There’s a number of idea posts here on the community  It would be great to see this as a native functionality. 

@Harshita the only vendor type approvals that I see are the following so you may need a customization to accommodate this.

in the vendor/customer approval, i saw a comment that said you could set up a business event to notify an acumatica user that a new customer/vendor has been created which would prompt that user to go in and review for proper set up.  not an approval but could be an alternative to a customization.  I recommend upvoting the idea, i see it has a status of future consideration but no eta :(