Intercompany Transaction Approval Workflow

The intercompany transaction process involves the transactions within the different entities within the organization. It includes fund transfers, products, and services. Handling the approval process can be time-consuming and leads to errors and potential compliance issues affecting accuracy in financial reporting. Automating intercompany transaction approvals enhances accuracy in documentation, maintains compliance, and improves transparency in financial reporting. The approval process involves several stages including transaction terms verification, ensuring compliance with the company’s internal policies and accounting standards, and getting necessary approvals.