Published: | Time to read: 3 minutes

Rapid Invoice Approvals – Make Invoice Approvals Fast AND Thorough

Matt Wald
Author:Matt Wald

When it comes to your invoice approvals, faster and simpler is better. Efficiency and productivity are key drivers of success.

Every manager strives to optimize workflows and eliminate unnecessary bottlenecks that can hinder growth.

One area that often experiences delays and complications is the invoice approval process.

On one hand, managers want to carefully control what invoices get paid out of their budgets. On the other, they don’t want to waste time doing this.

However, with the advent of advanced invoice approval software, businesses can now enjoy faster and simpler invoice approvals.

That’s Why Every Manager Loves Invoice Approval Software!

But it’s critical to balance fast and easy invoice approvals against the need for actual review of invoices before they are approved.

Let’s explore how to make invoice approvals fast and easy but also thorough.

Balancing Fast Against Thorough

When it comes to approving invoices, fast and easy is good. But too fast and too easy is bad!

If you stop to think about it, balancing fast invoice approvals with thorough invoice approvals is of utmost importance.

Fast and Easy Invoice Approvals is Good

The timely processing of invoices is essential for maintaining healthy cash flow and building strong supplier relationships.

When invoices get approved promptly, suppliers receive payments in a timely manner, enabling them to meet their own financial obligations and continue providing goods or services.

This helps to establish a positive reputation for the business and fosters long-term relationships with suppliers, potentially leading to better pricing, preferential treatment, and improved customer service.

Plus, managers and other approvers don’t have time to waste approving invoices. So it’s critical to make it as fast and simple as possible.

Faster invoice processing also saves your company time and money. They reduce late payments and can even lead to early pay discounts!

Use our savings calculator to see how much you could save

Too Fast and Easy is Bad!

However, it is equally crucial to ensure accuracy and diligence in the invoice approval process to avoid errors, fraud, and financial losses.

Taking the time to review invoices thoroughly ensures that the correct amounts are being paid, appropriate discounts and terms are applied, and any discrepancies or inconsistencies are identified and rectified.

Detailed checks mitigate the risk of overpayment, duplicate payments, and unauthorized or fraudulent invoices.

Thorough approvals also help maintain compliance with legal and regulatory requirements, reducing the potential for financial penalties or reputational damage.

Finding Invoice Approval Balance Through Automation

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Finding the right balance between speed and thoroughness is a delicate task that requires careful consideration and implementation.

Therefore, organizations need to leverage technology solutions to automate routine tasks, improve efficiency, and expedite the approval process without compromising accuracy and compliance.

That’s where CoreIntegrator comes in.

Our solutions automate data entry while assuring near-100% accuracy of invoice data. And our revolutionary AI matches PO line items to invoices and receipts. They also check for fraud and duplicate payments.

This makes the job of final approval by managers simple. They are essentially just checking to make sure the invoice is ok to pay.

But it’s still not best practice to allow managers to approve invoices in batches – they need to have eyes on each invoice before approving them.

Get a free consultation with an AP automation expert today!

Rapid Approval – Fast and Thorough

That’s why our software includes Rapid Approval functionality.

Rapid Approval allows managers to see an image of each invoice along with all of the software-verified data in a single screen.

Users can then approve or challenge that invoice in a single click.

One screen/one click Rapid Approval is the perfect balance between fast and thorough invoice approval.

And Rapid Approval is only available available in CoreIntegrator solutions. To see this perfectly balanced invoice approval process click or tap here to book a free no-pressure demo!

Bottom Line: Faster and Simpler Invoice Approvals

By leveraging CoreIntegrator software, businesses can enhance efficiency, reduce processing time, improve accuracy and compliance, increase transparency, and realize cost and resource savings.

As technology continues to evolve, embracing automation in the invoice approval process is not only a prudent decision but also a competitive advantage that positions your businesses for growth and success.

Get a free consultation with an AP automation expert