Accounts receivable automation for end-to-end control

Posted on March 19, 2024October 8, 2024 by Masha Komarova

Accounts receivable automation for end-to-end control

3 min read

Create professional sales quotes and invoices for your customers with ApprovalMax’s latest feature update.

Since 2018, ApprovalMax has been working with businesses globally to streamline their approvals and accounts payable processes. To help your business get paid faster, we’ve released a series of new features to help you manage your accounts receivable process; from sales quotes, through to sales invoices 🥳

Getting started with Sales Quotes in ApprovalMax

To help you remove the time, hassle and stress from your invoicing process, Xero users can now use ApprovalMax to create, approve, and send sales quotes to customers. Customers can accept your quote, without needing to access ApprovalMax. This means your sales team will have more visibility over which sales quotes have been accepted and which ones need to be followed up on.

Here’s a step-by-step breakdown of a typical workflow in ApprovalMax for Sales Quotes 👇

1. Create quotes

Prepare quotes faster with quote templates. Benefit from overall consistency while speeding up the quote creation process.

2. Approve quotes

Ensure quote accuracy with internal approval. Handy for approving discounts, resource, delivery dates, job details and more.

3. Send quotes

Easily share quotes with your customers. No need to email the quote – ApprovalMax sends it automatically once it’s fully approved.

4. Accept quotes

See when a customer accepts your quote. Allow your Sales team to track the status of your quotes and follow up on them.

Once this workflow is complete, you can create a similar workflow to move the sales quote over to a sales invoice.

Sales Invoices in ApprovalMax

To help you save time and keep things moving, our accounts receivable invoicing process workflow has been built with layers of smart automation.

Here’s a step-by-step breakdown of a typical workflow in ApprovalMax for Sales Invoices 👇

1. Create invoices

Quickly turn your quote into a sales invoice. Benefit from design and detail consistency while speeding up the invoice creation process.

2. Approve invoices

Approve details before sending to customers. Good for approving the total amount and whether goods or services have been fulfilled.

3. Send invoices

Easily share invoices with customers. The invoice is sent to the customer straight away once it is fully approved.

By eliminating the endless back-and-forth that can occur during the invoicing stage, you’ll improve the accuracy of your cash flow position each month.

Why use ApprovalMax for your accounts receivable processes?

We’ve built these new features to help organisations gain better financial controls over their accounts receivable process. ApprovalMax will allow your business to:

Say goodbye to manual approvals

Such as emails, personal messages, phone calls, and paper based approvals

Speed up your approvals

Remove the manual burden that comes with sales quotes and invoices, and have more visibility over your documents and where they sit. With ApprovalMax, 75% of requests are approved in less than one day.

Reduce errors

By implementing an automated and organised workflow process for sales quotes and sales invoices, you reduce the risk of errors across your AR function that can occur with manual handling.

Get the full picture of your AR cycle

With ApprovalMax, it’s easy to see who has created a sales quote or an invoice, plus who has approved or rejected it. You can even see what’s been accepted and what’s pending, which gives you a tidy view of what’s going on at any point in the AR cycle.

Protect your business

Confirm and approve details of the job such as service availability and delivery dates when you bill your customers, and sign off on important details so you and your customers are on the same page. Further protect your business with automated records (audit) of the agreed quote that’s been approved by internal departments.

“Many businesses have customer facing staff preparing quotes and invoices, but these need to be reviewed before they get sent to the customer. This can create a bottleneck in the process and result in lost business. ApprovalMax speeds up the time it takes for quotes and invoices to get sent to the customer, helping increase cash flow.”
Justin Campbell, Solution Engineer at ApprovalMax