Save Time and Improve Accuracy with an Invoice Approval Software

Invoicing is a crucial part of any business but managing the approval process can be time-consuming and error-prone.

Invoice approval software offers a solution to this problem, automating the workflow and ensuring accuracy and efficiency. Explore all the benefits of invoice approval software and how it can improve your business operations.

An invoice approval software is software that automates the process of reviewing and approving invoices for payment. It streamlines the accounts payable workflow by allowing businesses to digitize their invoice approval process, eliminating the need for manual, paper-based processes.

If your company uses an invoice approval software, you’ll quickly find that managing everything from receiving and processing invoices to routing them for approval and tracking payments will soon become as simple as blinking.

When you’re selecting an invoice approval software, you should make sure that it is outfitted with some of the following features:

Your invoice approval software should deliver automated workflow capabilities for processing and approving invoices. This can eliminate manual tasks and speed up the approval process.

The invoice approval software should be able to capture invoice data automatically from scanned images, PDFs, or other electronic documents.

You should be able to extract data from invoices —such as the invoice number, date, amount, and vendor information— via your invoice approval software to eliminate manual data entry and reduce errors.

An invoice approval software should integrate with other systems, such as accounting software or ERP systems, to streamline data transfer and eliminate manual data entry.

Define approval routing rules in your invoice approval software based on the invoice amount, vendor, or other criteria. This can help ensure that invoices are approved by the right people and in a timely manner.

An invoice approval software should notify stakeholders when invoices are received, approved, or rejected to keep everyone informed and ensure timely invoice processing.

Your invoice approval software should include reporting capabilities to help you track invoice status, approval times, and other key metrics.

With its robust security features, your invoice approval software should include features such as user authentication and access controls to protect sensitive financial data.

Now that you know which features your invoice approval software should include, let’s go down the list of the most popular ones on the market today.

SAP Concur’s invoice approval software streamlines the accounts payable process by automating invoice capture, validation, and approval workflows. It ensures that invoices are processed quickly and accurately, reducing the risk of errors, fraud, and late payments.

SAP Concur provides real-time visibility into invoice status and enables easy collaboration between departments and suppliers. With automated reminders and notifications, the software ensures that invoices are processed on time, freeing up valuable time for AP teams to focus on higher-value tasks.

• Concur Invoice
• Invoice capture
• Payment providers
• Payment solutions
• Purchase request
• Three-way match

• Easy to get copies of receipts
• Scalable product
• Simple integrations

• Speed
• Not the most intelligible UI

HoneyBook’s invoice approval software simplifies invoicing by providing a seamless platform for creating and sending invoices, tracking payments, and managing expenses.

HoneyBook’s platform enables easy collaboration between teams, clients, and vendors, allowing quick and efficient communication and approval workflows.

With features like automatic payment reminders and tracking, HoneyBook ensures that businesses get paid on time while reducing the administrative burden on their teams.

• Invoice creation
• Payment tracking
• Expense management
• Time tracking
• Client communication
• Mobile app

• Easy-to-use templates
• Client inquiry management
• Good automation functionalities

• Unreactive customer service
• Integrations are not always intuitive

Keap’s invoice approval software provides a user-friendly platform for creating and sending invoices, tracking payments, and managing expenses.

With Keap, you can automate your invoice approval process, saving time and reducing the risk of errors. With features like automatic payment reminders, tracking, and reporting, it is designed to help small businesses get paid on time and stay on top of their finances.

Additionally, Keap’s platform allows for easy communication and collaboration between teams, clients, and vendors, ensuring a smooth invoicing process from start to finish.

• Sales & marketing automation
• Sales Pipeline
• Payments and e-commerce
• Reporting & analytics
• Appointments
• Email marketing
• Mobile app
• Integrations

• Great CRM integration
• No setup fee

• Some reports don’t combine with custom fields
• QuickBooks integration is not easy

Yooz’s invoice approval software is a cloud-based platform that streamlines the accounts payable process for businesses of all sizes.

