It’s true that the people in your company that implement AP automation know accounts payable, and it’s also true that they know your company’s accounting process. However, the unforeseen problem is that the people in your company that implement AP automation don’t actually know AP Automation.
At AvidXchange one of our core values is playing to our strengths. This means that we assess the talents of everyone on our teams, and enable them to do the tasks that they do the best. It is the same core value that Rhonda has used with her teams for years to ensure that everyone is in the right seats on the bus for the most efficient year-end close.
When people think about taking the paper invoices out of their AP process, one of the most common questions that we receive is,
“How is the invoice data in our accounting system transferred into the AvidXchange system?”
To build a foundation for the answer, it’s important to note that AvidXchange’s major focus as a company is creating strong integrations between accounting systems and AvidXchange. The reason being, that your accounting system should remain your system of record.
It’s hard to believe that End-of-Year is rapidly approaching. It seems like we were just looking at schedules for summer vacation, and now the requests are rolling in for the holidays. It can be a challenge as End-of-Year approaches to grant all of the vacation requests, because it’s important to make sure that there is appropriate AP staffing.
Every audit boils down to the risk of a material misstatement in the numbers. It’s up to you and your finance team to ensure the lowest possible risk of errors. In this two-part blog post I’ll examine what it takes to consistently produce audit-ready financials.