CFO Efficiency Management Checklist

The CFO makes sure contracts are regularly reviewed and updated as needed. Solid controls, appropriate processes and procedures, checklists, and periodic audits are crucial for effective AP management. An AI-enabled accounts payable automation solution is the key to foster strong vendor relationships, monitor key financial metrics and continuously improve invoice approval processes

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Aavenir Expedites Non-PO Invoice Approvals and Payments with Aavenir Invoiceflow on ServiceNow

About Company

Based in Texas, US, and Ahmedabad, India, Aavenir delivers the future of work with its industry-agnostic AI-driven Source-to-Pay solutions, built on the NOW platform. With a vision to solve the complex Source-to-Pay challenges across various industries, Aavenir’s next-gen Source-to-Pay suite revolutionizes age-old procurement processes by using the latest Machine Learning and Natural Language Processing technologies to reduce cycle time while offering insightful best practices suggestions based on historical data. Aavenir's customer base is spread across the globe; to name a few, The State-of-Utah, Express Professionals, T.D.Williamson.

Why Aavenir Invoiceflow for Aavenir?

It’s all about putting ourselves in our customer’s shoes to use and experience our own solutions and workflows. With the active usage of Invoiceflow in our day-to-day operations, we can see exactly what it’s like to harness the power of ServiceNow workflows and Invoiceflow features the way our users do. We are able to realize the value it brings to the table.

At Aavenir, we believe that Invoicelfow is the only and one of the most unique AP automation solutions built on the NOW platform. It can have a lot of potential users and use cases. For example, Invoiceflow can solve day-to-day challenges for AP Managers, CFOs, Vendor Managers, Contract Managers, and many others. Whether one is responsible for creating invoices, approving invoices, matching with PO, or processing the payment on time with zero errors, Invoiceflow has the capability to do so.

Invoice Management Use Cases

Multiple Vendor Invoices Processing

At Aavenir, the team is globally distributed and works remotely. As the Aavenir has grown so has the number of PDF and paper invoices it receives. There are invoices coming from consultants, vendors, contractors, and others. Top of it, most of the invoices are non-PO-based.

Deciding how to route non-PO invoices can be extremely challenging, especially since these invoices frequently fail to include information vital to routing. They typically undergo a tedious review and approval process - which is almost manual and lengthy.

This all called for a dire need to automate invoice approval workflows. Aavenir Invoiceflow lets teams collaborate and quickly resolve exceptions and approvals while gaining greater transparency into how invoicing processes are executed.

Multi-Currency Approvals and Payments

Aavenir’s team is globally distributed. The payments are done in USD as well as INR. Multi-currency processing involves a complex setup of different billing currencies.

For real-time invoice tracking and visibility, there was a need for a system that lets the enterprise transact business in any number of global currencies while maintaining core financial records in a single, functional currency.

“We have been providing best-in-class accounting & finance outsourcing services to more than 100 companies worldwide. However, using Aavenir Invoiceflow for Aavenir to process payments has literally made our AP team’s life easier than ever. The ease of use, accurate AI extraction, and multi-currency processing has definitely saved more than it costs to us.”

- Tushar Shah, CA, Co-Founder & Partner, Khandar Mehta & Shah.

The Solution: Aavenir Accounts Payable Automation Solution for SaaS Industry

Aavenir Invoiceflow is already solving complex invoice management challenges for the organizations like The State of Utah, Schonfeld, Panasonic, T.D. Williamson and many others. In its own case too, Aavenir decided to use its own robust AP automation solution as its ‘first choice’ to automate and streamline invoice processing on ServiceNow.

Accelerated Invoice Processing

Invoiceflow accurately processes multi-format invoices received from multiple sources. Consultants, contractors, freelancers, and others raise invoices in the Aavenir Invoiceflow and an automated email is sent directly to the approver. There is no need for an Accounts Executive to get involved at this stage, unlike in the case of manual processes. This Vendor to Department Head mapping availability brings seamless experience in straight-through processing of invoices.

The approver gets an alert in their email to validate the invoice and approve/reject the due payment. Once the invoice (PO based as well as non-PO based) is approved and digitally signed, the accounts department gets notified and they process the payment - the entire process is based on one-click approval, which has accelerated invoice processing by 60%.

