We use ApprovalMax software for many of our clients to route supplier bills to various Department heads to approve those bills.
An audit report with a time stamp gets attached to each bill showing when and who approved each bill. The approved bills are now ready to be paid.
Now, ApprovalMax has added Sales Quotes and Invoicing workflows to its cutting-edge software.
Here is the basic workflow…
Number 1 – Create Quotes
Inside the ApprovalMax software you can create a quote for your customers/clients.
Templates can be used to speed up the Quote Creation process.
By using pre-defined templates, the creation of the Quote will take less time.
Number 2 – Approve Quotes
The created Quote will now be routed automatically to an Approver in your company.
The Approver can check the quote for accuracy, completeness, and whether any discounts apply.
This will add an Audit Report to your quote to ensure that you have a complete Audit Trail in case there are questions or disputes later.
Next, you can…
Number 3 – Send Quotes
You can send the Approved Quote from Step 2 above to be emailed directly to your client.
There is no need to email the quote yourself. ApprovalMax will take care of this step automatically.
The software will also attach any documents to it that you want your client to see.
The final step is…
Number 4 – Accept Quotes
Now, your customer or client can accept (or reject) your quote automatically.
You will get instant notification when they do!
This allows your Sales Team to track the status of quotes and follow-up on them.
Now that your customer has automatically received and approved a quote you can also speed up the invoicing process.
Here is a typical workflow for invoicing…
Number 1 – Create Invoices
You can now instantly turn your accepted quote above into a sales invoice, using all the details you setup in the Quote.
This will reduce errors because you are not re-keying in the details into an invoice template.
By getting your invoices out more quickly and accurately, you will speed up the turnaround process of converting your accounts receivable into cash.
The next step is…
Number 2 – Approve Invoices
The created invoice can now be sent to an approver (Sales manager, or department head for example) to approve the invoice.
Number 3 – Send Invoices
The approved invoice is sent right away to your customer from ApprovalMax.
By eliminating endless back and forth emails during the invoicing stage and trying to match up the quote with the details on the invoice, you will speed up your cash conversion cycle.
Here is a summary of the benefits of using ApprovalMax for your Quoting and Invoicing processes…
Summary of Benefits
- No more back-and-forth manual approvals via email. Everything stays in one place with Audit Reports attached to each transaction.
- Speed up your approvals. By sending quotes and invoices directly from ApprovalMax everything will flow much faster.
- You will reduce errors. Having someone approve each quote (it also can be more than one set of eyes by the way) this will reduce errors. Also, by creating invoices from quotes you will be able to avoid duplicate entries.
- Get a full picture of your Accounts Receivable at each point in time – who has created a quote/invoice, who has approved it, and what pending approvals are out there for quotes.
- Protect your business. You will be able to confirm and approve details of the job such as service availability and delivery dates when you bill customers. You further protect your business by having an audit trail of approved quotes both internally and by your customers/clients.
Finally, there is no duplication using ApprovalMax as all quotes and invoices are synced back to Xero for managing payments on account and bank reconciliations.
Thank you for reading…