When you use an expense management system like Volopay, your whole invoice processing becomes automated and mess-free.
Here is what happens when your vendor releases an invoice:
1. Your AP team will receive the invoice and verifies if the data is correct through the purchasing department.
2. They verify the invoice with the PO request and try to detect if the purchase order details match.
3. If there is any discrepancy, the invoice payment will be stalled, and the vendor will be notified.
4. Your AP team enters the invoice details into the Bill Pay system by selecting the vendor, billing amount, and other payment-specific details like department code and team.
5. If the vendor already exists in the system, a bill is generated with the amount you are liable to pay.
6. If it’s a new vendor, create the vendor first and bill later.
7. Once the bill is created, it goes to the approver’s inbox.
8. After approvals, it awaits in the payment queue till the due date.
9. If the approver rejects the invoice, then vendor payment will be stopped.
10. If the approvals are successful, the invoice payment will be released on the scheduled date and time.
11. You can see the status of the bill anytime on Volopay.
12. As soon as the vendor payment is made, you will be notified through push notification.
13. Now you can download the vendor receipt by clicking on the bill.
14. After the payment, you can sync the expense with your other accounting software within Volopay itself.
15. Seamless accounting integration is possible in Volopay; hence your employees don’t have to move every expense manually into other applications.
Volopay makes your invoice payments simplified and streamlined.
Your accounting team doesn’t have to use multiple systems, remember due dates, or do manual data entry throughout the day.