Multi-Currency Compliant

Invoices are usually raised by the consultants, partners, and other team members spread across the globe. Aavenir Invoiceflow supports one-off invoicing, respecting specific national and international rules and currencies, and fully automates recurring payment workflows. It supports delivering tax invoices in more than 10 currencies so you can display customers' native currency. Furthermore, AI-powered accuracy and efficiency allow users to raise invoices per their base location's currency and provide you with two primary payment methods to choose from for domestic and international payments.

Tax Compliant

Aavenir AI engine uses its basic tax calculation engine (including IGST, CGST, SGST) or external tax provider and applies the correct tax rate to every invoice item - displays the right tax amount and is fully compliant. It automatically allocates multiple tax rates at the Line Level and seamlessly interacts with 3rd Party Tax engines or ERP updates.

Intuitive Invoice Management Dashboards

Get to see pending, approved, and paid invoices and identify bottlenecks in invoice processing and help stakeholders get real-time insights into their total invoice volume, and prioritize critical invoices with Intuitive and personalized invoice dashboards.

Key Results

After digitizing the AP process with Aavenir, our consolidated end-to-end invoice processing on ServiceNow has resulted in key benefits such as:

60% time savings in invoice approvals
92% STP achieved

We at Aavenir have made our Accounts Payable process seamless with Aavenir Invoiceflow. If you wish to maximize efficiency for your AP team, Book a Demo to know how Aavenir AP Automation Solution can help overcome your business's unique AP challenges.

5 Accounts Payable Anti-Fraud Controls Cheat Sheet

Combating Accounts Payable Fraud with AP automation is about verifying invoice information, and knowing if the order was received and the PO is accurate. It’s about making the team run as efficiently as possible by allowing them to accomplish more in less time and hopefully with fewer errors.

Aavenir’s AI-powered Accounts Payable solution significantly increases visibility and communication about invoices throughout the company. With Aavenir, there is a centralized place for the receipt of invoices. That way, every invoice enters the company through a standard method that makes it easier to spot something that doesn’t quite fit.

To know more, access this E-book by completing the form and clicking “Download Now.”

Global Accounts Payable Automation Worksheet

Financial leaders aim to achieve greater heights by utilizing fewer resources and less time with more efficiency. Strong businesses always plan for higher productivity. You’ve felt the pain of the manual accounts payable (AP) process and are looking for an automated solution to streamline your AP process from start to finish. So, how do you find the right solution to meet your business needs?

There are many ways that global AP automation is defined and many solutions available from which you can choose. For example, when deciding which solution is right for you, it’s essential to understand that taking a holistic approach to automating global accounts payable and investing in a solution that streamlines the end-to-end process will deliver greater efficiency, reduce your payables workload, improve control over cash flow, accelerate cycle time not only as it relates to your payables operations, but also financial close, and enhance protection against AP fraud.

To find out more, access this worksheet by completing the form and clicking “Download Now.”

The Top 3 Finance Resources CFOs Should Bookmark

CFOs today have to be more innovative and dynamic to adopt best practices and skills to create value for the organization. However, most CFOs nowadays are expected to break away from the number-crunching analysis and consider themselves strategic and tactical players.

The Top 3 Finance Resources CFOs Should Bookmark

Are CFOs prepared? Do they have the ability to meet the new requirements of an active job?

The CFO of today and tomorrow should analyze financial data to plan strategies and influence decision-making. They should have many more abilities than simply knowing technical bookkeeping. The CFOs are considered Chief Operating Officers with a primary focus on finance. They help guide and impact decisions involving the financial angle.

To know more, access this E-book by completing the form and clicking “Download Now.”

AP Automation Execution Checklist

AP Automation Execution Checklist to Maximize ROI

As the CFO of your organization, you may wonder about the precise strategies you should adopt to implement and execute AP Automation Solution to improve your company’s invoice payment workflows. You are already aware that paying your vendors on time and without any errors is essential.

