Invoice approval automation: Benefits for finance

Invoice extraction and approval
Invoice extraction and approval
Invoice extraction and approval

Invoice approval

Invoice approval automation: Benefits for finance

Author

František Hás

2 December 2024

The digitization of accounting and invoicing processes is a trend that has fundamentally changed the way companies handle their financial operations in recent years. One of the key areas where digitization brings significant benefits is in the automation of invoice approvals. This process not only saves time and costs but also improves transparency and reduces the risk of errors.

What is invoice approval automation?


Invoice approval automation involves the use of specialized software or ERP systems that automatically manage the invoicing workflow. Digital invoices are uploaded to the system, where key information such as amount, due date, or supplier is extracted using OCR (optical character recognition) technology. Subsequently, invoices are automatically sent for approval according to pre-set rules and an approval matrix.


Main benefits for finance


1. Time and cost savings


Paperless invoice approval shortens processes that previously took days or weeks. Companies no longer have to manually check every invoice, archive printed documents, or look for approvers. This process is streamlined by the electronic system, which allows invoices to be processed within minutes.


2. Reduced error rates


Manual processing of invoices is prone to errors, whether it's incorrect data entry or lost documents. Automation eliminates the risk of human error through accurate data recognition and rule-setting.


3. Improved cash flow


With fast and accurate invoice processing, companies have a better overview of their financial commitments. Electronic invoice approval allows real-time tracking of the status of invoice approvals and ensures timely payments, thereby minimizing penalties for late payments.


4. Flexibility and remote access


Modern cloud accounting systems enable remote invoice approval. Whether you are in the office, on a business trip, or at home, mobile apps for invoice approval ensure access to all necessary information and the ability to make instant decisions.


5. Transparency and control


The digitization of accounting allows for complete oversight of the invoicing workflow. Every step of the process, from receiving the invoice to its approval, is recorded, making it easier to audit and supporting GDPR compliance.


How to set up an effective invoice approval process?


1. Digitization of invoices: Transitioning to electronic invoices is a fundamental step. Invoices are subsequently processed using OCR technology.

2. Setting up an approval matrix: Define rules for invoice approval that correspond to the company's hierarchy and processes.

3. Integration with ERP systems: Automation is most effective when fully integrated into your accounting or ERP system, such as SAP or INSIO ERP.

4. Monitoring workflow: Continuously monitor the status of invoice approvals using a clear dashboard that shows all phases of the process.

5. Training and support for employees: Ensure that key employees understand the system and can work with it effectively.


Why invest in invoice approval automation?


Modern invoice approval software, such as INSIO Invoice Approval, allows companies not only to reduce operational costs but also to create a competitive advantage. By optimizing processes, increasing efficiency, and improving control over corporate finances, companies can focus on their core objectives and strategic development.


Invoice approval automation is the future of efficient accounting and an indispensable tool for any company that wants to keep pace with digital transformation.

What is invoice approval automation?


Invoice approval automation involves the use of specialized software or ERP systems that automatically manage the invoicing workflow. Digital invoices are uploaded to the system, where key information such as amount, due date, or supplier is extracted using OCR (optical character recognition) technology. Subsequently, invoices are automatically sent for approval according to pre-set rules and an approval matrix.


Main benefits for finance


1. Time and cost savings


Paperless invoice approval shortens processes that previously took days or weeks. Companies no longer have to manually check every invoice, archive printed documents, or look for approvers. This process is streamlined by the electronic system, which allows invoices to be processed within minutes.


2. Reduced error rates


Manual processing of invoices is prone to errors, whether it's incorrect data entry or lost documents. Automation eliminates the risk of human error through accurate data recognition and rule-setting.


3. Improved cash flow


With fast and accurate invoice processing, companies have a better overview of their financial commitments. Electronic invoice approval allows real-time tracking of the status of invoice approvals and ensures timely payments, thereby minimizing penalties for late payments.


4. Flexibility and remote access


Modern cloud accounting systems enable remote invoice approval. Whether you are in the office, on a business trip, or at home, mobile apps for invoice approval ensure access to all necessary information and the ability to make instant decisions.


5. Transparency and control


The digitization of accounting allows for complete oversight of the invoicing workflow. Every step of the process, from receiving the invoice to its approval, is recorded, making it easier to audit and supporting GDPR compliance.


How to set up an effective invoice approval process?


