5 minute read
INTERVIEW - Konstantin
Q A & Konstantin Bredyuk Co-founder & CEO ApprovalMax
XU: I am joined by cofounder and CEO of ApprovalMax, Konstantin Bredyuk. ApprovalMax have been long term supporters of XU Magazine and it is a delight to be able to speak with conditional, sequential, and parallel
Konstantin today. So Konstantin, can we begin by hearing a bit about the background of ApprovalMax and how the idea came about?
KB: As a team, we have extensive background in Business Process Management and Optimisation software. Such software does help automate all kinds of business processes, however, it is largely focused on enterprise implementations and takes a lot of time and effort to configure and run. That’s definitely for example, delegating approval
not something an SMB can normally afford.
Realising that the SMB market is greatly underserved, we came up with the idea of a simple-to-use and affordable no-code workflow tool that would help small and medium companies automate their processes and increase team productivity without the need to rely on professional service teams, coding, and technically savvy staff. business users – app adoption is a
XU:
How was it turned from an idea into reality?
KB: We started as a generic workflow tool that enables automated approvals. In early 2016 we released the ApprovalMax API to Xero and, that way, became Xero’s flagman connected app for accounting document approvals.
Today, ApprovalMax provides the following main approval workflows: strictly in accordance with the
Bill Approval, Purchase Order Creation & Approval, and Sales Invoice Approval. These workflows complement each other in various end-to-end solutions, and deliver Xero users a higher degree of process automation.
One example of an end-to-end Complete Purchasing Solution, which spans from Purchase Order creation and approval to Bill review and approval to matching of the
XU:
How does ApprovalMax work with Xero?
KB: In short, ApprovalMax extends Xero with complex approval workflows that enable the setup of rule-based approvals as well as the definition of varying authorisation levels.
Not only does it provide automatic notifications for Approvers and realtime report views of the approval progress, it also helps identify approval process bottlenecks and forecast delays.
Another vital capability is the handling of approval exceptions; requests, setting a default approval action, forcing an approval decision.
Finally, ApprovalMax enables tracking and capturing all approvalrelated activities, including those performed outside of ApprovalMax, and presents them in audit-ready form.
XU: What are some of the benefits that ApprovalMax brings to Xero users?
KB: First of all, Approvers and Requesters are taken out of the accounting software. This ensures much higher data security and process integrity. Plus, the app is exceptionally easy to use, which is a great benefit for record high.
Another benefit is establishing greater compliance and facilitating audits. Granular authorisation roles and approval process steps are enabled. This way, you can guarantee that every approval decision takes place solution is the ApprovalMax
authorisation level of the Approver.
Last but not least, there is a significant increase in team performance and process efficiency. More transactions are performed; less time is spent on clarifications and Approver chasing. Comprehensive reporting helps to ensure that approvals are not delayed.
We have customers enjoying an immediate saving of at least 50% time per head – that equals a return of 40 times the software costs.
XU: The product has been very actively developing over the recent year, what are the latest and most prominent product milestones to date?
KB: The biggest release this year is our Purchasing Solution. It provides end-to-end functionality: Purchase Order creation, PO approval and its submission to the supplier, matching of each Bill with the corresponding Purchase Order(s), and Bill authorisation.
Here, in particular, we empower Xero users with complex approvals to help them automate and optimise their purchasing activities.
XU: Do you get feedback from ApprovalMax users, and if so, how do you plan on implementing this feedback?
KB: At ApprovalMax, we can proudly say that we are customer-driven and customerfocused. Our product development is largely based on the feedback from our customers. We always listen and strive to deliver on their expectations.
XU: Are you able to share any key software updates or developments you have planned in the near future?
KB: Mid-term, we are working closely with Xero’s Development Team on extending our app with approval workflows for the management of employee expense and employee leave.
XU: Over the past year, you have had some very interesting case studies in
XU Magazine. Can you please talk about a couple of the most recent ones?
KB: Well, among the most recent case studies we have some really interesting ones. I’m very happy to start with BDO UK because, together with Xero and Receipt Bank, ApprovalMax is a part of BDO Drive’s Financial Service Outsourcing software package.
Then there is Fieldays Society, the largest agricultural event in the Southern Hemisphere, where ApprovalMax complements Xero in replacement of a legacy ERP system.
For the company JustdevelopIt, ApprovalMax delivered a solution for a shared financial services team that provides accounting to a number of territorially distributed subordinate businesses. Also among the most recent ones is Mazars Thailand. The ApprovalMax AR Automation solution helps improve their Sales Invoice accuracy and enhances customer satisfaction by using automated workflow approvals.
XU: What’s the biggest challenge you anticipate in the next 12 months?
KB: We would like to maintain the same dynamics in product development, and step up our sales and marketing activities to increase our territorial presence. Also, we will continue working on securing more partnerships and strengthening our partner offerings.
XU: Thank you for your time. Finally, to finish off: what do you enjoying doing when you’re not busy with KB: I actually like watching snooker and sometimes even play it myself. To me snooker is a much more interesting type of the billiard-like cue sports. ApprovalMax users may actually have noticed that we use the names of some Snooker World Championship players in our product demo. I first came to know about snooker several years ago and was immediately fascinated by the tactics players develop during the game and the different types of character you see at the table. Watching a snooker game is great fun – and playing it yourself is even better :-)
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