Dynamic Approval Workflow
Handle any approval structure and organizational hierarchy. You can enforce departmental, divisional and corporate approvals with multilevel approval lists, and there is no limit on the number of levels of approval. Key rules include.
A well-designed and adequately-enforced requisition approval process is fundamental to successfully managing corporate expenditures. But there’s a sweet spot in designing an approval process. If it’s not stringent enough, you may overpay, exceed budget, and promote wasteful spending. If it’s overly burdensome and lengthy, you risk slowing the process unnecessarily, disrupting vital operations, alienating employees, and increasing maverick spending.
The Paramount WorkPlace Dynamic Rule Engine allows companies to implement any corporate approval rule imaginable throughout the entire procurement process. The sophisticated workflow engine both simplifies the approval process and brings the level of control needed to your organization.
Features and Benefits:
- Unlimited Entry Rules: Establish an unlimited number of entry rules to match your company’s operations
- Unlimited Approval Rules: Unlimited approval rules based on any field available such as vendor, amount, department, GL account, budget, project, expense type, etc.
- Position-Based Approvals: Position-based (AP Clerk, Buyer, etc.) approvals provide a rapid deployment option based on your organizational structure and associated approval limits
- Go Mobile: Rules you establish are respected in the Mobile App
- E-mail Approvals: Approval requests can be automatically sent by email to the designated approver(s)
- Change Order Approval: Approval of revisions to a transaction can follow their own approval workflow
- Option to Skip a Step: Optional auto skip to next (but not final) approver
- Variance Tolerances: Specify an acceptance level of variances (price, quantity)
- Flexible Approval Criteria: Approval criteria can be at transaction (header) level, or item (line) level
- Works with POs and Check Requests: Consistent approval workflows and budgetary controls for PO and Non- PO invoices
- Detect Variances: Automatically detect invoice variances and route for approval
Terms & Definitions
What are Approval Rules:
Approval rules are rules the company establishes to cover its purchasing activity. Rules may cover such things as approval dollar limits, routing, individual approvers, escalation conditions, etc.
What are Position-Based Approvals:
Position-based approvals are a quick way to establish an approval routing process based upon the initiating user’s role in the company. For example, you may establish an approval routing that applies to all AP clerks and a separate routing for inventory buyers.
What is a Change Order:
A change order is work that is added to or deleted from the original scope of work of a contract or purchase order.
What is a Check Request:
A check request is a request for vendor payment that does not initiate from a purchase order.
What is Variance Tolerance:
Variance Tolerance refers to the accepted variance of quantity or cost when there is a difference between what was ordered, received, and invoiced.