The official business definition of Invoice Approved is a process by which an invoice is reviewed and accepted by the responsible party. This process typically involves the review of the invoice by the accounts payable department, who then verifies the accuracy of the information and the validity of the invoice. Once the invoice is approved, the responsible party will issue payment to the vendor. The invoice approval process is an important part of the accounts payable process, as it ensures that the company is only paying for goods and services that have been properly invoiced and that the vendor is receiving payment in a timely manner. It also helps to protect the company from fraudulent invoices, as any discrepancies or errors can be identified and addressed before payment is issued. Invoice approval is a critical step in the accounts payable process and is necessary to ensure that the company is properly managing its finances.
