How Billhop Can Streamline Your Invoice Approvals and Payments

Many companies today still rely on manual invoice approval processes, which can take anywhere from 10 to 25 days on average. These prolonged approval cycles often involve several layers of manual touchpoints, resulting in inefficiencies, missed opportunities for early payment discounts, and even potential late fees. In some cases, payments are made before the approvals are fully completed, introducing compliance risks and undermining internal control policies.

The cost of processing invoices manually further compounds the issue, with estimates ranging from $15 to $40 per invoice, according to Pipefy. Automating the approval workflow can significantly reduce approval times. According to Planergy, companies using automated systems can cut their invoice approval time to around 3.5 days. Automation eliminates manual data entry, reduces errors, and speeds up approvals, ultimately decreasing the cost of processing each invoice.

Billhop, a platform designed to streamline supplier payments by enabling businesses to pay invoices via credit cards, simplifies the shift from manual to automated approval workflows. It offers two flexible options: seamless integration with your ERP system—which automates approvals using your existing settings without any additional configuration—or Billhop’s built-in approval tools. Both methods improve control, transparency, and compliance, ensuring faster approvals for smoother supplier payments.

Streamline Invoice Approvals and Payments with Billhop’s ERP Integration

A key benefit of Billhop is its ability to integrate effortlessly with your existing ERP system. By becoming a payout partner within your ERP, Billhop ensures that the payment process is streamlined once approvals are completed within your system. Since the approval process is managed directly in your ERP, only pre-approved payment instructions are sent to Billhop. This helps eliminate bottlenecks and ensures smooth payment processing without delays. Billhop provides full visibility on the status of payments once they’re initiated, ensuring accurate tracking and timely delivery to recipients.

Billhop’s Built-in Approval Configuration

Even without ERP integration, Billhop's customizable approval workflow is designed to meet your business's unique needs while streamlining the overall process. Here’s how it adds value:

• Custom Approval Rules: Set up different approval levels based on payment amount thresholds per currency. This flexibility ensures that larger payments receive proper scrutiny without slowing down smaller ones.
• Flexible Approval Flows: Billhop supports both parallel and sequential approval flows with customizable approval groups. In a parallel flow, multiple approvers can approve in any order, expediting the process. Sequential flows require approvals in a designated order (e.g., manager first, finance second), providing more control for high-value payments. Approval groups offer added flexibility by allowing you to define how many approvers out of the total group are needed at each step—whether it's only one approver, or a set number out of a group (e.g., 2 out of 3). 
• Full Visibility: With real-time updates on payment statuses, Billhop offers full visibility into supplier transactions and approvals, preventing delays and ensuring payments don’t get stuck in the process.
• Risk Mitigation: The platform flags invoices from new suppliers for extra review, helping mitigate compliance risks by ensuring thorough checks.

How Approvals Work in Billhop

Billhop’s customizable approval workflow adapts to your company’s needs. Here’s a quick overview of the process:

1. Send Payment for Approval: If a payment requires approval, it is sent to the designated approver. The approver receives an automated email notification, and no charges are made until all required approvals are secured.
2. Send Reminders: Automatic reminders are sent to approvers to prevent delays. These reminders are configurable, helping teams stay on track with approvals and maintain smooth operations.
3. Review & Approve Payment: Approvers can review the payment details, and once approved, the payment is finalised and processed.
4. Notify Payment Initiator: If approvers do not approve the payment after three reminders, a final email is sent to the payment initiator, advising them that the payment was not approved. We also provide the option to resubmit the payment for approval.

This efficient process ensures full control over payments and prevents any from slipping through without proper authorisation, enhancing transparency and security at every step.

Get Started with Billhop

With Billhop, you can streamline your invoice approval process, eliminate bottlenecks, and improve transparency - all while ensuring timely payments. For more information on how Billhop’s approval workflow can benefit your business, contact us today.