How approval automation saves this investment firm 40 hours a week

With three people in finance, 10 approvers, and around 400 invoices each month, The Icehouse's team needed a transparent approval matrix that did the heavy lifting and thinking for them. The team relied entirely on a paper-based approval system that needed a lot of time and energy from key decision-makers. The process was so time consuming that it needed a full-time employee to manage the paper trail, and on top of that, it would take three to four days to get an invoice approved and paid.

Sebastian reflects on the move to approval automation: “Before we started using ApprovalMax, our approval process involved printing receipts and handing them over to the responsible managers for their signature, which required a full-time person to manage. With ApprovalMax, we reduced invoice processing time by up to 80%.”

With ApprovalMax, The Icehouse was able to set up a multi-tiered approval process with three levels:

• Level 1 – is dedicated to smaller invoices, such as those for coaching services. 
  
• Level 2 – all invoices are routed to the respective manager. 
  
• Level 3 – is for invoices over $1000, which go to the COO for review and final approval.

The result? An impressive 40+ hours saved each week, resulting in estimated yearly savings of $62,400 NZD (7,900% ROI). In addition, not only did the team create a trackable and transparent process for accounts payable and receivable, they also moved way from the outdated paper-based system that was holding them back. Now, The Icehouse's approval process is streamlined and invoices are approved anywhere, at any time, some within just 24 hours. And with features like bill-to-PO matching, budget checking, and multi-tiered, multi-rule approval matrices, The Icehouse can build an approval protect that helps protect the business from fraud.

To fully realise the benefits of ApprovalMax, The Icehouse integrated it with an existing tech stack that included Xero and Dext Prepare. Xero served as the hub for record-keeping and app integrations, while Dext Prepare automated the data-capture process. ApprovalMax then automated the approval matrix and facilitated a flexible approval process:

ApprovalMax has been a game-changer for The Icehouse’s finance team. It has streamlined their approval process and allowed them to save time and resources, freeing up the team to focus on what they do best – supporting New Zealand businesses and investing in tech start-ups.

With ApprovalMax, The Icehouse has a transparent and automated approval process in place. Invoices are approved quickly and efficiently, with approvals taking just hours, instead of days. ApprovalMax has not only improve The Icehouse's AP process, but also increased efficiency and reduced manual tasks for decision makers, the finance team, and operations staff.