Expedite Billing with More Efficient Draft Invoice Approval

June 11, 2021
Melissa Coffey
Sr. Director, Product Management

An efficient draft invoice approval process will expedite the entire billing process, provide stronger collaboration between accounting and project teams and get invoices out the door fast. Now, users can execute the entire process within Vantagepoint with a digital markup tool to communicate edits or adjustments needed for the final invoice. With draft invoice markups, everyone also has greater visibility into the status of drafts while maintaining the history of the draft process for future reference.

Within Vantagepoint, billers initiate the process by submitting drafts for review, which then sends the project manager a notification directing them to review their drafts. The project manager has all the information at their fingertips within the Project Hub to successfully research and provide any feedback before approving the invoice to be sent to the customer. 

Improved Process Leads to Increased Cash Flow

The new digital markup for draft invoices just completed its early adopter program with existing customers.

“We are very excited about the digital markup for draft invoices,” shares Jacqui Smith, ERP operations manager at Galloway & Company, Inc. “The addition of digital markups and annotations will significantly improve coordination between our billers and project managers, improving the overall flow of our invoicing process.”

The ease of digital markups for your approvers will be key in supporting an expectation of a quick turnaround with draft invoice review and approval. A more streamlined, efficient approval process can make a significant impact in getting invoices out the door faster leading to cash coming in faster.

Simplify the Review Process for Project Managers

Some project manager love taking a red pen to the draft invoice to provide feedback, while others will digitally markup emailed copies using another PDF annotation tool and email back to the biller. Now project managers can markup drafts and provide feedback of invoices within Vantagepoint’s Draft Invoice Approvals. The digital markup tool sits within the Project Hub, making it easy for project managers to validate and update the key project information as needed.

Deltek Vantagepoint, Draft Invoice Red Line Markup

Enhance Collaboration with Billers

With the new digital markup tool, billers have the same visual of the draft invoice with related annotations. At the beginning of the approval process, the biller can enter annotations directly on the draft to call attention to specific questions for the project manager. After the project manager has reviewed, marked up the draft invoice and then approved or rejected the draft, the biller can internally track which annotations they have implemented and which remain to be completed.

Billers can also track where all drafts stand within the approval process. Biller receive notification immediately when project managers approve or reject a draft so billers are able to quickly take the next action to get the invoice out to customers as quickly as possible.

Deltek Vantagepoint, Track Drafts

Maintain Historical Markups and Annotations

Markups on all drafts can be valuable beyond the finalization of the invoice. For this reason, the draft including annotations is saved for future reference. These drafts can be reviewed alongside the final invoice during both the billing and approval process for context and reference.

Deltek Vantagepoint, Maintain Historical Markups