Formalize your approvals matrix: document a formal organizational structure of your approval channels and follow that. The structure should clearly define who the approver is, what timeline they have for approval.
What is the invoice approval workflow?
The invoice approval workflow is a checklist of the steps you need to take to validate and pay an invoice. The process includes verifying the information and getting the necessary approvals before finally submitting the payment. In the end, each invoice will be cleared, and the money sent to the proper parties.
The full workflow is different from business to business. In general, it includes at least the following steps:
- Verify the invoice by comparing all the information against receipts, progress reports, and other documents.
- Request further information and clarification if you find any discrepancies.
- Request the proper signatures to approve the invoice (unless you run a one-person business).
- Process the payment and issue the money that is owed.
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