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Generate Invoice Approvals & Accruals utilizing browser based functionality to ensure that Purchasing & Payables transactions are tracked and authorized efficiently using Microsoft Dynamics GP
How can Invoice Approvals & Accruals enhance your business management invoice system?
You can achieve better internal control for invoice approval by implementing powerful invoice matching flowchart type workflow-based approvals processes using Dynamics GP and allow non-GP users to view the original scanned invoices and approve transactions locally and remotely via a web browser interface.
Invoice Approvals & Accruals allows you to maintain an "Invoice Register" within Microsoft Dynamics GP helping to track the status and location of all of your business's unapproved payables transactions, giving enhanced accounts payable reports. This essential functionality also incorporates browser-based inquiries for checking and approving payables transactions that have been marked as requiring an approval resulting in better invoice matching. With the automatic accrue facility any invoices not approved at the period end can now also be managed and accounted for more efficiently.
Recording and maintaining an Invoice Register has always traditionally been a hugely labor intensive and frustrating task for everyone involved. What with having to initially record the payables invoices, issue them to key personnel for authorization where required, chase the approvals before the period end and finally make the necessary accrual adjustments, it is a wonder that you have any time left to do anything else!
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How the Approvals Process Operates
Using the Invoice Approvals & Accruals solution from Software Index, it is now possible to have a high degree of invoice processing automation based on a best practice accounts payable procedure template and to keep a firm check on all payables transactions that have been directed to any member of staff for approval.
Begin by identifying your own company's "Approvers" from within Microsoft Dynamics GP. These can be existing User IDs that have already been created in your system, or alternatively, they can include any employees that may be required for the purpose of approving invoices through the browser based pages only.
Once an approver has been created it is then possible to include them individually or as part of a group within an "Approvals List ID". The Approvals List ID feature allows you to select a series of individuals based on their ability to approve certain payables transactions.
For example, records can be created to identify a single, or series of approvers relating to a specific type of cost, such as "computer hardware". Here we could then have an IT Team member and their Manager recorded in that exact order of approval within the same Approvals List ID.
Following this process it is then possible to attach any number of these "Approvals List IDs" against a payables transaction at either the Batch or Transaction Entry level. The approvals attached at this stage will then need to be authorized by each of the User IDs included within the "Approvals List ID" in the recorded order. A summary "Send Email" routine will then produce an email notification that is sent to the first person in the initial "Approvals List ID", informing them that they have a document requiring their authorization.
- Browser based approvals will allow payables transactions to be authorized from any location, efficiently and effectively providing a high degree of invoice processing automation
- Dramatically reduces the amount of wasted time associated with lost or missing paperwork while achieving better internal control for invoice approval
- Maintain an effective Invoice Register through Microsoft Dynamics GP SmartLists to enhance accounts payable reports
- Historic records of approvals are maintained, detailing an audit trail of the approval process
- Attach scanned document images through to the browser based approvals page
- Notification of invoices to be approved will be sent via email
- Create "approval lists" where an invoice matching flowchart type workflow structure can be built allowing multiple employees to approve the same invoices
- Use the automatic accruals facility at the period end to account for any payables transactions that remain unauthorized
Using Scanned Documents
A key set up option within Invoice Approvals & Accruals is the ability to attach a scanned document to accompany the approval request. This means that it is now possible to keep the original document safely without any concerns of this being lost during this traditional "paper chasing" exercise.
Browser Based Approvals
The browser based approvals system can be accessed directly from a recorded link within the email approvals request.
It is also possible to record the login window as a browser favourite so that this page can be accessed at anytime. Here you will then be able to view all payables invoices that require approving as well as any historical approvals and rejected documents.
Approving the Payables Transactions
Approving the invoices could not be easier! Simply mark the "Approve" checkbox and click submit. This will then update the Invoice Approvals object that is automatically added into Microsoft Dynamics GP SmartLists. At the same time this web based approval will either trigger an email to be issued to the next approver within the chain of authority; or alternatively release the "Hold" that has been against the document thus allowing it to now be posted.
The Administration & Accruals Process
A full administration process is available to any individual user identified within the Invoice Approvals setup window. In addition to this any transactions that have not been approved at the period end can then be accounted for through the automatic accruals feature.
Invoice Approvals and Accruals will essentially help you to manage this entire process from recording the approval details at the payables transaction entry stage, to making the accruals at the period end. With the added benefit of being able to track the approval process through Microsoft Dynamics GP SmartLists, the Invoice Approvals & Accruals product could be the answer to improve and enhance your payables approval routines.
You can download this information as a PDF Datasheet, the Invoice Approvals & Accruals User Guide, the Install notes and even the product itself by visiting the Download Centre!
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