ApprovalMax announces ApprovalMax Capture & 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 greater 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, while ensuring the right checks and balances are in place,” 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 enable Xero businesses, accountants, and bookkeepers to manage accounts payable workflows directly 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, utilising open banking technology.

Automating the tedious

As a built-in feature, ApprovalMax Capture allows businesses, accountants, and bookkeepers to easily automate data entry without needing a separate tool. It automatically pushes any imported bills through the correct 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 gone through the correct approval workflow, reducing the risk of errors, duplicate payments, or fraudulent transactions, while protecting sensitive banking 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 filters like amount due or payment date.

- Securely approve all payments using ApprovalMax’s approval workflows, ensuring no money leaves an account without review and approval.

- Control who can see, edit, and create payment details, with ApprovalMax keeping 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 programme, contact the ApprovalMax team. For more information, visit the ApprovalMax website.