Rose Report: Issue 3

RFSPayables, a Fast and Easy Solution

story3-picMost companies rely on an accounts payable system that functions something like this: An invoice arrives in the mail. The paper invoice then gets passed up the chain for approval, physically stamped and signed by each approver, manually entered into the accounting software, and finally, someone cuts a check to pay the bill.

But what happens when the employees in charge of approving the expenses are out of the office, or based in different locations? What if the invoice gets misplaced, forgotten or left on someone’s desk? Invoices may be mistakenly coded incorrectly when entered into the accounting software with no quality-control step. Recognizing that this traditional system is often time-consuming and riddled with opportunities for error, Rose Financial Services designed and built RFSPayables—an online, cloud-based invoice approval system that allows a company to access, review, approve and track their accounts payables from anywhere in the world.

RFSPayables contains a complete customized list of the client’s vendors and accounting codes. Invoices are scanned and entered into RFSPayables, accurately coded, and sent to the client’s RFSPayables queue for approval. At this point, the approver is alerted that the invoice is awaiting approval, and the client can log into RFSPayables from any computer to review. The approver can see all information regarding the invoice on the initial screen including; vendor name, date of invoice, invoice number, invoice amount, GL code, any included comments and the attached image of the invoice. This screen is consistent for all invoices, so the approver is easily able to review the information without looking at a different invoice format from each vendor. Any changes or modifications made to an invoice in RFSPayables are tracked and logged, leaving a full audit trail. Auditors are able to immediately determine who viewed an invoice, who made any modifications to it, and who ultimately approved or declined it.

Furthermore, RFSPayables can be customized to meet each individual client’s needs. For instance, the system can be tailored to alert the client’s CEO of any expenses that exceed a certain dollar amount. It can be customized to route invoices from particular vendors to particular approvers, or to send expenses through multiple levels of approval. RFSPayables can accommodate virtually any specific client demands.

One of the most significant benefits of RFSPayables is that it completely integrates with each client’s accounting software. Once approved, RFSPayables transactions are imported into the client’s accounting software, a senior review is completed and payment can be issued to the vendor. All payables information is stored in one central location, meaning the client can look up a specific invoice almost instantaneously.

For the client—whose only responsibility has been to approve the invoice—the RFSPayable process really is as easy as clicking a button. Click here to request a demo of RFSPayables.