You won’t get any pushback from suppliers about using these tools either. Just consider their usage increase over the past few years:
BEST PRACTICE 2: Use Fewer Invoice Approval Workflows & Standardize Whenever Possible
While Nexus customers can create an unlimited number of PO and invoice approval workflows in their electronic invoice processing platform, having too many workflows can be problematic. Invoice approvals can slow down, auditing can be trickier, and exceptions can mount.
Thus, it’s best to minimize the number of workflows in Nexus, audit them regularly, and use them wisely.
It’s also important to standardize workflows across the organization- with approver roles having the same types of approval thresholds no matter where they sit – i.e. an AP manager can approve up to $5K for any group of properties.
Pro tip: In NexusPayables, customers can use the Workflow Rules Report to view how many times an approval workflow has been used over the previous 12 months. If it hasn’t been used much or at all, customers can use this as an indicator that the workflow may be unneeded/can be deleted.
Not convinced? Check out these two companies who had vastly different invoice processing times – and then look at how many approval workflows they had.
BEST PRACTICE 3: Configure Your NexusPayables Dashboard to Show Invoice To Dos
The NexusPayables dashboard is a great place to track invoice to-dos. Each NexusPayables user can customize their dashboard to show items that require their action and attention. For example, an AP Manager can set up their home screen to view invoices to review and invoices on hold. AP coders, meanwhile, can set up a totally different view to see only those invoices that await their indexing values.
BEST PRACTICE 4: Use Mobile App for an Electronic Invoice Processing System At Your Fingertips