Vendor Payment Process refers to the set of payment procedures and rules that an organization follows when issuing and approving payments to its vendors. The goal of a Vendor Payment Process is to ensure timely payment, accuracy in invoicing, and compliance with company and regulatory standards. By establishing a Vendor Payment Process, organizations are able to increase efficiency, reduce administrative costs, and maximize cash management opportunities. An effective Vendor Payment Process will include processes for approving vendor invoices, managing payment cycles, monitoring budget compliance, evaluating vendor performance, and tracking payments.