Tech start-ups are usually fast-growing businesses that tend to develop into international organisations with multiple entities. With close investor oversight and stringent requirements for spend reporting, the implementation of centralised financial controls that cover all aspects of spend authorisation and audits - from providing guardrails for purchase order initiation to the ability to track spending right down to a specific tracking category - is crucial for them.
ApprovalMax, the best-in-class approval workflow automation app for Xero and QuickBooks Online, enables tech start-ups to apply sophisticated financial controls, keeps the approval process on the surface, and ensures that all spend authorisation decisions are fully traceable and audit-ready.
Complete eradication of error-prone paper- or email-based authorisations
Centralised spend control via multi-step and multi-role approval workflows
High-quality accounting data ready for use in cash flow forecasting
No more time spent on approver chasing and approval routing
Approval process on the surface, accessible for management review and external audits
Mobile app for purchase order creation and request approval
In large part due to our investor's requirements - and made all the more challenging by our rapid growth - we needed to find a way for our different budget holders (many of which are not Xero users) to review and approve bills related to their budgets.
For Firefly, Xero and ApprovalMax are a match made in heaven. We're now very excited to see what the future holds with this cloud-enabled software at the heart of our financial controls and revenue processes.
Process automation is vital for tech start-ups because they grow continuously, which means doing things manually is simply impossible. With regard to accounting, they need data digitisation tools to convert bills and purchase orders from paper as well as capable tools for the automation of approval and audit processes. Authorisation with ApprovalMax is properly organised, much faster, efficient and transparent. Any hold-ups, missing or delayed approvals and we'll find out about that in the reports; so we can take action straightaway. ApprovalMax certainly enables a truly streamlined approval process.
Since moving to Xero we have been looking for a way to improve our paper based Accounts Payable approval system. Enter ApprovalMax, which provided us with exactly what we needed, allowing us to create complex approval processes that cover different tracking categories, GL codes, suppliers and amounts. With ApprovalMax and the integrations with Receipt Bank and Xero we have been able to half the amount of time taken to process creditors.
Data is valuable as it opens up new ways to make better decisions. With accurate data, finance professionals become a business storyteller when they partner with a company on strategy. Technology, of course, is crucial for obtaining such data. Xero is great for structuring data properly, and ApprovalMax provides effective data validation capabilities and well-tuned processes so that high-quality data can be obtained in the quickest and most efficient way.
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