An issue that commonly plagues small and mid-sized businesses alike is that invoices are generated as and when needed without any automation. This can leave room for oversight in billing, approval loops, and a myriad other concern that only hinder operations.
Sometimes you could get stuck in a back and forth loop with stakeholders or forget to charge for a service altogether. All of these issues can be addressed and overcome through Folderit’s Electronic invoice approval software.
The problem created by the lack of electronic invoice approval software
Most companies have their operations split over multiple departments. This leads to situations where one department sends the task off to another, e.g. sales will inform accounting to prepare and send an invoice. The department head in sales will first have to approve the invoice as it reaches accounting, then the head of accounting will need to approve that invoice (adding taxation, processing fees, etc.), which will be handed off to an accountant for processing. Said processed invoice will return to the sales professional through the same process. Every handoff here adds a layer of complexity.
What this level of complexity creates, is room for tiny little errors. Errors that will compound per stage. Sometimes these errors can be insignificant, other times they can be fatal to the business.
The solution created by Folderit
Folderit has taken a unique approach to Electronic invoice approval software, by automating the entire approval process. You can create a file, or a folder to automatically seek approval, either in parallel (all stakeholders at once) or in serial (in whatever order you choose).
In this scenario, sales will just need to create an approvals folder such that all its file inherit its state (i.e. every file/invoice within will automatically be sent for approvals). This means you only have to do your end of due diligence and the rest will automatically fall into place. All stakeholders will automatically be notified of their need for approval, the delivery of which will move the process along.
Risks avoided by using electronic invoice approval software
- Erroneous Invoicing
- Time wasted in overwriting or rewriting
- Maintain reputation with clients
- Curbing the possibility of fraudulent behaviour
- Accelerates the workflow
- Losing track of invoices
A complete solution
On top of Folderit serving as a fantastic electronic invoice approval software, it is a fantastic cloud storage solution. You could run an entire enterprise from within this platform capitalizing on its various features.
Folderit is hyper-secure, protected by 256-bit level bank-level encryption that ensures your content is inaccessible by any unauthorized users. Folderit also transfers files using SSL Encryption that ensure all data transfer takes place in a secure, protected manner.
You can also configure your files and folders such that certain user and user groups have varying degrees of access to its content. You can ensure that certain users have limited access and other users have unlimited access while others have read-only access. This way, process owners, stakeholders, and supervisors can have access to works in progress without interfering with each other. Folderit also keeps audit trails to track which user accessed which file and when. Folderit also lets you create file versions, that will allow you to restore any old version as/when you want. You also get a retention period to keep files alive as long as you want.
Folderit also features an extremely robust search feature, that is powered by Optical Character Recognition (OCR) that lets you search not only files and folders, but also the content within. OCR helps search through content that is meant to be read-only, such as images, PDFs, scans, etc. You can also add metadata to add as much context to your content to make it indexable and easily searchable regardless of your content volume, if that is insufficient, you can add custom metadata that is unified through any and all file versions.
You can also user Folderit in conjunction with Microsoft Office 365 apps like Word, Excel, and PowerPoint to collaborate with as many collaborators as you want.
Conclusion
With a robust storage infrastructure, you can be assured that all your tasks are under control. Invoicing in this system is practically a breeze, especially since the automated approval workflow will allow all creators, collaborators, and stakeholders to work together without worrying about any human errors.
