ApprovalMax announces ApprovalMax Capture and ApprovalMax Pay (Beta) for end-to-end accounts payable automation

LONDON, 12th June 2024 – ApprovalMax, a leading provider of software for internal financial controls and approval automation, today announced the launch of two new add-on features, ApprovalMax Capture and ApprovalMax Pay (Beta), which enable end-to-end accounts payable automation. With a built-in automated data capture tool, ApprovalMax Capture, and payment tool, ApprovalMax Pay, customers can manage the entire accounts payable process from a single platform for more control.

“Accounts payable has long been a time consuming, highly manual process. At ApprovalMax, we want to simplify the accounts payable process for businesses, their accountants, and bookkeepers, but still make sure there are the right checks and balances along the way,” said Konstantin Bredyuk, CEO of ApprovalMax. “Our latest features allow customers to take control of their AP processes from one place, saving valuable time and resources.”

The new features allow Xero businesses, accountants, and bookkeepers to manage accounts payable workflows from ApprovalMax. ApprovalMax Capture automatically scans and imports bills into the system when uploaded, then sends them for approval. Once fully approved, bills can be paid from the platform using ApprovalMax Pay, using open banking technology. 

Automating the tedious

As a built-in feature, ApprovalMax Capture means businesses, accountants, and bookkeepers can easily automate data entry without needing a separate tool. It automatically pushes any imported bills through the right approvals process, reducing the risk of errors and freeing up time for more important tasks.

With ApprovalMax Capture, businesses can:

• Upload PDFs or photos of bills individually or in bulk via a drag-and-drop in ApprovalMax.

• Snap and process bills on-the-go by taking a photo and uploading it straight into ApprovalMax .

• Auto-populate bill fields in Xero based on past invoices and rules*, reducing manual admin time while boosting accuracy.

The feature is available now to customers globally using Xero as a separate add-on. To get set up, users need an active account with ApprovalMax.

The smarter, faster, safer way to pay your bills

ApprovalMax Pay (Beta) allows businesses, their accountants, and bookkeepers to securely manage payments for approved bills from one platform. It uses open banking technology to make payments only for bills and expenses that have been through the correct approval workflow, reducing the risk of errors, duplicate payments, or fraudulent transactions, while protecting sensitive banking data data. 

With ApprovalMax Pay, businesses can:

• Pay bills securely from existing bank accounts – there’s no need to create additional wallets or accounts. 

• Seamlessly reconcile payments in a single click and update their general ledger at the same time.

• Streamline batch payments to create and approve multiple payments at once, including based on filters like amount due or payment date.

• Securely approve all payments using ApprovalMax’s approval workflows. This means that no money will leave an account without review and approval.

• Control who can see, edit, and create payment details. ApprovalMax also keeps a full record of any changes made to the payment details.

ApprovalMax Pay is available now in beta to businesses in the UK using Xero, for payments to other UK businesses. To join the beta program, contact the ApprovalMax team. For more information, visit the ApprovalMax website.

About ApprovalMax

ApprovalMax is an all-in-one B2B software platform used by businesses around the world to build robust AP and AR automation, creating multiple layers of internal control. It streamlines the approval process by allowing users to create automated workflows to approve bills and invoices. ApprovalMax integrates with accounting platforms such as Xero, QuickBooks Online, and Oracle NetSuite to unlock powerful efficiencies for accounts payable and accounts receivable functions in any finance team.