Cloud accounting, with all its benefits and advantages, is essential for SMEs and larger businesses alike to take them to the next level and help them grow.
The problem is, there are so many different systems to choose from – narrowing down our favourite Xero apps to five was difficult enough.
We expanded on that blog to discuss why you should use Xero’s Dext and now want to show how we benefit from ApprovalMax and what it can do for your business, too.
What is ApprovalMax?
Put simply, ApprovalMax is the best tool to get your bills and expenses approved and paid on time.
Rather than relying on paper- and email-based approvals, ApprovalMax allows you to fully automate approvals for bills, purchase orders and sales invoices.
Not only does this declutter your desk and email inbox, it saves you a lot of time from having to send 100s of emails getting approval for accounting documents.
For each approved document, a detailed audit report is created automatically, which is then posted to the general ledger for you to see.
You can generate reports on documents pending approval, documents approved, potential detected frauds and your own report using various filters.
The main advantage of ApprovalMax is how simple and efficient it is to use from the very beginning.
To get started, all you need to do is set up an approval workflow tailored to your organisation’s needs, which is as simple as hitting a button to add an approval step and approver.
You can also set as many approval steps and rules as you need, which means ApprovalMax is probably going to be as good a fit for you as it is us – no matter the specifics of your firm.
Once your workflow is set up, you will get bills and purchase orders that you can approve. Again, approving is as simple as the click of a button.
You can either approve via email, or from the ApprovalMax smartphone app, which means you will be notified of approvals on the go and be in control of your business at all times.
You can also set as many approvers as you like, without having to worry about them being privy to your entire accounting process.
When we talk to clients, something that often puts them off is the idea of creating reports. It’s why we’re so good at creating reports ourselves.
But with ApprovalMax, any business owner will be able to create their own bills and purchase orders simply by filtering out what they don’t need to see with the app’s audit report feature.
Since we started using ApprovalMax, the amount of time we’ve saved and headaches we’ve avoided, cannot be overstated. It’s why we simply love the app.
Could you benefit from ApprovalMax?
In our opinion, ApprovalMax is an extremely useful tool for just about any business out there.
We’ve noticed that construction businesses in particular can benefit from ApprovalMax, as the site manager can sign off on their tablet or phone on site – no office time required.
With so many office workers still working from home, ApprovalMax’s automation will also benefit you if your staff works remotely, as there will be no confusion about who has what responsibility – your workflow will keep everyone on the same page.
As accountants that work with Xero cloud accounting, we’re experts with ApprovalMax and other apps, so don’t hesitate to contact us for some advice or a demonstration.
Contact us to talk about your accounting methods.