It involves the following steps:

• Invoice Receipt: Receiving the invoice from the supplier or vendor.
• Invoice Verification: Checking the invoice for accuracy, ensuring that the goods or services were received as per the order, and that the pricing is correct.
• Approval: Obtaining necessary approvals from authorized personnel before processing payment.
• Recording: Documenting the invoice in the company’s accounting system.
• Payment Processing: Scheduling and making the payment by the due date to avoid late fees or penalties.