Payment Approvals and Reporting
SolveXia’s “Payment Approvals” solution provides end-to-end automation of the procedures to capture and approve payment requests in order to:
What do I get from a pre-built solution?
Being pre-built, the Payment Approvals and Reporting solution will have you up and running in a matter of days.
- Rapid deployment over our secure web platform without the need for any software installation
- A tried and tested solution without having to “re-invent the wheel”
- Customisation for your specific needs made easy by SolveXia’s robust automation library
The Pain with Payment Requests
The raising and approval of a payment request, such as the payment of an invoice or the transfer of funds is often a tedious and painful exercise.
Paper and email-based processes often result in delays as staff determine which manager to direct their request to and as approval requests pile up in managers’ in-boxes leading to frustration for suppliers, business partners and Accounts Payable staff.
Other challenges include little or no accountability around the authorisation chain (i.e. who is responsible for which part of the approval process and when) and, often, a lack of an audit trail of who issued each request, when the request was raised, who approved the request and when.
A study by the Boston based Aberdeen Group titled “E-Payables: Invoice Receipt and Workflow” found that:
- 75% of enterprises utilise manual methods for invoice receipt and processing
- Around 45% of enterprises identify the need to decrease the invoice cycle time and improve visibility into the invoice process
- Invoice receipt and workflow automation is the top strategic action heralded by these enterprises
- Accounts Payable staff spend an inordinate amount of time (up to 24%) responding to questions regarding invoices
Example of a payment approval process:
Challenges of Payment Approvals in an insurance company
The accounts payable department at an insurance company requires approval by various managers to make payments and to transfer funds between accounts. The type of transaction and dollar amount determines which manager or managers are required to give approval.
Manual sign-off on payments had previously resulted in inconsistent routes to approval being taken as business rules were difficult to enforce. Furthermore, a lack of record keeping during the approval cycle made responding to queries (such as the status of a request) particularly difficult with accountants often needing to scour the general ledger for “clues” on historical requests.
The business required a solution to capture and enforce the correct routing of approval requests to the relevant people and minimise the effort required to query the status of current requests and access information about past requests. The solution needed to be flexible enough to meet the changing needs of the organisation (such as changes to the authorisation rules) and possess a strong audit function to ensure the integrity of the process.
SolveXia’s “Payment Approvals” Solution
Utilising SolveXia’s enterprise automation platform, the “Payment Approval” solution has allowed for the configuration of a highly customised process to capture and route payment requests to the necessary individuals and provide on-demand reporting of the status of every request.
Management now has the confidence that every payment request is routed to the correct individuals for approval and have full visibility of the approval cycle including the request made, the approver and its status.
Administrators of the process are able to maintain key business rules – e.g. defining the routing of approvals – via an Excel file allowing for immediate changes and can enforce integrity over the entire approval cycle by ‘locking-down’ the process.
Easy-to-use input screens
Configuration via web-based input screens to capture payment requests using any device is quick and easy.
Customisable business rules
Define the routing of payment requests to suit your business scenario. SolveXia will adapt to your payment approval processing needs – not the other way around. Update business rules – such as authorised approvers – in minutes, allowing the process to keep pace with the business.
Consistent requests for approval
Communication is consistent throughout your process. Approvers receive automated emails allowing them to review payment requests and make informed decisions as to whether they approve or decline a request and provide feedback with their response – all of which is captured in the system.
On-demand status reports and audits
Generate on-demand reports detailing the status of each request. Who requested what? Who approved/declined it and when?
What about other types of approvals?
SolveXia’s “Payment Approval” solution is also easily adapted for use in other scenarios where approvals are required. These include staff holiday/leave requests and travel expenditure requests.
SolveXia works closely with its clients to ensure its solutions meet their requirements and often provides cost-effective solutions to problems that have not been resolved using other technologies.