There’s enormous pressure for controllers to optimize their accounts payable processes. Without AP automation, AP teams spend countless hours figuring out who needs to approve each bill, get sign-offs from different stakeholders, and continuously follow up, making it difficult to make timely payments. Controllers want to process payments smoothly and efficiently without wasting their AP team’s time and resources. AP teams want to cut down on tedious, manual tasks to focus on more value-added activities for the business.
Introducing: multiple levels of approval
To help solve these challenges, we’re excited to announce multiple levels of approval, a new workflow feature in our accounts payable automation solution. With this update, you can configure your bill payment workflow to allow for multiple approvers on bills over a specific dollar amount. Bills will automatically go through the approval process workflow you designed, eliminating the need for your AP team to chase down approvers. 🙌
With this update, you can:
- Customize your approval process by threshold
- Easily keep various stakeholders in the loop and in control
- Have greater confidence in your approval process
- Ensure AP policy compliance
How approvals work
You can configure approval levels in your workflow to allow one or more approvers on bills over a certain dollar amount. The bill amount you specify will trigger the approval workflow you designed, manually routing approvals to the right people. You can set up the workflow to require approval from “any” or “all” of the approvers listed, depending on your AP process. Here are a couple examples.
Single level approval
For simple approval workflows, you can set up a single level of approval. For example, let’s say you want an AP Manager to approve any payment over $500. You can set up your workflow to require an AP Manager to approve any bill over $500.
Need two people to sign off on the bill? You can also set up a single level of approval that requires “all” approvers you listed, for example, approval from an AP Manager and the Senior Finance Manager.
Multiple levels of approval
You can also set up a workflow for multiple levels of approval. Maybe you want every bill over $1,000 to first be approved by an AP Manager, but then be routed for approval by the CFO. You can configure your workflow to include a first and second level of approval. Just as you can with single level approvals, you can also configure each level to require “any” or “all” of the approvers you list.
Getting started with approvals to streamline your AP process
A streamlined AP process can keep your team aligned, make timely payments a reality, and help you maintain great relationships with your vendors. With our new approvals feature, AP teams can focus more on value-added activities and reduce time spent on tedious, repetitive tasks. Controllers can optimize their AP processes, reduce operating costs, and create efficiencies to help their finance team scale as your business grows.
If you’re a current customer and you want to configure the approval settings for your account, please contact firstname.lastname@example.org and check out our help center. To learn more about how Routable can help you simplify your B2B payments, lower your operation costs, and save time and effort, schedule a demo with us.