How to Use Our Simple Savings Calculator
Introducing, the ApprovalMax Savings Calculator Tool
How much time do you or your clients spend each week sending bills or POs back and forth for approval, reviewing financial documents, or chasing approvals? Could your AP and AR business processes be streamlined for your team and decision-makers? Introducing, the newest addition to our website: the ApprovalMax savings calculator.
Let’s learn a little more about how the calculator works and discover how much time you’ll save!
Working out how much you can save with automated approval workflows
If you’ve ever heard of calculating your Return on Investment (ROI), you’ll quickly recognise that the ApprovalMax savings calculator was designed to serve a similar function.
In this case, by using our easy-to-use savings calculator, you’ll discover how many days and how much money you will save by implementing ApprovalMax’s workflow software.
How to use our savings calculator
Using the ApprovalMax savings calculator is easy! Simply use the slider or text field to answer the following questions:
- How many Bills or Purchase Orders do you process monthly?
- How much time does your accounting team spend reviewing, processing, matching, & routing each financial document?
- How many minutes does each approver spend reviewing and approving each document?
- How many approvers are there for each document:
- What is the estimated cost of your full-time employees (FTE) (in your local currency)?
Once you’ve added all the information, the calculator will process your data and return your total monthly savings in time and money!
Check out the calculator below and discover your potential savings with ApprovalMax.
How to transform your business performance with online approval workflows
Businesses big and small rely on approval systems to keep their finances in order. But it’s no secret that the approval process can be complicated, time-consuming and even frustrating for some people. For some organisations, this process can be complex, span multiple departments, and involve numerous stakeholders.
Let’s look at an example.
Australian construction enterprise BLR Provincial Construction were once reliant on paper-based approvals. They could have more than ten construction projects running at once with 500 invoices that needed approval, and it was up to one accounts person, Annie, to manage all the documents and initiate the approvals process. Every month, Annie lost a lot of time organising paperwork, contacting the five Project Managers for approval, and finally chasing those approvals for manual sign-off. With a paper-based, manual approval process, BLR Construction would take 3 – 4 weeks to approve a single invoice.
Now, their average approval time takes only 4 – 5 days. Because of ApprovalMax’s native integration with Xero, Annie doesn’t have to waste precious time or resources processing each invoice. And with more than 500 bills and invoices each month, this is a massive reduction in the average invoice approval time. Best of all – with an automated approval system, Annie and the rest of the BLR Provincial Construction team can focus on the valuable work they enjoy most.
Gordon Tivendale, Business Manager at BLR Construction
“It’s completely different now that we’re using ApprovalMax. We got it set up and in a couple of weeks we could see it was immediately working. As soon as we went over to the new system, everyone loved it.”
You can read the full BLR construction story here.
How automating your business processes can save you time and money
Time is money! Just look at how BLR Provincial Construction shaved weeks off their approval process. Automating their invoicing and approval processes gave Annie and the approvers precious hours back in their week while ensuring that the company saw the benefits of faster payments.
The benefits of automating your approval process don’t stop at just saving time and money either. We can confidently report that our users find the following key benefits within the first week of using ApprovalMax:
- Higher process efficiency and improved productivity – With built-in notifications and reminders, your finance team don’t have to chase decision-makers for clarifications or search for missing background information. More transactions are finalised in less time, and your employees can focus on doing the work they enjoy.
- Complete control and visibility over financial documents and processes as they happen – Within ApprovalMax, all financial documents have a clear approval status with steps that make it easy to see when a financial document is awaiting a decision or has been approved for payment..
- Ensured compliance and streamlined audits – Every financial document or workflow, along with its approval history, is captured and easily accessible so you can always be audit-ready. ApprovalMax workflows are configured according to regulatory authorisation requirements, so you can rest easy knowing that each workflow is streamlining your financial processes.
- Enhanced security – When you set up your approval workflows, it’s easy to add rules and steps to the matrix to ensure all approvals are performed according to the authorisation level of the decision-maker. Furthermore, because approvers don’t need access to the accounting platform, they will only ever see information that’s relevant to them.
Interested in learning more? Check out our recent featured article in XU Magazine Issue 31 where we outline the benefits of supercharging your accounting tech stack with automated workflows.
Did you know that with ApprovalMax, you can reduce all kinds of manual processing, from budget checking and bill-to-PO matching to simplified notifications through our easy-to-use app? Check out a full list of our core features in the next paragraph.
What other apps and accounting platforms does ApprovalMax work with?
ApprovalMax was designed to transform Xero users’ approval workflows, but the integrations don’t stop at Xero! You can start supercharging your AP and AR systems with automation if you’re using a combination or just one of the following cloud accounting providers or apps.
ApprovalMax integrates with:
And with a wide variety of features designed to make managing your financial documents a breeze, with ApprovalMax, you’re able to tap into options like:
- A fun, easy-to-use mobile app
- Bill-to-PO Matching
- Automated audit trails and reporting
- Budget checking
- Email and mobile approvals
- Compatibility with all major data-capture apps
- And so much more!
But we don’t plan on stopping there. The best way to stay in the loop is to subscribe to our newsletter to be the first to hear about our latest updates, features and future plans. Subscribe now
So there you have it! How much time and money can you, your clients, or your finance team save with automated approval software? The answer is probably a lot. And it’s a no-brainer. Moving to cloud-based systems not only simplifies time-consuming tasks like preparing audit trails, but it’s also better for the environment – just think of all that paper you save!
Automated workflows will not only help you have better visibility or improved security, but you will also see improved team productivity, better document management, and even pain-free auditing.
Sign up to ApprovalMax today and start saving.