1. Digitization of invoices: Transitioning to electronic invoices is a fundamental step. Invoices are subsequently processed using OCR technology.

2. Setting up an approval matrix: Define rules for invoice approval that correspond to the company's hierarchy and processes.

3. Integration with ERP systems: Automation is most effective when fully integrated into your accounting or ERP system, such as SAP or INSIO ERP.

4. Monitoring workflow: Continuously monitor the status of invoice approvals using a clear dashboard that shows all phases of the process.

5. Training and support for employees: Ensure that key employees understand the system and can work with it effectively.


Why invest in invoice approval automation?


Modern invoice approval software, such as INSIO Invoice Approval, allows companies not only to reduce operational costs but also to create a competitive advantage. By optimizing processes, increasing efficiency, and improving control over corporate finances, companies can focus on their core objectives and strategic development.


Invoice approval automation is the future of efficient accounting and an indispensable tool for any company that wants to keep pace with digital transformation.

More articles

  • "Thanks to INSIO, we have reduced the time for administrative work related to business trips, as well as errors and costs. We have achieved efficient work on shared documents online."

    Roman Marsa Porsche

    Roman Marsa

    Project Manager

    Porsche Czech Republic Ltd.

  • "INSIO has enabled us to precisely plan and oversee inspections and maintenance, allowing us to comfortably manage our stores."

    Petr Chodera XXXLutz

    Petr Choděra

    Facility Manager

    XXXLutz s.r.o.

  • "INSIO software monitors all maintenance, inspections, and work deadlines for us. Thanks to this, we have a complete overview of all activities in our buildings and facilities."

    Tomáš Korpáš Engie

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "We had a vision of a paperless office. Thanks to INSIO, we have had a digital office since 2014."

    David Jelen

    David Jelen

    CFO

    NeoVize

  • "We have an overview of the entire purchasing process from orders, requisitions, invoice approval to documentation and access to all documents. All thanks to INSIO."

    Marek Unčovský

    Marek Unčovský

    Founder

    RN Solutions a.s.

  • "Our invoice approval process across the entire group is now much faster. We have better oversight of processes and costs under control at the level of individual centers."

    Květoslav Vilímek

    Květoslav Vilímek

    Financial manager

    COMFORT FINANCE GROUP CFG LTD

  • "Travel orders have been significantly simplified and clarified. Thanks to easy and quick approval, we can devote more time to our main activities in the field of pumps and valves."

    Balnka Kašáková

    Blanka Kašáková

    Executive Assistant

    KSB - PUMPY + ARMATURY

  • "The Helpdesk module has given us control over the management of our facilities. We have streamlined financial and operational processes, allowing us to focus on providing quality services to our clients."

    KART ČEZ

    Dušan Jedinák

    Operations Director

    KART s.r.o.

  • "The process from recording service tasks to invoicing has been simplified for us. Thanks to checklists and mobile signing, we have shortened the processing time."

    Stanislav Stejskal

    Stanislav Stejskal

    Financial Director

    ALTRON a.s.

  • "The helpdesk from INSIO has brought order to our company. Now we communicate efficiently with customers and handle their requests quickly and on time."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "The online approval of purchase orders and an overview of the costs of individual objects enabled us to reduce the overall costs of our clients and optimize the delivery of our services."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "Task automation has allowed us to dedicate more time to strategic activities and employee development. Our HR processes are now simpler."

    Lucie Urbanová

    Lucie Urbanová

    Head of HR

    YOUPLUS life insurance

  • "Thanks to INSIO, we have reduced the time for administrative work related to business trips, as well as errors and costs. We have achieved efficient work on shared documents online."

    Roman Marsa Porsche

    Roman Marsa

    Project Manager

    Porsche Czech Republic Ltd.

  • "INSIO has enabled us to precisely plan and oversee inspections and maintenance, allowing us to comfortably manage our stores."

    Petr Chodera XXXLutz

    Petr Choděra

    Facility Manager

    XXXLutz s.r.o.

  • "INSIO software monitors all maintenance, inspections, and work deadlines for us. Thanks to this, we have a complete overview of all activities in our buildings and facilities."

    Tomáš Korpáš Engie

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "We had a vision of a paperless office. Thanks to INSIO, we have had a digital office since 2014."

