Enhance Security and Accuracy with Docyt's Invoice Approval Workflow

Invoice Approval in Docyt

  1. Verification and Approval Workflow:

    • Once an invoice has been verified, it moves into the approval step in Docyt.
    • Approvers can "Verify and Approve" invoices in a single step if they have the appropriate permissions.
  2. Authorization Requirement for Added Security:

    • Docyt's approval workflow ensures that only authorized personnel within your company can approve payments.
    • This provides an additional layer of security against unauthorized transactions.
  3. Separation of Duties Control:

    • Docyt enforces separation of duties by ensuring that individuals who initiate, approve, and process payments are distinct and separate.
    • This control reduces the risk of fraud and errors, providing a clear audit trail for all payments.
  4. Configurable Approver Settings:

    • Choose to have a single approver or multiple approvers for invoices.
    • Adjust settings to require approval from all approvers or just one of them.
  5. Summary Email for Approvers:

    • Each approver receives one summary email containing all invoices ready for approval.
    • This streamlines communication and simplifies the approval process.
  6. Approval Retraction and Information Changes:

    • Approvers can retract an approval if the bill hasn't been paid.
    • If the approver changes key information on the invoice, it resets and requires re-verification.
  7. Integration with QuickBooks Online (QBO):

    • Invoices are pushed to QBO when they enter the "Verified" state.
    • If multiple approvers are required, the invoice enter "Approved" state only after all approvers have approved the document. After approval from all approvers, the status of invoice is changed from " Needs Approval" to "Ready to Pay" for Payers.

8. Additionally, you may find it helpful to refer to the following page for more information:

 Business Scenarios to Consider in Accounts Payable Module and Managing Invoices as Approver Role in Docyt


By implementing these procedures and utilizing Docyt's invoice approval capabilities, you can improve the security, precision, and adherence to regulations in your financial processes. This will result in effective and dependable management of vendor payments, ensuring efficiency and accuracy throughout.