Approval Workflow

4 Best Electronic Invoice Approval Software 2024

by Envoice
7 min read
electronic invoice approval software

So you’re searching for electronic invoice approval software?

Yeah, we’re not surprised.

Paper invoices have lost their appeal – everyone agrees. But hey, it’s great that you’ve decided to move on to electronic invoices. Let’s face it invoice processing costs are ridiculous and losing out on early payment discounts is no joke. It’s just money, flowing like water out of your business and your whole team is tired of dealing with duplicate payments, capturing invoice data, and approving invoices manually.

If you’re anything like us, the thought of doing hours of research on different invoice approval software is making you more frustrated, although you know it needs to be done.

How about we just cut to the chase and give you 4 of the best options out there? Let’s make someone’s life a little easier, we always say.

You need an invoice approval system and we’ve got something to say about it, so take a load off and give us 10 minutes to help you out.

I want to sign up for a trial of the best electronic invoice approval software now.

‘Must-have’ criteria for invoice approval software

Yes, so we said we want to make life easier and that’s why we have to explain to you that not all software is equal when it comes to streamlining an invoice approval process. We chose our four best options according to these ‘must-haves’:

  • Ability to submit invoices electronically through the software, which also provides a consolidated entry point for all invoices.
  • Automatic data extraction of information on the invoices, including invoice amounts, due dates, vendor information, and line item details. This one is critically important to reduce manual data entry and human error.
  • Ability to set up an approval workflow, allowing approvers to receive notifications and approve invoices for payment, through the system
  • Integration with the business ERP (Enterprise Resource Planning system) which ensures seamless data transfer and synchronization
  • Ability to maintain an audit trail of the activities related to the approval process, ensuring internal compliance measures are kept, and regulatory requirements are adhered to
  • The ability for users to generate reports and gain insights into invoice processing metrics, helping to identify bottlenecks, delays, and opportunities for process improvement.

The criteria above describe the critical elements of an invoice management process that are highly effective, so don’t skip out on any of these features if you truly want to improve your invoice approval workflow.

Which now brings us to the part you’ve been waiting for. The 4 best electronic invoice approval software that meets these criteria.

4 best electronic invoice approval software for 2024

Envoice – The star of the show ⭐⭐⭐⭐⭐

Envoice smart invoicing feature

Envoice gets our vote for:

Reasonable monthly subscriptions, without any per-user fees (saving you a lot of money!)

  • Easy sign-up process
  • Free 14-day trial
  • Easy set-up and rule creation
  • Integration with Quickbooks and Zero, productivity apps, and the payment system Wise
  • Smart Extract feature with 99% data extraction accuracy
  • Secure data encryption
  • Faster invoice approvals
  • Invoice submission and approval via their mobile app, keeping you on top of things, wherever you are
  • One tool for data extraction, coding, and approvals.
  • Dashboard for business owners giving an overview of different parts of the workflow, allowing a hands-on approach to invoice management
E-Residency Hub feedback on Envoice

If you’re looking for the ROI for going with Envoice, it undoubtedly lies with its ability to automate data entry tasks and give business owners and managers strict control over the invoice approval process.

Because there are no additional user fees, you already save a significant amount of money, and the subscription is so reasonable at $11 that you get a powerful invoice approval app without paying an arm and a leg to do it. With so many benefits at so little cost, it almost seems like a bad business decision not to try this versatile software.

Ok, I’m convinced. I want to sign up.

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ProcureDesk

ProcureDesk Invoice approval workflow software

ProcureDesk is our second choice and gets our vote for:

  • Easy-to-use accounts payable automation software
  • The invoice approval software automates the entire invoice approval process
  • Set up business rules for approval routing
  • Payment of vendors through Bill.com
  • Secure data encryption
  • Utilizing an automated matching engine for faster reconciliation of invoices with purchase orders and receipts.
  • First month free if you don’t see an immediate reduction in invoice processing

Cost:

Split into purchasing automation at $380 a month, billed annually, and a purchasing and AP automation package at $600 a month, billed annually. This is for 10 users, with the ability to add more users at an extra cost.

This is a powerful software that meets all our criteria but has two downsides compared to Envoice. Firstly, the payment of additional user fees alongside the monthly fee. Secondly, you have to purchase additional features for expense management, whereas Envoice makes this available as part of their monthly package.

Frevvo

Freevo approval workflow software

At number three, Frevvo gets our vote for:

  • Simple workflow software with e-signatures
  • Customisable workflow from a drag-and-drop menu
  • Secure data encryption
  • Easy to set up and adjust approver details, with a visual rules builder
  • Faster invoice approvals
  • Invoice approval on the mobile app

Frevvo meets all the criteria essential for a successful invoice approval system. The user’s ability to create forms and approval workflows from drag-and-drop menus is a big benefit and since it integrates with a wide variety of productivity tools and financial applications, it can certainly help your business streamline your electronic invoice approval process.

Cost:

Frevvo does not have a package pricing model and therefore encourages their potential clients to fill in their online quotation form.

Avidxchange

Avidxchange invoice management software

And lastly, Avidxhange gets our vote for:

  • Automated invoice data extraction software and routing
  • AI and Machine Learning for quick and accurate data entry
  • Customizable approval workflows
  • Real-time visibility into invoice status
  • Powerful reporting and analytics

This well-known brand of accounting software provides all the sophistication you would expect from a company with 24 years of experience in the invoice automation field. A leading provider of accounts payable automation software, Avidxhange is committed to inspiring businesses to realize the true value of accounts payable and payment automation by eliminating paper invoices and paper checks.

A final word

In this article, we’ve given you a quick rundown of the 4 best electronic invoice approval software. We know this can be a huge decision, moving from paper invoices and manual approval processes to a fully automated system.

For this reason, we want to give you some final reasons to make the change. We’ll be quick.

  • Efficiency and time savings – Automating the invoice approval process significantly reduces the time spent on manual tasks such as data entry, invoice matching, and routing for approvals.
  • Cost reduction – By minimizing manual intervention, you can cut down on all the associated costs like labor costs, document storage costs, printing, and mailing.
  • Error reduction – With the introduction of automated processes such as data extraction you significantly reduce human error, leading to better financial reporting and more accurate business decisions.
  • Improved compliance and audit trails – Electronic invoice approval software helps businesses adhere to regulatory requirements by ensuring that all invoices are processed in a consistent, transparent manner.
  • Enhanced Visibility and Control – With real-time tracking and reporting capabilities, businesses gain better insight into their financial commitments and cash flow.
  • Improved vendor relationships – Prompt and accurate processing of invoices contributes to healthier vendor relationships. By ensuring that payments are made on time, businesses can avoid late fees and may even benefit from early payment discounts.

So, why wait? Leap into electronic invoice approval and join other businesses that are enjoying the advantages of automation. Your bottom line and your team will thank you!

Make the leap to a better invoice approval system with a 14-day trial from Envoice.

 

 

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