Posted in Procurement Automation, Workflow Automation

A Complete Guide to Automated Invoice Processing and How to Implement It

Processing invoices manually is manageable in the early stages of a business. But as you start to scale, using spreadsheets and other manual methods just isn’t practical in the long run.

Manual processes can lead to issues like missing invoices, delayed payments, and even instances of fraud — all of which can hurt your bottom line and damage relationships with your vendors.

So how can you manage your invoices better and prevent costly errors? And how can you increase visibility across the entire accounts payable process?

By implementing an automated invoice processing solution.

In this article, we’ll look at what automated invoice processing is and how it can help you improve invoice management. We’ll also cover how you can create a fully automated accounts payable process using frevvo’s invoice approval software.

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Posted in Procurement Automation, Workflow Automation

How to Set Up a PO System (Even on a Limited Budget)

Purchase orders play an important role in the procurement process. They allow companies to place orders with different suppliers and manage their inventory.

Most importantly, purchase orders serve as written agreements that include details about goods, quantities, prices, and delivery dates.

No matter what goods or services you purchase, you need a way to track those orders.

A paper-based purchase order process can work. But as your company grows, managing all the paperwork becomes a hassle and can slow down procurement.

So how can you create a more efficient purchase order process?

Using a purchase order (PO) system can help.

If you’re still managing purchase orders manually and are looking for a way to streamline this process, then keep reading.

In this article, we’ll walk you through what a PO system is, why your business needs one, and how you can set one up using frevvo’s purchase order workflow software

Modern low-code platforms are so easy to use that you don’t need an army of expensive developers or a large I.T. budget. The interface is fully visual, so if you know how to use Excel then you can create your own automated workflows.

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Posted in Finance Automation, Procurement Automation

How to Automate Invoice Management (And Why You Should)

Managing invoices can be pretty straightforward when you only have a few vendors. But once your company starts to scale, invoice management becomes more challenging.

Slow processing times can damage relationships with your vendors and hurt your company’s long-term success.

Coding errors can result in items being billed to the wrong projects or GL categories – problems that are often hard to find and fix later.

So how can you easily manage incoming invoices, categorize them, ensure they’re valid, and make payments on time? How can you streamline and automate these processes?

This article will cover invoice management and some of the challenges that companies face when managing invoices. We’ll also look at how you can create an automated approval workflow using software from frevvo to streamline the invoice management process.

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Posted in Procurement Automation, Workflow Automation

Digital Purchase Orders: The Definitive Guide

A purchase order is one of the necessary types of paperwork that many business owners dread. The purchase order process is often long and complex and requires large amounts of back and forth communication. Too often, information gets lost in this type of disorganized communication – and even when it doesn’t get lost, it’s difficult to keep track of everything.

But this bureaucratic pain is no longer necessary thanks to the advent of purchase order automation software.

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Posted in Procurement Automation

Automate Purchase Order Tracking in 3 Steps

Purchase orders (POs) play a vital role in every organization, whether it’s a university ordering library books, a company procuring raw materials for manufacturing, or an agency purchasing services from a vendor. 

POs are also one of the most admin-heavy business processes. They’re prone to errors, bottlenecks, lost paperwork, unnecessary back and forth, and maverick purchases. 

This can lead to incorrect deliveries of goods and services, delayed orders, overspending, and even outright fraud if purchase order tracking systems are not in place.

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Posted in Procurement Automation

6 Proven Accounts Payable Automation Best Practices

Think about the accounts payable (AP) invoice process in a typical business. 

Often, invoices go to multiple people in the organization rather than being centralized. A recipient manually forwards the invoice to the accounts payable department for coding and review – usually by email. Someone manually enters invoice data into an internal system, the invoices are paid, and filed away – often in a folder.

Manual processing is incredibly wasteful and expensive.

It’s incredibly wasteful, error-prone, and costly. According to the Institute of Finance and Management accounts payable professionals spend a mind-boggling 84% of their time trapped in an endless cycle of manual and semi-automated AP processes, including data capture.

With a modern AP automation solution, your employees can stop wasting time on data capture and manual processes and can instead spend it on work that really matters.

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Posted in Procurement Automation

How to Automate Your Purchase Order Approval Workflow

You know the story. 

An employee puts in a purchase order, only to find that nothing gets delivered and they don’t have the tools they need for the job.

The paperwork is buried in the purchasing manager’s inbox, waiting for an approval that never comes. The busy purchase manager has forgotten to sign off.

When you’re using manual purchasing processes, this is bound to happen. Purchase requests get filled out wrong, lost, or forgotten, and delays ensue.

This doesn’t have to be the way. Automatic approval software can remedy the ills of manual processing, increasing efficiency and reducing costs.

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Posted in Procurement Automation

6 Critical Procurement Goals for 2021 and Beyond

Since COVID-19 swept the world, there have been unprecedented interruptions to global supply chains. Prioritizing resilient procurement processes has never beeAs organizations are rapidly moving to digital, data-driven environments, it’s wise to migrate purchasing and procurn more crucial in the face of economic collapse.

Where cost control was previously the most important item on the procurement agenda, now your main procurement goal should relate to business resilience. Ethical practices, risk mitigation, and cybersecurity are more significant than ever.

It’s time to throw out clunky, old-fashioned manual procurement operations and replace them for streamlined automated procurement processes. 

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Posted in Procurement Automation

6 Best Practices for Purchase Order Management

Purchase orders play a key role in ensuring you have the goods and services you need to run and grow your business. 

And you likely already have a process in place to complete, send, and get them signed. 

But, while relying on a manual purchase order process may have worked when your business was just starting out, as you scale it becomes more time-consuming and frustrating for everyone involved. It hampers your ability to get work done.

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Posted in Procurement Automation

How to Manage the 7 Most Common Procurement Risks

In life or in business, risk-taking has benefits and may even be an essential ingredient of success. 

Quite the opposite when it comes to procurement – the last thing you want is risk. 

A smoothly-functioning procurement process means standardized, reliable relationships with vendors, your team, and your customers.

Ultimately, by understanding and managing procurement risks, you can streamline procurement procedures to manage and reduce them.

In this article we’ll give you a breakdown of the leading procurement risks and how you can manage them effectively.

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