Payment Proposal Approval Solution
The “Payment process” is considered a key and sensitive process in any organization, no matter how many validations and controls the organization built in the invoice verification process, there is still significant importance to maintain solid controls before payments are issued. However, even though a lot of responsibility falls on the shoulders of authorized approvers, in many cases they are not aware or have no access to all the required data.
In many organizations the payment proposal process is still manual and takes a lot of time and resources. Financial and treasury departments still tend to print each and every invoice along with SAP payment proposal list, hand a folder of papers to the approvers for manual signatures and only then carry on with the payment run.
Disadvantages in the manual process:
Inefficient and time consuming.
Requires papers printing and archiving.
No documentation in the system for approval details.
Potential risk for fraud.
In order to improve this key business process, Allegro-Pro developed a Payment Proposal Approval Solution that offers the following advantages:
Workflow based
The workflow locks the payment proposal until the workflow is completed.
The approvers get an email with a link to an extended payment proposal report with the ability to drill down to any relevant supporting document.
The report also provides analytical information, comparison to previous payment runs and other relevant master data information - giving the approver all the required data needed before taking the decision whether to approve or block an invoice for payment.
All decisions are documented and saved in the system.
No need to print invoices and use manual signatures.
Payment Proposal Approval Report:
Initial status:
Header data per vendor , including: total amount, currency, status, previous approver decision, last payment date, number of items paid, etc.
Approver is required to drill down to invoice list in order to approve / reject payment.
Invoice list drill down:
Vendor line item data, including: PO and PR data, invoice and withholding tax data, etc.
The user can select which invoices should be approved for payments. Unmarked invoice lines will be blocked for payment.
Report after approval / rejection decision:
The user can review the result of approval / rejection decision.
After saving the workflow continues and an email will be sent to the next approver with a link to the relevant proposal report.
If you would like to hear more details and to schedule a demo,
please send an email to: info@allegropro.co.il
