What is the invoice approval workflow?

You have to pay your partners on time if you want your business to succeed. Learn about the invoice approval workflow and how to optimize it.

You’ve purchased a service or product from a vendor for a project, and all the work has been successfully completed. Now, it’s time to pay your providers what’s due. But you might wonder how to process the invoices you receive, especially if you’re new to running a business.

What you need to do is familiarize yourself with the invoice approval workflow. Let’s explore what that is and how you can optimize it for your business.

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. At 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:

  1. Verify the invoice by comparing all the information against receipts, progress reports, and other documents.
  2. Request further information and clarification if you find any discrepancies.
  3. Request the proper signatures to approve the invoice (unless you run a one-person business).
  4. Process the payment and issue the money that is owed.

How can I make invoice approval easier?

The more business you get, the more complicated keeping track of your invoice approvals gets. It’s a good idea to develop some kind of software-based system to streamline the workflow and keep you from getting overwhelmed. You can also save money and the environment by processing your invoices digitally.

Adobe Sign makes it easy for you to stay on top of your invoices. It integrates with the most popular business software and lets you request digital signatures for invoice approval. You can keep track of sent documents and verify their status at any time.

Discover how Sign can smooth out your invoice approval workflow.