You can register an invoice in two ways: by receiving it through a company-specific email ID created by Bayzat for your vendors (please get in touch with your customer success manager for assistance), or by manually uploading the invoice. In both cases, the invoices will be saved as drafts in your account.
There will be 7 stages for these invoices.
- Drafts
- Pending Approvals
- Rejected
- Approved
- Awaiting authorization
- Paid
- Cancelled
All the above stages and actions are managed by respective roles as mentioned here.
Drafts (Upload Invoice)
To upload an invoice Invoice manager can navigate to Finance > Company Expenses > Accounts Payable > Upload Invoice.
The system captures the invoice details using OCR technology, and at this stage, the Invoice Manager can make any necessary changes or edits before submitting it for approval.
After submission, it is stored in the 'Pending Approval' tab, awaiting approval from the Invoice Reviewer.
Pending Approvals
After the successful submission of invoices, the Invoice approver is notified of these invoices that will require their actions.
The invoice can be reviewed by expanding the invoice from the "Pending approvals" tab.
After reviewing, the invoice approver has the following options:
- Approve: If the invoice details are accurate and require no further adjustments, it can be marked as approved, allowing for payment initiation.
- Reject: If the invoice details need modifications, they can be rejected and moved to "Drafts" for the Invoice Manager to make the necessary updates.
- Edit: If the invoice details can be modified by the invoice approver, they can make the changes and resubmit it for approval.
- Cancel Invoice: In the event that the invoice needs to be cancelled and a new one is requested from the vendor, this option can be chosen.
Rejected
All rejected invoices requiring amendments will be placed in the 'Rejected' tab for review. At this stage the invoice can be moved back to Drafts for amendments or it can be moved to Canelled.
Approved
Invoices that have been approved and need to be paid will be located in the 'Approved' tab.
At this stage, the Invoice payment initiator can create payment for the invoice.
Steps to Make payment:
Please ensure and co-ordinate with your Customer success manager to set up a Global payment account.
1) You can navigate to "Approved" and select "Make payment" against the required invoice. This will allow you to select the Global bank account from which you want to make payment.
2) Once you've successfully selected the bank account and created payment, the invoice will be visible in the tab "Awaiting authorization"
The payment authorizer can navigate to "Awaiting authorization" to view all the invoices that has to processed for payments.
The Payment authorizer can click on "Authorize" to review the details again and confirm with the assistance of Multi-factor authentication to secure the payment.
Once the payment is verified a notification will confirm the invoice is paid. Every paid invoice will be categorized under the "Paid" tab for the purpose of review and recording for future reference.
In scenarios with insufficient funds at the time of authorisation, you will be required to top the Global account. Once you have topped your Global account with sufficient funds, you will be able to authorise the payment.
Cancelled
Every cancelled invoice will be categorized under the "Cancelled" tab for the purpose of reviewing and recording for future reference. Cancelled invoices can't be processed at any instance.