Pay vendors on completed milestones, after approval
Vendor milestones sit in the project plan. When a milestone is complete, a payment request is prepared and follows the company's payment approval chain before it is recorded as paid.
A subcontractor is chasing a payment for work your site team says is not finished. Paying on milestones only works when completion and payment are recorded in the same place.
How it works in ApprovedFlow
- 1
Milestones in the plan
Each vendor milestone carries its amount inside the project plan.
- 2
Completion first
The milestone is marked complete on the project, with its evidence attached to the task where needed.
- 3
Payment request
Generate payment request on the project's Finance tab prepares the request for completed work, and it follows the company's payment approval chain.
- 4
Recorded against the project
Once paid, the payment is recorded against the project and counts in the project's cost.
Questions
Does ApprovedFlow send the money to the vendor?
No. ApprovedFlow prepares, approves and records the payment; the transfer itself is made through your bank.
What if our company has no payment approval chain?
Payment requests can still be created by hand from the Finance tab. Drafting them automatically every day needs a payment approval chain to be set up first.
Can everyone on the project see vendor amounts?
No. Amounts are shown only to people who hold the right to see the project's finances.
Checklist
- Each vendor milestone has an amount in the plan
- Completion is recorded before any payment request
- Evidence is attached to the milestone's task
- Every payment request is approved before payment
- Payments are recorded against the project