Unimaze approval system
How Does the Approval System Work?
Unimaze’s automated invoice approval solution aims to help you manage invoices more securely and efficiently.
The software leverages machine learning to automatically decode invoices and deliver them to the first person in the invoice approval chain.
After each approver completes their part, that invoice is automatically routed to the next person in line.
The system can seamlessly handle the entire process, no matter the number of steps you add to it. It routes invoices electronically and paperlessly to keep everything organized, documented, and assigned as soon as possible.
Benefits of Unimaze’s Invoice Approval System
Adopting our automated invoice approval solution can help spur efficiency even if your business handles a few monthly invoices.
Unimaze's invoice approval system can help streamline your AP processes without compromising accuracy as follows:
Less Manual Data Entry
A typical AP approval process involves keying-in information of approved invoices into an ERP system. Not only is this time-consuming and laborious, but it also increases the likelihood of errors like miscalculations and duplicate entries.
With 51% of businesses saying that manual data entry and inefficient processes are the most significant pain point of manual AP processes, automating the process can be a game-changer.
Unimaze’s approval system allows you to create dynamic forms that automatically populate your ERP system, cutting down manual data entry and minimizing errors.
Automatic Invoicing Matching to Tame Fraud
AP fraud can cripple your business. An estimated 74% of organizations reportedly experience payment scams and other billing schemes.
Matching invoices manually means your AP staff has to search for the PO in the database or file cabinet and then match every line item on the invoice — an outdated, error-prone process that can take hours.
Automated invoice matching can help curb AP fraud. The process involves matching your incoming invoices against the corresponding purchase order (PO).
The Unimaze approval software integrates with your ERP or accounting system to match invoices with PO and flag any discrepancies for further review.
Route Invoices to the Right Approvers
Once the AP staff reviews and resolves any exceptions, they’ll need to be routed to the correct approver.
Routing invoices manually can cause further delays. In some cases, the invoices can get lost in the mix-up — which explains why 37% of businesses say manual invoice routing is the most significant pain point when processing invoices.
The Unimaze invoice approval solution allows you to create an automated workflow to route invoices to the correct approvers and set up notifications and reminders for fast approvals.
Centralize Your Records
Our electronic document management system also allows you to centralize your documents, making it easy to find files when needed.
Because the solution is cloud-based, you can access your documents from anywhere. Further, retrieving documents quickly can speed up your business cycle by 61% and allow you to exchange information in seconds.
Our approval system will help lower your invoice processing costs and enable you to take advantage of early payment discounts.
Most vendors offer a 2/10 net 30 discount for invoices paid within 30 days. Some offer a 2% discount for invoices paid within ten days.
Unimaze’s approval software features intuitive dashboards to track metrics across your workflows in real-time. That way, you can identify bottlenecks slowing down approvals.
On top of that, you can view transaction status live, enabling you to make fast, data-backed decisions. Predefined reports, KPIs, and dashboards provide a complete view of how your organization spends money, helping you better manage cash flow.
Work Smarter with the Unimaze Approval System
The Unimaze invoice approval system can help break bottlenecks in your Accounts Payable department, increase cash flow visibility, process your business documents accurately, and more.
And because it uses a common business language, you can transact with partners anywhere in the world.
Ready to transform your Accounts Payable?
Talk to one of our AP automation experts to help us understand your business needs.