How It Works
Finofo answers four questions for a finance team. What do we owe, and is it correct? Who needs to approve it? When and how do we pay? Do our books agree?
Invoices are read line by line and compared with what was ordered and what arrived. Approval policies route each invoice or expense to the right people. Approved bills are paid in batches, or recorded as paid while payments continue from your existing system. Approved documents post to your ERP, and vendor and card statements are reconciled against Finofo records.
The Six Stages
Each stage below shows what happens, followed by where to find it in Finofo.
- 1. Capture: Files arrive by upload, by email to your workspace address or by text to your workspace number. Sender rules decide which mail is processed automatically.
+ > Upload documents, Inbox, the uploads tray. - 2. Classify: Finofo works out each document's type and reads its fields and lines. Files it cannot recognize wait for review.
Documents > Unclassified, Drafts. - 3. Match: Invoices are linked to their purchase order and goods receipt and compared line by line. Expenses are matched to card transactions and statements.
Documents > Invoices, Expenses > Transactions, Statements. - 4. Approve: Once the approvals checklist is complete, the document is routed by policy to an approval group. Approvers act from their own queue.
My tasks, Settings > Approval Workflows. - 5. Pay: Approved invoices and reimbursables are built into payment batches and released in Finofo Payments.
Batch payments, Expenses > Batch payments, Payments. - 6. Sync to ERP: Approved documents post to your ERP, automatically on final approval or by a person, depending on your settings.
Settings > Documents, Settings > Integrations.
Four End-to-End Workflows
Each workflow below shows what it starts with, followed by what it ends with.
- Invoice to pay: A vendor invoice.
Invoice matched, approved, posted to your ERP and paid. - Procure and receive: A purchase order.
Goods received and posted against the order. - Receipt to ERP: A company card receipt.
Expense approved and posted to your ERP. - Reimburse an employee: An out-of-pocket or mileage claim.
Money in the employee's bank account.
You can adopt these workflows one at a time. Many teams start with invoice to pay, then add purchasing and expenses.
Tips
- Start each day in My tasks for approvals and mentions, then check the Inbox for documents that arrived by email or text.
- Read How an Invoice Moves Through Finofo, From Upload to Paid for the invoice workflow in detail.
Frequently Asked Questions
Do we have to use every part of Finofo?
No. Each workflow stands on its own. You can, for example, run invoice approval and posting in Finofo while payments continue from your existing system.
Does Finofo replace my ERP?
No. Your ERP stays your system of record. Finofo captures, codes, matches and approves the work, then sends clean entries back.
Where do expenses fit in?
Card expenses and reimbursables follow the same capture, approval and posting stages as invoices, with matching against card transactions instead of purchase orders.
