Call Us +852 3956 3112 WhatsApp Us (+852) 9654 5078

How Do Xero and ApprovalMax Help Small Businesses Streamline Workflows?

 

By FastLane Team, August 9, 2021 (5 mins)

Small businesses handle a variety of important tasks each day – from accounting to payroll to contact management and sales. While businesses of all sizes struggle with the need for streamlined tasks and efficient operations, there are solutions available that can make a big difference.

 

Whether it’s improving information retrieval or streamlining workflow processes, small business owners and entrepreneurs need better tools when it comes to growth potential. One such tool for handling financial details is Xero – an innovative cloud-based accounting software.

 

One of the strengths of Xero is the ability to handle a variety of different tasks from one integrated interface. While it can be useful for businesses to utilize tools that support such strength, it can prove problematic if these tools are unable to also provide flexibility and optimization for certain processes.

Approvals – Xero’s Missing Piece

Xero is excellent at what it does – providing small businesses with powerful and essential financial tools – but when it comes to approvals, Xero can be complicated.

For businesses that utilize the Xero financial purchasing software, a solution such as ApprovalMax can help reduce the time and effort it takes to handle purchasing approvals and rejections.

 

In this article, we will take a closer look at the benefits of connecting your Xero processed to ApprovalMax, with details such as:

1. What is ApprovalMax?

2. What does ApprovalMax do?

3. How does ApprovalMax Support Xero?

4. The Benefits of Setting up ApprovalMax for Xero

5. How Fastlane Can Help

 

1. What is ApprovalMax?

ApprovalMax is revolutionizing the way businesses approve and manage all their spending. 

Simply create your ApprovalMax system, link it to your Xero account, and ApprovalMax will automatically review every transaction you need approval on before approving or rejecting it. 

Using the latest in automation and machine learning software, ApprovalMax uses an automated approvals process that ensures compliance across departments and out-sourced financial management companies.

 

 

2. What Functions does ApprovalMax Offer?

As a powerful mobile solution, ApprovalMax offers a variety of features that make mobile approvals for purchases fast and efficient:

  • Approval Automation
  • Search, Reporting, and Audit Trail
  • Matching and Budgeting across 
  • Mobile App for On-the-Go Approvals

 

ApprovalMax is designed to seamlessly integrate with Xero systems, making your financial process fast and effective no matter where you are or your financial needs.

 

ApprovalMax is designed with small businesses in mind, with a variety of features that support the unique needs of small business owners.

The following are some of the most powerful features that Xero users will gain from connecting with ApprovalMax:

 

Remote View and Authorization Capabilities

With ApprovalMax, you can view and approve purchases anytime, anywhere, with real-time access. You can also analyze the effectiveness of account policies such as credit limits. 

You can also automate your approval process by writing rules to determine whether a transaction is approved or declined.

 

Greater Financial Transparency

You can now have a holistic view of your financial data in one place. ApprovalMax will generate reports on how your account is being used and any abnormalities that may exist in your transactions.

 

Greater Collaboration and Workflow Efficiency

With ApprovalMax, you can delegate approval tasks to other users, streamline communication with employees or clients, and easily track all your approvals.

 

Remove the Need for Manual Approvals

ApprovalMax is designed to work with your Xero account easily so that you no longer have to waste time or resources on manual approvals or rejections – reducing obstacles and increasing team productivity.

 

Increased Compliance for Audits

With the approval process performed seamlessly in real-time, there is no need for an archive of approvals – reducing the risk of audits and providing greater peace of mind across your company as you compile audit materials.

 

3. The Benefits of Connecting Xero to ApprovalMax

When choosing a solution for your small business finances, you need a tool that handles all the details while being easy to navigate. When you connect your ApprovalMax account to your Xero processes, you can enjoy benefits such as:

  • Centralized spend control through approval automation
  • Shared accountability with the client regarding payments
  • Full process automation for approvals of accounts payable and accounts receivable
  • Contextual collaboration with clients
  • Full audit trail for authorization processes as well as all bills and purchase orders
  • Complete eradication of error-prone paper- or email-based authorizations

 

4. How to Set Up and Use ApprovalMax with Xero

Setting up your Xero and ApprovalMax accounts is not complicated, and it only requires you to connect your accounts and develop your approval and rejection rules and processes. 

After a few guided steps, you can begin to take advantage of ApprovalMax’s full capability and start streamlining your approval processes. You will be able to create rules surrounding purchases, which enable you to make quick decisions on whether a purchase is approved or rejected – within the ApprovalMax mobile app!

 

 

5. How Can FastLane Help?

Are you interested in learning more about the capabilities of Xero, ApprovalMax, and other small business finance tools? Rather than attempt to navigate the complexities yourself, partner with FastLane to help you through the process!

At FastLane, our team has successful experience with securing seamless integrations between businesses and the tools they need to run their businesses. We excel at helping companies evaluate and implement new solutions for financial management, including Xero.

Contact FastLane today to learn how we can help you and your business boost your effectiveness.



Related Articles