ApprovalMax

Name: ApprovalMax
Price: 54 USD
Rating: 8.1 (9 reviews)

Score8.1 out of 10

9 Reviews and Ratings

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What is ApprovalMax?

ApprovalMax is a cloud-based solution designed to automate and streamline the approval process for finance and accounting tasks. It integrates with popular online accounting platforms such as Xero and QuickBooks Online, offering an extensive range of financial controls for accounts payable and receivable without requiring any paperwork or manual emails. The software enables users to customize workflows, define multiple levels of approvers based on conditional parameters, set deadlines using typical step durations, easily manage budgets, receive real-time notifications via mobile apps and chat feature.

With ApprovalMax's intuitive user interface, users can access all invoice-related information in one place with just a few clicks. Whether it's approving purchase orders or bills from anywhere at any time through mobile devices or replying to workflow requests using Outlook plugin- everything you need is right there. The software also keeps track of every step taken during the approvals process, creating an audit trail that makes record-keeping easier than ever before. All in all, ApprovalMax promises greater efficiency by reducing manual errors involved with traditional approval methods while providing meaningful insights into how processes are working across the businesses who use it.

Categories & Use Cases

Media

where approval processes are set up – no matter how simple or complex.

the interface to build approval steps that follow any business rules – whether approvals happen one after another, all at once, or only in certain cases. The user can also control who approves based on things like amount, supplier, account code, or category.

where to approve bills and purchase orders the way that works best.

the interface that matches bills to approved purchase orders from the same supplier to keep coding accurate and control spending. Unmatched bills can also be stopped from being approved.

where to mention others in comments to bring them in or get their input – even if they’re not part of the original approval. If they don’t have access, a prompt to add them as a Watcher is sent. Mentions work on web and mobile, sending notifications as soon as access is granted.

where to raise purchase orders, approve requests, and extract key details from bills and purchase orders – all on the go with the ApprovalMax mobile app for iOS and Android.

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Customizable Approval Policies
Policies for different types of approvals can be customized, sent to multiple approvers, automatically approved, etc.
Category average: 8.5
Financial Document Management
Invoices, expense reports, and associated documents are stored within the platform for any future needs.
Category average: 8.2
Payment Status Tracking
Tracks what stage payments are at in the process, from approval to receipt.
Category average: 8.8

Automated Accounts Payable Processes
Accounts payable processes are automated based on pre-determined workflows.
Category average: 8.7
Vendor Management
Holds information related to vendor terms and contracts.
Category average: 8.5
Duplicate Bill Detection
Detects duplicate invoices or expense reports to prevent double payments.
Category average: 8.7

Prashant Somaiya View profile

Team Leader - Accounts in Finance and Accounting at Awabakal Ltd (51-200 employees employees)

Use Cases and Deployment Scope

we use approval max to ensure invoice/ purchase order is send to respective manager dependent on program codes/division codes/ General ledger codes.

Pros

choice based on Program codes / division codes - we use Xero accounting system and we have 22 program codes and 11 divison codes ; once invoice is entered in Xero depending on relevant program code and divison code, Approval max automatically send invoice to relevant person depending on approval workflow process . One manager could be handling multiple divison and program codes; if our approval work flow process is properly designed - it is accurate in sending invoice to relevant manager.
invoice can also send to various managers based on General ledger codes ; this flexibility makes useful when manager is handling only certain nature of expenses regardless of program codes / divisionl.
Approval process can also be designed based on level of amount ; and level of amount is derived from our Delegation policy. it makes audit of application of delegation policy easy ; we give copy of delegation policy and print of approval work flow process to auditor.

Cons

date and time of change in approval process ; for example if Mr. A was responsible for all expenses above $1000 in Oct 23 and from Nov 23 it is changed to $5000 . in Dec 23 if it is checked - it will show approval limit of $5000 ; but will not show from which date limit was changed. Auditor always asks this question when the limit was changed in approval max - we cannot prove it.
If there is audit trail of who made the changes , when and what changes were made ; will be good.
when we are in main page of seeing invoices awaiting approval - there are hundreds of invoices - searching for one invoice from particular supplier is very cumbersome job - we have to go by each and every invoice in order to find that invoice ; it will be good if we have search function on main page itself ; in current scenario we have to go to report section - input all filters and than search for that particular invoice.

Return on Investment

It has certainly made a positive impact ; it is definately worth its value ; when we are processing hundreds of invoices every fortnight ; getting approval of invoices in timely manner for all invoices is of paramount importance . as approval max has its own app - approval can be done on mobile phone also ; this is particularly helpful when staff is travelling .

Alternatives Considered

Xero, Sage HR and Webexpenses

Other Software Used

Sage HR, Xero, Webexpenses

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