A check voucher system is an important financial control in any organization. It allows you to verify the authenticity of a vendor’s invoice before payment is made, thereby ensuring that no unwarranted or duplicate payments are made and that the goods or services were delivered.
Manual and paper voucher systems prove to be slow and inefficient. Using an online system like Microsoft SharePoint can do away with most of the paperwork and speed up the process without compromising the integrity and security of the voucher system.
Benefits of an Online Check Voucher System
To coordinate all the elements of a check voucher system electronically, consider harnessing the power of SharePoint’s collaborative platform for your business. This will bring you the following benefits:
- Does away with paperwork and physical space needed to store documents and records
- Produces faster resolution with less confusion
- Notifications can be easily sent electronically to and from approvers during each step of the process
- A voucher can be easily tracked at any time to ascertain its status, and the voucher generator and other authorized staff can track its progress
- An alert can be raised if a voucher remains unapproved for too long at any stage
- The transparency of the process heightens the sense of responsibility and accountability of all staff involved
- Enables quicker recall of information to respond to any queries by management and/or vendors
Once the voucher has been electronically “signed off” by all approvers, it can be forwarded to the finance department for final review and authorization for check issue. In addition to being swift and convenient, this entire mechanism ensures that no check can be issued without the necessary authorization.
A SharePoint-based check voucher system takes advantage of SharePoint’s collaboration capabilities to provide an efficient and speedy system for this important financial function.
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