First Class Accounts partners with ApprovalMax an innovative new digital solution to approve business spending.
Digital technology is innovating at phenomenal pace with huge opportunity for Australian small to medium sized business to improve their processes, but it can be difficult for most to keep up.
That’s why First Class Accounts hosts a partnership program, where every six months we welcome a select few of the financial industry’s best trailblazers to join our ranks and introduce our bookkeepers to a better way to do business.
We’re proud to announce ApprovalMax has just joined our team.
Here we chat with ApprovalMax Partner Account Manager, Sahil Malhotra, for his advice on how small business can improve their processes and how ApprovalMax is working with First Class Accounts.
How does ApprovalMax help businesses improve their processes?
ApprovalMax is used with other online accounting software to better monitor, manage and report on who can purchase for the business, how much can be spent and when to spend.
With automated, digital workflows guiding decisions, it makes processes more efficient. People can authorise an invoice on the go. There is no more need for paper or email-based approval handling.
Businesses, as well as internal and external financial managers, are better protected to comply with regulations.
What features does ApprovalMax offer businesses?
There are lots of features that come with a mobile friendly app and easy integration with software like Xero and Quickbooks.
For starters, purchase orders can be created which can limit purchase order requesters in terms of what types of products they can request, or from which suppliers they can buy.
Approvers can receive requests including all the related information as part of the purchase order and these have links to the corresponding files.
It is possible to copy a purchase order into a bill, which can be routed automatically through a multi-step and multi-role approval process based on predefined criteria, such as supplier, amount, GL code, and tracking category. During the matching procedure, proper checks and validations take place. Pre-built reports can easily help detect potential fraud, manage workflow, and allow for efficient auditing.
How does ApprovalMax enable better collaboration between the bookkeepers and the clients?
By using ApprovalMax accounting professionals can eliminate manual work and human error and ensure that all proper authorisations are in place before an invoice is paid.
They get clear visibility into the client’s invoices and shared responsibility regarding payments which also helps protect the bookkeepers from any conflict.
At the same time the clients have the ease and convenience of using ApprovalMax anytime anywhere. They can easily approve invoices and purchase orders using the mobile app while they are away from their desks or travelling on business.
Why have you chosen to work with First Class Accounts?
We see First Class Accounts’ bookkeepers as the best people to look at the process from an inside out perspective. They work so closely with businesses and see where there is an opportunity to streamline processes using the right technology.
How do you work with First Class Accounts?
We provide the support so First Class Accounts’ bookkeepers can work with their clients in an educated way. We first introduced ApprovalMax via a webinar to First Class Accounts franchisees and have had those who have joined our partner program.
We provide these bookkeepers with education, training and certification that helps them decide which of their clients are best suited for ApprovalMax and how to make the most of the technology.
We look forward to an exciting partnership ahead with First Class Accounts franchisees as they support their businesses to stay on track with spending operations and accounts payable.
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