Top 11 Strategies to Execute AP Automation Solution Effectively

With regards to business, implementing and executing any new process and solution can be complex. These accepted Best Practices in the checklist will guarantee you to take on the challenge and buy the current AP automation solution today - eliminating the execution and implementation barriers from the past. The checklist also states eleven strategies that will facilitate glitch-free implementation and execution of your AP Automation solution and help your organization maximize and achieve the ROI from automation.

To know more, access this checklist by completing the form and clicking “Download Now.”

Invoice Approval Workflow Checklist

A paper-based invoice workflow is less efficient as it consumes hours of valuable time between document filing, invoice data entry, and the seemingly never-ending wait for approval. Fortunately, technology has been a boon for the invoice approval process - making it a lot more efficient. Here are a few solid reasons you should consider implementing a paperless invoice approval system.

An Invoice Approval Workflow is a process organizations follow to clear an invoice for payment. Think of it as a process to determine whether an invoice is valid. Depending on the size of your organization, the Accounts Payable Manager (APM) may perform this process, or the work may require an entire Accounts Payable (AP) department.

The workflow generally begins when a vendor submits an invoice. The AP team then reviews the invoice to ensure its accuracy, including looking at the billed services, the information needed for processing, and the amount requested. After everything checks out, Accounts Payable or the finance manager approves the invoice, and the appropriate person processes the payment.

If you want your organization to succeed, paying your vendors on time is indispensable. Learn about the invoice approval workflow and how to optimize it by completing the form and clicking “Download Now.”

Vendor Scorecard Tracker

Vendor Scorecard Tracker

Whether it's sourcing raw materials or providing SaaS platforms, vendors play an essential role in your company's growth. Growing businesses can find it challenging to monitor vendor performance, creating issues like duplicate purchases and maintaining proper vendor relationships which hampers growth.

Vendor scorecards simplify vendor management and are critical for monitoring vendor performance. Vendor scorecards are used to track and measure vendor performance. They can vary from simple to complex and contain as many or as few criteria as deemed effective in accomplishing an organization’s goals. When used appropriately and consistently, vendor scorecards can strengthen relationships, improve costs and mitigate errors.

This vendor scorecard tracker is used to view the summary and different views of the ratings of the vendors which are based on the results of the assessment. The vendor scorecard contains the name of the vendors and their ratings. A vendor scorecard is used to compare and contrast the current vendor’s results with his previous ones and it can also be compared with the other vendors.

To know more, access this tracker by completing the form and clicking “Download Now.”

Accounts Payable Audit Checklist

Audits, in general, can seem a little scary. But, when you perform audits, particularly on your accounts payable (AP) operations, you can catch fraud, mistakes, bottlenecks, and more before they even occur – saving your company precious time and money. Accounts Payable auditing isn’t only a means to ensure compliance; it’s a way to streamline your operations and increase efficiency.

Whether it’s a legal obligation or not, an Accounts Payable Audit is a good business practice to help you stay on top of your company’s financial activity. Here are a few ways an audit can improve security, efficiency and help find possibilities for cost reduction:

Double-checking the control over vendor invoices and the approval process helps identify areas where the financial burden/control rests on too few shoulders.
Reviewing invoices for possible cash discounts and noting due dates brings to light opportunities to take advantage of any available discounts.
Comparing the terms of sale, prices, and list of goods received on vendor's invoices to purchase orders and receiving reports plus all totals prevents theft, fraud, and embezzlement.

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Invoice Verification Checklist

Does the anxiety of making erroneous or incorrect invoice payments get you every time?

Don’t worry! You are not alone. Companies around the world go through it. Invoice verification is one of the day-to-day tasks of the accounts payable (AP) team. Companies check whether the goods or services invoiced correspond to the orders and have been delivered with the proper financial accuracy.

Invoice Verification Checklist

Invoice verification is one of the day-to-day tasks of accounts payable (AP). The invoices must be checked in terms of content to align with the formal requirements. Accounts Payable Managers must be worried about:

What is the mandatory information required in invoices?
Is this information the same for all invoices?
What does it mean for companies if this required information is missing?
What is the other purpose of invoice verification?
And how can invoice automation help?

To know more, access this checklist by completing the form and clicking “Download Now.”