instant notifications when someone responds to a request. That significantly simplifies the process and saves lots of time on repetitive tasks.
As a result, you will get faster approvals with automated follow-ups and history.
Please, submit any ideas and requests in the comments or via email to firstname.lastname@example.org.