This is an "another look" feature because I already wrote a "first look" way back when. I liked the layout of that feature so much that I am trying to use a similar approach so that if you wanted to compare content, you could. But why bother with the old when you can focus on the new?
To this day, QuickBooks users still say they need 'workflows' inside QuickBooks. While QuickBooks Online Accountant and QBO Advanced offer some workflows related to jobs, projects, and tasks, they don't meet all users' needs.
And guess what... "Xero users say the same thing!"
I am just finishing an App Comparison on Workflow apps, and one of the big questions is "what differentiates a workflow app from a practice management app?" Since I'm also working on an App Comparison for Practice Management apps, I can safely say that "all Practice Management apps (at least the 10 I'm evaluating) contain workflow tools, but NOT all Workflow apps can effectively be called Practice Managers." The keyword there is "Not" because some apps that are practice managers call themselves workflow apps, and vice versa.
So, Practice Manager apps focus on 'our' profession: accountants, bookkeepers, consultants, and ProAdvisors. Most Workflow apps are designed for "users" (what we call 'Clients' or 'Customers'). From a "user" perspective, they want ‘controlled workflows’, step-by-step processes they can set up to ensure their company procedures are followed.
They want these controlled workflows for things like purchase orders and vendor bills. They also want to make certain that the necessary approvals can be performed in whichever way is easiest for the person who must approve them, so that the approvals actually get done rather than the requests just sitting around being ignored.
ApprovalMax is designed to meet the needs of these users. It’s a cloud-based App that lets you create workflows, including multi-level approval chains that sync with QuickBooks or Xero. ApprovalMax has proven itself to businesses worldwide that want to build robust financial controls for their accounts payable and accounts receivable functions.
ApprovalMax lets you create and approve purchase orders outside of QuickBooks (or Xero) using its mobile app or web interface. A flexible multi-step, multi-role process customized to fit your business requirements ensures your company's workflow controls and proper approvals.
Purchase order creation and approval workflow with several approval steps. Requesters can be limited to creating only purchase orders in line with their area of responsibility or only purchasing from specific vendors. Approvers can define the type of purchase orders they will approve.
A new functionality that's been incorporated into ApprovalMax since my "first look" is Budget verification. You can get a real-time overview of how any Purchase Order you are being asked to approve will impact your budget(s), even before PO approval.
Only when the PO has been authorized by ‘all’ the necessary approving individuals does it get synced to QuickBooks or Xero for further processing.
Vendor Bill Workflows
ApprovalMax lets you create workflow automation for vendor bills to replace paper—or email-driven approval routing and establish financial controls related to spending accounted for within QuickBooks or Xero. It offers vendor bill creation and approval workflows with multiple approval steps. The number of approval steps can be any number according to the number of required authorization levels.
Vendor Onboarding
This is a new functionality since my last review. You can now vet all new vendors against formal policies before adding them to ApprovalMax as contacts.
Once a vendor bill is posted within ApprovalMax, it’s automatically routed through your designated multi-step, multi-role approval process based on your company’s predefined criteria, like amount, location, vendor, category, class, etc.
Vendor Bill to Purchase Order Matching
Since I last wrote about ApprovalMax, they have added Vendor Bill—PO matching to your accounts payable workflows. This feature lets you match Vendor Bills to already approved purchase orders so they don’t exceed the set amount and keep track of your budgets without extra work.
Once the vendor bill has been reviewed and authorized, it’s pushed to QuickBooks or Xero and is ready for payment. An audit report from ApprovalMax is attached.
By the way, you have options for posting vendor bills within ApprovalMax. You can automate data entry using ApprovalMax Capture, Dext integration, or your favorite data extraction application. Alternatively, manually create the vendor bill directly within ApprovalMax if you prefer the "hands-on touch."
FAQs
Here are a few topics you may be wondering about.
On-the-go Approvals
ApprovalMax supports both web and mobile platforms. Approvals can be made on the go via the App or email notifications, and Purchase Orders can be created and submitted for approval via mobile devices.
Exception Handling
ApprovalMax offers a range of exception handling capabilities. Alternative rules allow you to apply multiple conditions so they’re selected when any of the defined criteria are met. This is especially useful when an Approver needs to handle exceptions. Appropriate controls can be implemented for exception capabilities when alternative rules don't apply. These exception capabilities include rejecting approval requests, delegating approval, or forcing approval decisions.
Reporting
The ApprovalMax built-in reporting functionality helps Administrators and Auditors track, monitor, and analyze requests across all workflows. Numerous default and custom reports track the complete history of transaction handling built into ApprovalMax. These reports allow you to review pending and completed approvals, detect potential fraud, and generate customized reports tailored to your organization's needs.
Built-in Fraud Detection
ApprovalMax has several features to reduce fraudulent activities and detect non-standard and potentially serious situations. For example, automatic notifications are sent to designated administrators if a document is approved after bypassing the predefined approval process or when changes are made to a previously approved document. Similarly, when irregularities are created around the removal or improper modifications to approvers or administrators, or forced approvals, additional steps can be taken to secure transactional integrity and record the situation.
ApprovalMax is designed to strengthen your financial processes with automated checks and balances to help prevent fraudulent activity. It will issue appropriate notifications whenever it detects potential fraud or approval processes are bypassed. An audit report showing the applicable history is available for each transaction. Tracking of all activities related to transactions performed outside the predefined workflow (exception reporting) is also available.
ApprovalMax is available in the Intuit App Center and the Xero App Store.
ApprovalMax is listed within the Intuit App Center. You can find the ApprovalMax Intuit App Center Landing Page here. Approval Max connects with QuickBooks via the OAuth2 methodology, just like all other approved apps recognized by Intuit. You can find ApprovalMax in the Xero App Store here.
Want More Information about ApprovalMax?
If you are ready to explore ApprovalMax or find out more, visit the ApprovalMax for QuickBooks webpage.
Of course, if you are one of our Xero readers and want to learn more about ApprovalMax's award-winning integration with Xero, just visit the ApprovalMax for Xero webpage.
Topics from this blog: QuickBooks Xero Vendors Workflow ApprovalMax AP (Accounts Payable) Bills AR (Accounts Receivable) Purchase Orders