Implementing Changes to Costpoint to Improve Productivity and Efficiency: Part 3- Approval Workflow

June 21, 2022

Tired of tracking approvals manually and inefficiently? Need a better and more consistent approval process? Want to save time and money? Implementing the Approval Workflow that is native in Costpoint can be the answer you need!

While the system can be configured on nearly any application and is very customizable, the most common uses are with Accounts Payable Vouchers and Standard Bills. With Accounts Payable Vouchers, the system can send the Approval Workflow to the Project Manager where the cost is being charged.  Standard Bills can have an Approval Workflow where the Project Manager must approve the invoice.

These Approval Workflows remain on the record and can be viewable in other applications. During an audit, it is easy to provide the Approval Workflow audit trail. After implementation, companies typically improve Accounts Payable and Billing processing time, reduce Project Manager time to approve, reduce audit time (approvals are now linked to the record and can be seen in other applications), speed up their billing process, and reduce Days Sales Outstanding (DSO).

Approval Workflows are highly customizable! Multiple workflow models can be created for the same application screen. In addition, multiple application screens can be incorporated into a single workflow.  Approval of a workflow can also be set up to change a specific field on a record. For example, when a Project Manager approves a bill in Standard Bills, the status could be automatically updated to “Selected”.  The email messages and instructions to approvers can be customized. Time limits can even be set for the approval to be completed before an automatic rejection or escalation.

If Content Management has been configured correctly, the files attached to the record can be included in the email notification! Approvers can even approve directly from the email received, instead of being required to log into Costpoint.

If your company needs assistance in creating these processes and the training needed to maintain the system, let us help! Aronson is a nationally ranked Top 100 assurance, tax, and consulting firm and has earned the 2022 Best of Accounting award for providing remarkable service to clients.