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.
What is an invoice approval software?
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.
What are the features of an invoice approval software?
When you’re selecting an invoice approval software, you should make sure that it is outfitted with some of the following features:
Automated workflow
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.
Invoice capture
The invoice approval software should be able to capture invoice data automatically from scanned images, PDFs, or other electronic documents.
Data extraction
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.
Integration
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.
Approval routing
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.
Notifications
An invoice approval software should notify stakeholders when invoices are received, approved, or rejected to keep everyone informed and ensure timely invoice processing.
Reporting
Your invoice approval software should include reporting capabilities to help you track invoice status, approval times, and other key metrics.
Security
With its robust security features, your invoice approval software should include features such as user authentication and access controls to protect sensitive financial data.
What are the different invoice approval software on the market?
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
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.
Features
- Concur Invoice
- Invoice capture
- Payment providers
- Payment solutions
- Purchase request
- Three-way match
Pros and Cons
Pros
- Easy to get copies of receipts
- Scalable product
- Simple integrations
Cons
- Speed
- Not the most intelligible UI
Concur Expense
HoneyBook
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.
Features
- Invoice creation
- Payment tracking
- Expense management
- Time tracking
- Client communication
- Mobile app
Pros and Cons
Pros
- Easy-to-use templates
- Client inquiry management
- Good automation functionalities
Cons
- Unreactive customer service
- Integrations are not always intuitive
Keap
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.
Features
- Sales & marketing automation
- Sales Pipeline
- Payments and e-commerce
- Reporting & analytics
- Appointments
- Email marketing
- Mobile app
- Integrations
Pros and Cons
Pros
- Great CRM integration
- No setup fee
Cons
- Some reports don’t combine with custom fields
- QuickBooks integration is not easy
Keap