At Recordsforce, we know what good invoice workflow should look like. We’ve been doing it for over 10 years, and at this point, we’ve pretty much seen it all. Most people we talk to who are managing their invoice approval workflows in-house know that there are errors in it, but can’t pinpoint why. Below we’ve listed the most common reasons invoice approval workflows are riddled with issues.
Lack of Transparency
Ask yourself this: do you know the exact status of every invoice in your system off the top of your head? Of course not. Are you able to look it up? If the answer is still no, you might have a problem. A functional invoice approval workflow should give you full transparency. Without transparency things are bound to be delayed, accidentally paid twice, transferred to the wrong person, or just lost.
Too Much Paper to Handle
In-house invoice approval workflow means lots of paper. Lots of paper means disorganization. Disorganization leads to errors. Trust us - we’ve written about going paperless before. If you get audited, will you be able to account for every single paper transaction you have on file for the past 7 years? Industry studies say, “Not likely.” Paperless digital invoice management is the easiest way to store all your files in one easily accessible place.
No Unified Single Process Workflow
Invoices can be sent to you in many formats and methods. You need a single, unified process in your workflow that will allow you to process all of your invoices the same way, whether it’s sent through mail, digital, FTP, fax, or email. An optimal invoice workflow should capture data from all sources and process them the same way.
Try charting out your existing system to better understand the structure you have in place and identify the issues that could be causing your errors.
If you still haven’t been able to pinpoint the exact issue with your current processes, maybe it’s time to bring in the experts. A good invoice processing company will provide you with a free consultation to help identify existing issues and roadmap a plan for success. When in doubt, call in the experts.
If you're still not convinced an automated process is right for you, take a look at how easily the Rogers Corporation was able to enhance their process.