Accounts payable teams must ensure that invoices are properly processed and paid in a timely manner. This involves tracking invoices, organizing them, ensuring that they’re approved promptly and correctly, and ensuring that they’re paid in a timely manner. For larger companies, this can require that a large volume of invoices are processed regularly and it can be a daunting challenge to ensure that they’re properly processed and paid without potentially costly human mistakes. The approval process can be a particularly challenging part of the process, and routing documents for approval or routing documents for signatures can be a time-consuming process involving many potential bottlenecks.
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Accounts payable teams can greatly benefit from having robust and easy-to-use accounts payable approval workflow software, enabling them to avoid human error and save time. Approval software, and document routing software when utilized correctly, can help accounts payable teams ensure that all relevant parties are able to approve invoices in a timely manner. Workflow automation can further help out teams by ensuring that once workflows are set up they’re streamlined through automation. Accounts payable automation software can also help teams scale their existing workflows to meet the demand associated with growing organizations.
Teams who are operating with an existing software approval process template may be hesitant to switch to a new software simply for the sake of automation. QuickBooks by Intuit is a commonly used software that can be used to create workflows for invoice approval. If teams are used to using QuickBooks and already know how to enable an approval workflow in QuickBooks, online can make use of automation software that can be easily integrated with their existing software in order to automate QuickBooks workflow. This can be hugely beneficial to AP teams as late payments and human error in invoice approval can quickly become costly.
What’s more, the process must be in line with an organization’s existing operating procedures, and invoice approval workflow software must be set up within that framework to ensure that all relevant parties are able to approve invoices. Accounts payable approval workflow software is one of the tools that accounts payable teams used to complete this process, and many companies use software like Intuit QuickBooks.
By properly utilizing and understanding software tools like QuickBooks enterprise bill approval workflows, AP teams even of large companies can successfully employ the correct workflows. Invoice approval apps that team members are familiar and proficient with can be greatly beneficial to accounts payable teams and anyone who needs to approve invoices. Teams must also track invoices and be able to account for them in a master balance sheet over time. Using software tools to create journal entries can save teams time and create less paper waste than doing it on paper. Tools such as Quickbooks journal entry approval allow AP teams to do just that.
Paperless invoice software not only reduces paper waste and saves time, but can also help streamline the process of invoice approval for all relevant parties. Depending on a vendor billing process or a service provider’s billing process, however, invoices may be presented on paper. They must then be digitized in order to work within a paperless invoice approval system. This in itself can be a daunting task, though one which can be made easier through automation.
Features offered by invoice approval software must also offer benefits to an accounts payable team in order for this to be considered the best invoice approval software. For instance, automation features can save significant time and in turn money, as well as help avoid costly human error. Automated invoice processing software can be a great benefit to AP teams for this reason. Vendor invoice management systems also must be acceptable to exist vendors that are crucial to an organization’s operations.
The best accounts payable automation software will be easily integrated with existing accounts payable payment approval software in order to reduce confusion and streamline any transition. Automation software can speed up the process of invoice approval, meaning accounts payable teams can avoid potential late payments easier.
This will be based on the established invoice approval policy. Many organizations ensure that invoices are approved through email, employing invoice approval email templates to make it easier to reach out to the right people and ask them to approve invoices. Organizations can also create a payment approval process flowchart to visually demonstrate the steps that must be taken to make sure an invoice is approved by the right people before it’s paid. With automation software, teams can streamline payment approval, meaning that it will be easier and more efficient to get the proper parties to approve invoices so that payments can be posted promptly. Many organizations already have existing frameworks set up with their existing software, like QuickBooks accounts payable approval workflows—so finding automation software that easily integrates with their existing frameworks and software can be a great benefit.
AvidXchange can streamline the process of invoice approval through automation that can speed up the process of invoice approval all from one cloud-accessible place. Being able to automate existing QuickBooks invoice workflows through an online accessible platform that’s easily integrated can increase efficiency, save time, save money for accounts payable teams, and help ensure that invoices are easily tracked, approved, and paid on time. With remote access around the clock, teams can access AP automation at any time remotely and securely.