Payment Approval System

Accounts payable teams are responsible for ensuring that invoices received by their organization for services rendered and goods supplied are properly tracked, processed, approved, and paid. The accounts payable end-to-end process involves receiving invoices, tracking them in a journal of accounts, ensuring that invoices are approved by the proper parties, and posting payments in a timely manner so as to ensure they don’t incur possible extra costs or damage the organization’s reputation. This is critical to operations as suppliers and vendors are often essential to an organization’s growth.

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One critical function of accounts payable teams is ensuring that payments are approved before being posted. This ensures that the proper parties are aware of payments going out and have signed off on them before payments are posted. Many organizations use payment approval systems designed to ensure that this task is carried out properly within the framework of an organization’s operating procedure based on an established payment approval process. Organizations may employ an online approval system for easier access and compatibility across various operating systems.

Even using accounts payable software designed to create standard payment approval workflows, this process can be time-consuming and present a challenge, particularly as it is crucial that not only are invoices approved by the proper parties but that payments are posted on time. If payments are not posted on time, additional costs may be incurred, and an organization’s reputation may be damaged. As with any system that can be manually performed, the process can also be subject to human error and is very time-consuming. With proper implementation of automation software, however, accounts payable teams can increase accuracy and save time. This can be done within an existing payment approval matrix. Automation software can be integrated with existing accounts payable software systems to ensure that even while automated, the process is performed to standards set by an organization’s existing payment approval policy.

Payment Approval Process Flowchart


For many organizations, it’s important that payment approvals are performed within the guidelines set by an established payment approval policy. This is a policy that outlines the necessary steps that must be taken between receiving an invoice and posting payment for it. It sets a standard payment process procedure for who must approve invoices and how the approval process is carried out. In order to ensure that relevant parties are well aware of and easily understand standard accounts payable procedures, it can be helpful to create a payment approval process flowchart. This is a visual representation of the process so that it can easily be understood by relevant parties.

Teams creating a flow chart for these purposes can begin by looking at payment process flow chart samples and adapting one to meet their organization’s standards. Organizations can also benefit from creating an accounts payable procedures manual, from which a flowchart can be created. Having flowcharts and manuals can greatly benefit organizations looking to ensure that payment approval procedures are widely understood so that they can be easily carried out properly within guidelines set by an organization’s payment approval policy. With a supplier or vendor payment process flow chart, accounts payable teams and any other teams that need to approve payments can easily understand standard procedures and ensure that they’re adhered to.

Payment Approval App


Invoice approval is a crucial function of accounts payable teams and is important to the overall process of ensuring that invoices are properly processed and paid on time. Many organizations utilize the software for this process, and with the right implementation of software tools, accounts payable teams can streamline much of this process and ensure efficiency and adherence to standard procedures set by an organization’s payment approval policy. Payment approval apps can help the relevant parties approve invoices in a timely manner which can help ensure the overall process is carried out as quickly as possible, ensuring that payments are posted on time.

Finding the best invoice approval software is an important step that organizations can take to help accounts payable teams perform this essential function as efficiently as possible. Invoice approval apps can be a great benefit to teams, enabling them to more efficiently handle invoices. Paperless approval systems can also enable organizations to save time and money that would otherwise be dedicated to handling paper invoices. Paper invoices systems can be inefficient and require extra time and money. Paperless invoice systems can also be more easily backed up digitally.

Payment Approval Meaning


There are some important functions that must be carried out before invoices can be paid by accounts payable teams in many organizations. One of these functions is payment approval, meaning more than one party has reviewed a payment and approved it before it’s posted. One purpose is to ensure that funds are available before making a payment, which can help teams avoid potentially costly mistakes. To do this, accounts payable teams often work through email, sending approval for payment emails to relevant parties to ensure that payments are approved before they’re posted. It can be important to perform this task quickly, as late payments can incur additional costs to an organization. An email might have an approved payment date on it, marking when payment was approved, meaning that they can later be reviewed if there was an issue.

Another consideration to take for accounts payable teams is ensuring that they have some sort of proof of payment for record-keeping in the event of possible disputes about payment. Taking all of these steps can help organizations avoid unnecessary further challenges associated with posting payments for invoices from vendors and suppliers. This can be important for the reputation of an organization.

Payment Approval Email


One common task performed by accounts payable and other teams involved with posting payments for invoices received by an organization is drafting and sending payment approval emails. Approval email samples can be found and adapted to an organization’s guidelines and used to ensure that payments are properly approved. Payment approval letter samples may not be in line with an organization’s existing operating procedures and must be adapted to meet guidelines set by an organization’s payment approval policy. When seeking approval from the boss, email samples can be beneficial to teams trying to draft the best possible approval request email templates.

To ensure that these emails are promptly responded to, which can be important in the interest of ensuring that payments are posted on time, it can be helpful to include a clear request for approval email subject that makes it clear to recipients that it must be promptly taken care of. Having a clear payment approval policy will also help recipients understand how to respond to approval emails. With the proper guidelines in place and with team members all understanding their functions easily, payment approvals can be made more efficient and timely, which will help organizations avoid possible extra costs that can be incurred if payments are made late or posted with insufficient funds available.

Payment Approval Policy


An organization’s payment approval policy outlines guidelines within which payment approvals must be made. This outlines which parties must approve payments before they’re posted in order to avoid costly errors such as posting a payment without the funds to do so. Having a payment approval policy in place is important, not just for establishing standard practices as they pertain to making payments and having them first approved by the correct parties in order to avoid costly errors, but for ensuring that team members have a way of ensuring that they’re engaging in practices that won’t be harmful to an organization.

Payment approval policies can be clearly outlined and distributed among team members to ensure that everyone is aware of standard procedures in order to avoid mistakes. A payment approval policy might outline not only who must be consulted before a payment is made but how approval for payment emails is constructed and when they must be sent. When sending a request for payment approval, it can be helpful for accounts payable and other teams to first consult their organization’s payment approval policy. If there is a payment approval flowchart, they can ensure that they’re operating within an established standard operating procedure.

Invoice Approval Software


Many organizations strive to have an efficient invoice processing procedure that’s easily carried out by relevant teams such as accounts payable. Having a paperless invoice approval system can prove largely beneficial to organizations as it can save costs associated with paper invoices and streamline the process significantly. To this end, many organizations’ accounts payable teams utilize invoice approval software. Invoice approval software is a useful tool for accounts payable teams and can be used to create effective invoice approval workflows that are created within the organization’s established invoice approval policy.

The best invoice approval software for an organization will offer functionality that can account for an organization’s existing invoice approval policy. When it comes to invoice approval software, Quickbooks, made by Intuit, is a popular choice among many organizations. Another invoice approval software, Sage, is also commonly used. Having the right invoice approval app for an organization can be a huge benefit to accounts payable teams and anyone else involved in invoice approval. With the proper implementation of invoice approval software, invoices can be approved by the proper parties in a timely manner, ensuring that invoices are tracked and paid on time and with properly allocated funds.

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