Invoice Approval Software in Education Organizations
Accounts Payable departments within
education organizations face unique challenges.
- Dealing with invoices that pertain to consumption-based goods and services, as opposed to inventory managed goods. These are usually ordered and received by employees scattered throughout the campus, making it difficult for Accounts Payable to be certain that the goods or services detailed on the invoice were actually received and the terms are as agreed. The approvals process gets delayed.
- Invoices arrive in many different locations, and sometimes get lost on their way to AP.
- Manual AP processes used in many education organizations are inefficient and slow down productivity. The invoice approval process can be especially tiresome to Accounts Payable employees who already have enough on their plate.
- Manual processes risk duplicate payments.
Some people think of Accounts Payable automation as a one-size-fits-all solution that automatically processes invoices, without human intervention. This isn’t the case, and cannot be the case for every organization, For example, in education, where most of the goods or services acquired are non-inventory-based and require the receiving party approval.
Accounts Payable solutions for education organizations must enable interactive communication to allow all stakeholders to participate in the approval process efficiently.
Collaborative Invoice Approval Solutions for Education
Every educator knows that collaborative environments are the most productive, and that is what interactive invoice management does for Accounts Payable!
Interactive invoice management allows every step of the invoice approval process to be managed from a central digitized invoice landing page. This makes it easy for Accounts Payable to communicate with multiple people across multiple locations to manage invoice approvals.
Here is how it works:
Collaborative software that organizes and tracks all activity around an invoice in a center feed on top of
the invoice itself. It connects people in real-time across locations, and from any device.
No more following lengthy email chains!
Audit trail for audit purposes and providing stakeholders context.
Involve contractors/vendors to clarify issues and understand invoice status.
Easily locate and understand the status of every invoice at every point in the process.
Save up to 80% of time that is normally spent chasing invoice approvals.