Simplified Purchase Order Approval Software

Automating the Purchase Order (PO) approval process offers several benefits that enhance business efficiency, accuracy, and control. Accounting software is not often enough to automate the procurement process for the entire procure-to-pay cycle.

Special accounts payable software, like Tipalti, is specifically designed to handle the job from the moment a buyer thinks of a need to the payment being satisfied.

Here are some advantages of automating the PO approval process:

Reduced Errors and Improved Accuracy
The best purchase order software reduces the risk of human error associated with manual data entry, like incorrect pricing, quantities, or vendor details.

These systems enforce data consistency by ensuring all required fields are filled in consistently and correctly, which helps manage data quality across the organization.

Increased Speed and Efficiency
Automating the PO approval process eliminates the need for manual data entry and paperwork typically required for purchase order creation and order request. This reduces the time spent on administrative tasks, which can be especially beneficial for a small business.

Approval workflows instantly route POs to the appropriate approvers, significantly reducing approval times and avoiding delays caused by manual handoffs or waiting for physical signatures.

Approvers can review, approve, or reject POs in real-time, even remotely, speeding up the overall purchase order process.

Better Compliance and Control
Automated purchase order software ensures adherence to internal policies and external regulations by requiring every approval to follow pre-defined rules and workflows.

Every action taken within purchase order management software is logged, providing a clear and comprehensive audit trail useful for internal audits, compliance checks, and regulatory reporting.

Cost Savings
Reducing manual processes and data entry lowers administrative overhead costs associated with processing and managing purchase requests and purchase orders. Teams can get rid of the Excel spreadsheets and simply rely on automation.

Automation tools provide real-time visibility into purchasing activities, helping to identify cost-saving opportunities and business needs, negotiate better terms with suppliers, and control spend more effectively.

Faster approval times can also help companies take advantage of supplier early payment discounts, leading to direct incredible cost savings.

Enhanced Supplier Relationships
Fast and accurate processing of purchase orders leads to timelier payments and better payment terms, improving supplier satisfaction and fostering stronger long-term relationships.

PO software also provides transparency to suppliers about the status of their POs, reducing the need for back-and-forth communication and developing trust.

Additional Benefits

• Scalability and flexibility for large volumes of POs
• Data-driven insights on purchasing patterns, supplier performance, and approval bottlenecks
• Track key performance indicators (KPIs) related to the approval process
• Reduced employee workload freeing up more time for strategic tasks
• Better collaboration between departments by providing a centralized platform

Yes, you can approve Tipalti purchase requisitions using mobile devices or messaging platforms like Slack, thanks to their integration capabilities and user-friendly design.

Here’s a few ways in which it works:

Mobile-Responsive Design
Tipalti is a cloud-based solution designed to be mobile-responsive. This means you can access it from any web browser on a smartphone or tablet. This enables users to review and approve purchase requisitions from anywhere in the world.

Tipalti’s website is optimized for mobile use. This ensures a smooth experience for users who need to approve requisitions or perform tasks via their mobile devices.

Integration with Slack
Tipalti integrates with messaging platforms like Slack through APIs or third-party tools, enabling notifications and approvals directly within Slack.

This integration also allows the user to receive real-time notifications about pending requisitions and approve or reject them without leaving the platform.

Custom Workflow Automations with Slack
A business can set up customized workflows and use Slack bots or commands to trigger specific actions, like sending reminders for pending approvals, notifying stakeholders of approved POs, or escalating approvals based on predefined criteria.

When choosing PO management software, look for features that streamline the entire purchase order lifecycle and centralize manual processes.

This enhances efficiency, improves accuracy, and provides better control over procurement and spend management.

Here are some key features to consider:

Automated PO Creation
This should be the first thing cloud-based PO software accomplishes. It should offer pre-approved, customizable templates to quickly create purchase orders and ensure consistency across all purchases.

The system should automatically populate POs with data from purchase requisitions, vendor catalogs, or historical transactions to reduce manual entry and punchout errors.

Consider a system that integrates with supplier catalogs to pull real-time product, pricing, and availability information, ensuring accurate and up-to-date POs.

Custom Approval Workflows
Procurement software for small businesses, medium corporations, or enterprise conglomerates should allow for the creation of custom approval workflows based on different criteria (like department, purchase amount, or supplier).

It should automatically route POs to the appropriate stakeholders for approval, reducing delays. Role-based permissions ensure that only authorized personnel can create, approve, or modify POs, enhancing compliance and security.

Enhanced Supplier Management
To avoid manual purchases, PO software enables a centralized supplier database that maintains comprehensive supplier information, including contact details, contracts, pricing, and performance metrics.

A self-service supplier portal should be offered. This is where suppliers can submit quotes, view POs, confirm orders, and track payments, improving communication and reducing the need for any spreadsheets.

Real-Time PO Tracking
The system will provide visibility into the current status of all POs, from creation to payment, allowing for proactive management and quicker issue resolution. It will send automatic notifications and alerts for key events, such as pending approvals, order delays, or discrepancies.

The system offers customizable dashboards and reports to monitor key metrics, such as spending trends, supplier performance, and PO processing times.

PO Matching and Reconciliation
Look for a user-friendly system that performs 2-way and 3-way PO matching against POs and receipts to ensure accuracy before payment is processed. This helps to identify discrepancies, prevent overpayments, and creates a robust audit trail.

Tolerance management enables a business to set acceptable tolerance levels for discrepancies (for example, price or quantity variances), reducing the need for manual intervention for minor differences.

Additional Features

• ERP and accounting software integrations
• Cost control allocation for better tracking
• Supply chain and inventory management
• Compliance monitoring and document storage
• Multi-currency and multi-language support
• Mobile app with remote approvals and management