Yooz uses artificial intelligence and machine learning to automate invoice capture, data extraction, and approval workflows, reducing the need for manual data entry and saving time for AP teams.

With features like automated reminders, configurable workflows, and mobile accessibility, Yooz’s software ensures that invoices are processed quickly and accurately, freeing time for teams to focus on strategic initiatives.

• Create PR/PO/GR and approve
• Automate PO import
• Multi-channel capture
• AI-based data extraction
• Automate GL coding and PO matching
• Smart workflows
• Payment automation (ACH, eCheck, virtual cards, paper checks)
• Export automation to more than 250 financial systems

• User-friendly
• Advanced automation capabilities
• Real-time visibility into invoice status
• Seamless integration with other systems
• Excellent customer support and training resources
• Advanced reporting and analytics

• Limited customization options
• Difficult to implement the software
• Some issues with data extraction and accuracy

Spendesk is an invoice automation software that streamlines the invoice management process for businesses.

The invoice approval software provides customizable workflows and templates for invoice approval and payment, reducing the risk of errors and ensuring timely payments.

Spendesk’s real-time visibility into invoice status and advanced reporting and analytics capabilities allow businesses to track progress and identify areas for cost savings and process improvements.

It also offers mobile accessibility, enabling users to approve invoices on the go. Spendesk’s intuitive interface makes it easy for businesses of all sizes to manage their invoicing process efficiently.

• Customizable workflows and templates
• Real-time visibility into invoice status
• Automated payment reminders and follow-ups
• Advanced reporting and analytics
• Mobile app
• Integration with accounting systems
• Customizable approval limits and permissions
• Support for multiple payment methods

• Intuitive interface
• Customizable templates
• Mobile accessibility
• Advanced reporting and analytics

• Limited integration with other systems
• Some issues with OCR capabilities
• Not the most cost-effective
• Slow customer service response

FreshBooks is an invoice approval software that streamlines the billing process for businesses of all sizes. The software offers customizable invoicing templates and workflows, automated payment reminders, and real-time invoice status and payment history tracking.

With its integration with multiple payment gateways and accounting software, FreshBooks makes it easy for businesses to manage their finances efficiently. The software’s user-friendly interface and mobile accessibility allow users to approve invoices on the go, ensuring timely payments.

FreshBooks’ robust reporting and analytics capabilities help businesses identify opportunities for cost savings and process improvements.

• Customizable professional invoices
• Receipt photo capture
• Expense imports
• Time tracking
• Invoice import automation
• Project management functionalities
• Automated payments
• Double-entry accounting tools

• Invoice creation
• Easy accountant access

• Cannot receive payments directly from clients
• Projects can easily get lost

Oracle NetSuite’s cloud accounting software streamlines transaction recording, payable and receivable management, tax collection, and book closing while providing timely, accurate reporting and financial asset control.

It offers real-time financial data access for quick issue resolution and the ability to generate statements and disclosures that meet regulatory compliance requirements such as ASC 606, GAAP, SOX, etc.

• General ledger
• Cash management
• Accounts receivable
• Accounts payable
• Tax management
• Close management
• Fixed assets management
• Payment management

• Comprehensive platform
• Customizable workflows
• Real-time insights
• Mobile access via native app

• Complex setup
• Cost-prohibitive at times
• Not the most intuitive user interface
• Slow customer service response times

Getting the right invoice approval software can make all the difference between smooth and rocky accounting for any company.

By automating the invoice approval process, companies can save time and reduce errors while improving visibility and control over their finances.

Choosing the right invoice approval software that can integrate with existing accounting systems, deliver user-friendly interfaces, give you mobile access, and cut costs through automation, will significantly streamline your processes and boost your bottom line.  Want to learn more about billing and invoice software ? Discover comprehensive billing solutions in our Best Billing Software for Small Businesses guide.