There are infinite ways that you can work with a client to help them manage their approvals workflow, but there are three primary models we recommend as a best practice:
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The Participatory Model is a fully collaborative workflow where members of the firm and the business both play a role in the bill pay process. This is the most common model used. Employees and vendors submit invoices/documents, the firm enters and routes the bill for approval, the client approves, and the firm handles the rest.
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The Non-Participatory Model is a fully outsourced model and creates much more lift for the firm. Typically, this is a more expensive option for the client, but it allows them to stay out of the AP process and let the firm handle everything—document collection, bill creation, approvals, payment, and more.
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The Client Ownership Model keeps the ownership and responsibility in the hands of the client, while the firm oversees the process to make sure it is being managed properly. In this model, the firm only needs access for tax and audit purposes, or access to reporting. The client manages all aspects of vendor and document management, approval routing, and payment.
Click here for more resources to help you evaluate your clients' bill pay processes, have the right conversations, create measures of success and set up the right workflows.
