Introducing Numla’s Dynamic Approval Module

Many companies using Odoo often face challenges due to the absence of effective approval functionalities. Issues such as inconsistent approval times, lack of clarity on approval responsibilities, and increased risk of errors or fraud can lead to delayed payments, strained vendor relationships, and potential financial discrepancies. Recognising the need for a robust solution, Numla developed the Dynamic Approval Module to mitigate these challenges.

The Approval Matrix is designed to enhance efficiency and accountability in financial transactions. It covers approval processes for the following entities:

• Purchase Orders
• Invoices
• Bills
• Payments
  

The functionality of the Approval Module is straightforward and user-friendly:

Users can easily configure dynamic approval processes for any specified entity. Let’s say, we are taking Purchase as an example to demonstrate the approval matrix flow.

Users will select "Purchase" as the approval medium and add relevant team members to the approval configuration. They can also set approval limits, specifying the maximum amount that each user can approve.

Users can also designate "force approvers" for purchase orders in case the primary approver is unavailable, such as when they are on leave, then the PO is assigned to force approver for approval.

Whenever a purchase order is created, it will enter the approval matrix. Activities will be created for users at Level 1 of the approval process. The list of approvers and their approval status will be visible in the approvers section under the purchase order.

The approval cycle will run for all designated approvers, and once approved, the purchase order will be confirmed.

The approval matrix is company-specific, so it can be used in multi-company structures as well. Each company can customise its approval matrix, ensuring that it aligns with specific business needs and processes.

Numla’s Dynamic Approval Module is a critical solution for organisations seeking to enhance their financial management processes. By clearly defining approval hierarchies, thresholds, and documentation requirements. businesses can streamline workflows, clarify responsibilities, minimise delays, and reduce the risk of errors or fraudulent activities.

This module promotes accountability and transparency while ensuring compliance with organisational policies and regulatory standards. By involving stakeholders from various departments in its implementation, the approval matrix can meet diverse needs and adapt to changing business conditions.

For organisations to fully benefit from the Numla Dynamic Approval Module, it’s crucial to regularly assess and refine the approval process. This ongoing evaluation involves gathering feedback from users to identify areas for improvement. By doing so, organisations can strengthen vendor relationships through timely payments and enhance their overall financial health and operational efficiency.