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Invoice Authorization Software in Procurement

Invoice Authorization software, also known as invoice Approval software, and Payment Authorization, and AP Authorization, is a type of business software that is used to manage the process of approving invoices for payment. The software typically includes features for tracking and organizing invoices, routing invoices for review and approval, and providing a record of the approval process. This type of software is often used by businesses to streamline their accounts payable processes and ensure that invoices are paid promptly and accurately.

Top Features of Invoice Approval Software

The top features of invoice approval software typically include:

    • The ability to track and organize invoices, including assigning unique identification numbers and categorizing them by vendor, amount, and due date.

    • Routing capabilities, which allow invoices to be sent electronically to the appropriate individuals for review and approval.

    • Electronic signature support, which enables invoices to be signed electronically, speeding up the approval process and reducing the need for paper documents.

    • Reporting and analytics tools, which provide insights into the invoice approval process, such as the number of invoices processed, the average time it takes to approve an invoice, and the most frequently used vendors.

    • Integration with other business software, such as accounting and finance systems, to facilitate the transfer of data and ensure that invoices are paid in a timely and accurate manner.

    • Security features, such as encrypted data transmission and access controls, to protect sensitive financial information and prevent unauthorized access to the system.

Inventory Approval Software often is a part of a suite of processes known as Procure to Pay and AP Automation.

When integrated with the complete procure to pay process, Invoice Approval can be optimized for the AP department utilizing automated 3-way matching -- a process used in accounts payable departments to ensure the accuracy of invoice and purchase order information before a vendor invoice is approved for payment.

In a 3-way matching system, the vendor invoice is compared to the purchase order and the corresponding receiving report to verify that the quantities, prices, and descriptions of the items on the invoice match the original purchase order and the items that were actually received. If the information on all three documents matches, the invoice can be approved for payment. If there are discrepancies, the invoice may need to be adjusted, rejected, or sent out for review.

Other Advanced Features

The best system provide management by exception plus a hig degree of exception management tools to streamline the AP process.

Aestiva provided a wide variety of software and modules to automate the AP department and procurement. Aestiva's software is free with its Software unlimited Plan,

Example Usage

"Janet, the audit trail shows the invoice went out to Mark since he never marked that he received it. It looks like Mark is still sitting on it."

See Also

Procure To Pay Software, Invoice Matching,Accounting Purchase Orders,Three Way Matching, Two Way Matching