Every business, whether its offering is a product or service, has expenses. Suppliers or vendors need to be paid for their products and services, and they need to be paid accurately and on time if you want to maintain good supplier relationships.
Accounts payable (AP) plays a vital role in any organization, whether it’s a one-person accounting operation in a small business or a whole finance department in a large enterprise. And at the heart of any AP department is the invoice approval workflow.
Expenses are an unchangeable fact for every organization or business, and for enterprises and small businesses alike, expense management is an important operations process.
Expense management refers to a set of procedures that allow businesses to monitor and optimize (minimize) their spending—and raise their profit margin. This process encompasses the expense approval workflow in which employees submit expenses they have incurred for reimbursement.
A robust expense approval process helps to ensure that the organization’s spending doesn’t exceed its means. An automated digital expense approval process not only allows you to streamline approvals and save time but also arms you with data that can be used to gain critical insights that can be used to reduce costs.
On the other hand, managing your expense approval process manually (using emails, spreadsheets, and paper invoices and receipts) takes a lot of time and can result in late payments, which can ruin your organization’s reputation among suppliers and impact your timelines if materials you needed are not procured on time. Paper and manual data entry also result in frequent errors and even missing documents that your finance team has to spend precious hours hunting down.
Businesses must approve all sorts of documents every day, from invoices to time off requests to purchase orders. Without a good approval workflow system in place, all the time (and money) spent on approvals can rapidly start to add up.
Some companies get by with manual approval processes, perhaps relying on the strength of a highly effective operations manager. They email Excel spreadsheets around for signatures, or worse, rely on physical paper forms. But the modest amount of money saved by forgoing a more sophisticated or automated approval solution can quickly evaporate through missed documents, lost discounts, and other human errors common with manual processes.
Savvier businesses have an automated approval process workflows.
Join us as we explore the basics of workflow approval, what business processes to automate, how to streamline the process, and how to use one software to do it.
Taking vacation is about resting, relaxing and de-stressing. Numerous studies have shown that employees who take vacations get better sleep, have lower risk of heart disease, and come back more motivated to produce amazing new things.
And yet, people are stressed about taking vacation. A survey through Healthline found that ~62% of 2,280 readers said that they experienced “very or somewhat” elevated stress levels during the winter holidays — which means employees came back to work just as stressed as before.