ApprovalMax Year In Review 2024: Key moments, milestones, and what’s next

From award wins to processing 11.62+ million bills, 2024 was a breakthrough year for ApprovalMax. Dive into how they improved accounts payable and receivable workflows with smarter tools and robust controls – plus, a sneak peek at 2025!

As 2024 comes to a close, ApprovalMax reflect on a year packed with growth, milestones, and meaningful updates at ApprovalMax. They made big strides in accounts payable (AP) and accounts receivable (AR) automation, helping customers improve efficiency and strengthen their financial controls. 

A highlight worth celebrating

ApprovalMax are proud to have ApprovalMax’s role in improving financial workflows and helping customers simplify their accounting processes recognised in a number of award nominations this year. We’re thrilled to share ApprovalMax was just named on Xero’s 2024 Top App Lists in two key categories:

• Most Popular Apps (AU and UK) – highlighting our growth in new and total subscriptions.

• Most Recommended by Advisors (AU and UK) – reflecting how often advisors recommend ApprovalMax to their clients.

In December, ApprovalMax hosted their largest webinar series yet.

They connected businesses globally across APAC, EMEA, and the AMER. Product experts Justin Campbell, Alex Keselman, joined by Dee Johns, and Jonathon Kyritsis shared how our features are helping businesses overcome bottlenecks, build stronger controls, and simplify financial workflows.2024 at a glance.

ApprovalMax delivered 49 updates in 2024, introducing faster processes, reducing manual work, and made approval workflows even smarter.

Automation highlights

2024 was a year of progress in automation. ApprovalMax introduced features to speed up accounts payable and receivable workflows, and cut down on repetitive tasks.

• ApprovalMax Capture: Automates data entry by scanning and extracting bill details for approval workflows.

• Dedicated inbox for bills: Centralises invoice collection via a personalised email inbox so no document is missed.

In 2024 alone, ApprovalMax processed 11.62+ million bills, with a new bill entering the workflow every 2.72 seconds.

Stronger controls

Building robust financial controls remained a priority this year. Tools like Budget Checking, Review Step, and Request Details Versioning helped finance teams improve accuracy and make informed decisions with up-to-date info at hand. 

• Budget Checking: Automatically compares approval requests with budgets to prevent overspending.

• Review Step: Adds a dedicated stage to verify details before final approval.

• Request Details Versioning: Tracks every change for a transparent and audit-ready process.

Alongside syncing over 10.6K budgets to prevent overspending, ApprovalMax also processed 48.1K vendor requests, giving businesses clearer oversight and better control of supplier relationships.

Simpler payments

A key part of the accounts payable process is making payments – and one where businesses sometimes lack strong controls. ApprovalMax launched a new feature ApprovalMax Pay in the UK to help customers protect their banking data and control the accounts payable process from start to finish, along with extra enhancements for batch payment approvals.

• ApprovalMax Pay (UK): Lets businesses pay bills securely in ApprovalMax using open banking technology. It reduces the need to switch between different apps and systems, strengthens financial controls, and creates a clear audit trail for better oversight.

• Review Step: Adds a dedicated stage to verify details before final approval.

• Request Details Versioning: Tracks every change for a transparent and audit-ready process.

Alongside syncing over 10.6K budgets to prevent overspending, ApprovalMax also processed 48.1K vendor requests, giving businesses clearer oversight and better control of supplier relationships.

Faster workflows

No one wants their processes to lag behind the pace of their business. This year, ApprovalMax launched new features and enhancements to speed up workflows and help businesses reduce manual, administrative tasks and speed up decision-making. 

• Sales Invoice Management: Create, approve, and circulate invoices for internal approval before sending to customers, in just a few clicks.

• Editing on Approval: Make adjustments to requests without having to restart the approval workflow.

ApprovalMax customers saved significant time in their billing cycles with over 432K sales invoices processed this year.

Better access and collaboration

These days, collaboration is more important than ever as teams work remotely, from different locations, or on-the-go. ApprovalMax made it easier for teams to collaborate securely, no matter where they work, with ApprovalMax updates to support visibility and access.

• Passkey Authentication: One-tap secure logins for faster access.

• Watchers & Mentions: Notify team members and keep them updated on approval requests.

ApprovalMax customers saved significant time in their billing cycles with over 432K sales invoices processed this year.

Addressing key challenges

During the webinar, ApprovalMax focused on solving common AP and AR frustrations. Here’s how the features help:

• Slow approvals → Centralised workflows cut out email chains and delays.

• Manual data entry errors → OCR technology reduces mistakes and speeds up processing.

• Disconnected systems → Seamless integration with accounting tools keeps operations running smoothly.

Looking ahead to 2025

We’re excited for what’s next! Here’s a sneak peek at ApprovalMax's upcoming features:

• Xero Expense Approvals

• ApprovalMax Capture for Xero & QuickBooks Expenses

• Custom Request Forms and Recurring Requests

• Custom Request Forms and Recurring Requests

• Bill-to-PO Matching in NetSuite

• Bulk Payments in ApprovalMax Pay

Final thoughts

2024 was a year of growth, recognition, and impactful updates for ApprovalMax. From record-breaking webinar attendance to industry recognition with Xero awards.

Read the full blog >