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Word of the Week: Workflow

What is Workflow?

Workflow, sometimes referred to as Business Process Management (BPM), in the accounts payable world, is the required tasks needed to approve a payment to a vendor or creditor based on a predetermined set of rules. These rules can range from highly complex to fairly simplistic depending on the nature of the AP process. These rules automatically evaluate multiple criteria to determine the flow of data and documents for review and approval before being automatically uploaded into the ERP or financial system. Automating otherwise manual AP workflows can reduce the burden on resources that leads to errors and complications. Additionally, an automated AP Solution can eliminate these burdens.

Provide management reporting in the following areas:

  • Financial Reporting
  • Operational/Productivity Reporting
  • Process Management Reporting
  • Ad hoc Reporting for for industry or event specific metrics

Advanced reporting, auditing and control of workflow is crucial for providing managers the information necessary to make good financial and business decisions in real time. ICG’s workflows build on top of a robust business rules engine which can meet the most demanding or basic requirements of your business.

Our solutions allow users to do the following:

  • View a complete audit trail
  • Annotate work items
  • Archive an entire work item package (including data, audit log, history, notes, etc.)
  • View a comprehensive report for each work item/invoice at any point in the transaction
  • ICG’s process management solutions can integrate with back-office systems beyond AP. This includes areas such as AR, vendor portals, supplier portals, vendor onboardingsupplier onboarding, distributor administration, and data capture applications such as OCR.

At ICG, our team of experienced business process and technology professionals model BPM solutions to meet the user’s needs and fit your technology infrastructure. Contact us today for more information and to learn how we can work with your workflow and find a solution that fits your business needs.

Posted on May 20, 2019