Efficiency, accuracy, and compliance are the cornerstones of effective financial processes, and in the realm of accounts payable, they converge in approval workflows. These automated workflows expedite invoice processing, reducing cycle times, while also ensuring accuracy by following the correct approval path and predefined criteria. Moreover, they bolster compliance with internal policies and external regulations, reducing the risk of non-compliance. Building on this foundation, we’re thrilled to introduce a powerful addition to OpenEnvoy’s AP automation solution: Approval Policies. Managing invoices and approvals becomes a streamlined, efficient process with this new feature.
Key Features of Approval Policies:
Flexible and Powerful Workflows
OpenEnvoy’s approval policy capabilities enable you to predefine a set of rules that dictate the individuals responsible for approving an invoice when the policy is applied. This typically includes one or more approvers, a specific order in which they review the invoice and criteria that can trigger specific actions. OpenEnvoy’s flexibility allows you to create and customize multiple approval policies to align with your unique business needs.
Easy and Intuitive Set Up
Configuring approval policies in OpenEnvoy is a straightforward process. You can manage them through a list view, making it easy to organize and track which policies are in use. Users can select an existing policy or create a new one while setting up an Ownership workflow. When creating an approval policy, you have the flexibility to set thresholds that determine when specific approvers get involved, ensuring that the workflow meets your organization’s specific requirements.
Control and Visibility
OpenEnvoy’s approval policies enhance your oversight and visibility, guaranteeing consistent policy application throughout your organization. These policies support a range of approver configurations, including individuals, teams, departments, and thresholds, enabling you to customize approval chains to suit your unique organizational structure. You have the flexibility to fine-tune the level of automation for approvals or create approval policies that trigger tailored workflows.
With Approval Policies, OpenEnvoy empowers you to simplify your invoice approval management, ensuring accuracy, compliance, and efficiency.
To learn more about Approval Policies, visit: https://support.openenvoy.com/approval-policies