Automation in financial operations has come to stay. It is no longer about if, but how it should be done. Manual processes cost businesses money and man-hours so they can no longer be the first choice for finance teams.

Understandably, many finance professionals, like everyone else, have concerns about being replaced by technology. However, these tools help finance team members to be more efficient by freeing up more time that can be channelled into other projects as against being weighed down by menial tasks. 

But we’ve seen that modern tools are here for good. They’re helping finance teams work better, be more efficient and pivot to functions that add more value to their careers and the organisations they serve. 

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When it comes to payment approval systems, a key component of finance automation, it is crucial to get your team’s (and the wider organisation’s) buy-in since they will be major players in the workflow. What are some proven tips that can help bring everyone up to speed?

Let’s take a step back to first understand what a payment approval workflow is. It is a system backed up by an existing policy that instructs who within an organisation can approve a certain payment threshold before it can be disbursed. It typically involves the following roles:

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One of the main challenges of implementing a payment approval workflow is resistance from team members. It is a major one because you need their buy-in to make this work. 

Here’s how we help foster a faster adoption of payment approval systems. 

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1. Explain the needs & benefits 

• Increased efficiency. Show how a payment approval workflow can help your team save time and money. This can be done by providing examples of how other businesses have benefited from using a payment approval workflow.
• Explain the risks of not having a payment approval workflow in place. This could include things like fraud, waste, and inefficiency. Approval workflows can help protect the business by requiring multiple levels of approval for payments.
• Increased control and visibility over payments. A payment approval workflow can help you to track and monitor payments, ensuring that they are made in a timely and accurate manner.
• Improved compliance. Adopting workflows can help your organisation comply with regulatory requirements by tracking and documenting all payments. For example, how it helps the team during outline audits.

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2. Training and tutorials

• Provide training, tutorials or videos on how to use the payment approval workflows. This should include both an overview of the workflow and specific instructions on how to complete each task.
• Make sure that the payment approval workflow is easy to use. The workflow should be intuitive and easy to navigate.

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3. Let your leadership shine through

• Demonstrate your commitment to payment approval workflows. This means using the workflows yourself and encouraging your team to do the same.
• Emphasise the career benefits for them. As technology advances, one should align to be on the cutting edge.
• Be patient and understanding. It may take some time for your team to adjust to the new workflow.

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By following these tips, you can help your team buy into payment approval workflows. This will help protect your business. It will also help improve your compliance with regulatory requirements and improve your payment process.

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Additional tips: Best practices for managing a payment approval workflow

• Define clear roles and responsibilities.
• Use a centralised system.
• Set clear approval thresholds.
• Automate as much as possible.
• Monitor the workflow regularly.
• Keep the workflow up-to-date.

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Learn about Duplo’s Automated Payment Approval Workflows.