    David Jelen

    David Jelen

    CFO

    NeoVize

  • "We have an overview of the entire purchasing process from orders, requisitions, invoice approval to documentation and access to all documents. All thanks to INSIO."

    Marek Unčovský

    Marek Unčovský

    Founder

    RN Solutions a.s.

  • "Our invoice approval process across the entire group is now much faster. We have better oversight of processes and costs under control at the level of individual centers."

    Květoslav Vilímek

    Květoslav Vilímek

    Financial manager

    COMFORT FINANCE GROUP CFG LTD

  • "Travel orders have been significantly simplified and clarified. Thanks to easy and quick approval, we can devote more time to our main activities in the field of pumps and valves."

    Balnka Kašáková

    Blanka Kašáková

    Executive Assistant

    KSB - PUMPY + ARMATURY

  • "The Helpdesk module has given us control over the management of our facilities. We have streamlined financial and operational processes, allowing us to focus on providing quality services to our clients."

    KART ČEZ

    Dušan Jedinák

    Operations Director

    KART s.r.o.

  • "The process from recording service tasks to invoicing has been simplified for us. Thanks to checklists and mobile signing, we have shortened the processing time."

    Stanislav Stejskal

    Stanislav Stejskal

    Financial Director

    ALTRON a.s.

  • "The helpdesk from INSIO has brought order to our company. Now we communicate efficiently with customers and handle their requests quickly and on time."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "The online approval of purchase orders and an overview of the costs of individual objects enabled us to reduce the overall costs of our clients and optimize the delivery of our services."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "Task automation has allowed us to dedicate more time to strategic activities and employee development. Our HR processes are now simpler."

    Lucie Urbanová

    Lucie Urbanová

    Head of HR

    YOUPLUS life insurance

  • "Thanks to INSIO, we have reduced the time for administrative work related to business trips, as well as errors and costs. We have achieved efficient work on shared documents online."

    Roman Marsa Porsche

    Roman Marsa

    Project Manager

    Porsche Czech Republic Ltd.

  • "INSIO has enabled us to precisely plan and oversee inspections and maintenance, allowing us to comfortably manage our stores."

    Petr Chodera XXXLutz

    Petr Choděra

    Facility Manager

    XXXLutz s.r.o.

  • "INSIO software monitors all maintenance, inspections, and work deadlines for us. Thanks to this, we have a complete overview of all activities in our buildings and facilities."

    Tomáš Korpáš Engie

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "We had a vision of a paperless office. Thanks to INSIO, we have had a digital office since 2014."

    David Jelen

    David Jelen

    CFO

    NeoVize

  • "We have an overview of the entire purchasing process from orders, requisitions, invoice approval to documentation and access to all documents. All thanks to INSIO."

    Marek Unčovský

    Marek Unčovský

    Founder

    RN Solutions a.s.

  • "Our invoice approval process across the entire group is now much faster. We have better oversight of processes and costs under control at the level of individual centers."

    Květoslav Vilímek

    Květoslav Vilímek

    Financial manager

    COMFORT FINANCE GROUP CFG LTD

  • "Travel orders have been significantly simplified and clarified. Thanks to easy and quick approval, we can devote more time to our main activities in the field of pumps and valves."

    Balnka Kašáková

    Blanka Kašáková

    Executive Assistant

    KSB - PUMPY + ARMATURY

  • "The Helpdesk module has given us control over the management of our facilities. We have streamlined financial and operational processes, allowing us to focus on providing quality services to our clients."

    KART ČEZ

    Dušan Jedinák

    Operations Director

    KART s.r.o.

  • "The process from recording service tasks to invoicing has been simplified for us. Thanks to checklists and mobile signing, we have shortened the processing time."

    Stanislav Stejskal

    Stanislav Stejskal

    Financial Director

    ALTRON a.s.

  • "The helpdesk from INSIO has brought order to our company. Now we communicate efficiently with customers and handle their requests quickly and on time."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "The online approval of purchase orders and an overview of the costs of individual objects enabled us to reduce the overall costs of our clients and optimize the delivery of our services."

    Tomáš Korpáš

    Tomáš Korpáš

    Director of Facility Management

    ENGIE Services a.s.

  • "Task automation has allowed us to dedicate more time to strategic activities and employee development. Our HR processes are now simpler."

    Lucie Urbanová

    Lucie Urbanová

    Head of HR

    YOUPLUS life insurance