Accounts payable automation is an effective solution for managing accounts payable (AP). This is especially true for large businesses responsible for complex AP processes. Of course, it first helps to answer the question, “What is accounts payable automation?”
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AP automation refers to the digitization of accounts payable processes to create faster, more effective workflows. Automation allows businesses to eliminate the tedious, manual tasks that are typically associated with AP, and so when asking the question, “What is automated accounts payable?” it is important to remember its overall purpose: to speed up the AP process.
So how does accounts payable automation work, and how do you automate accounts payable process operations? There are a number of ways that companies might choose to automate their AP workflows, but most involve the use of specialized software and technology designed to sort and streamline invoices and pass items through the approval pipeline at an accelerated pace. AP automation requirements vary, depending on the software and systems you already have in place and what you’re aiming to achieve.
AvidXchange offers solutions to enhance your accounts payable automation process. With AvidXchange you can save time and paper with automated technology, giving your team the flexibility, security, and efficiency to approve invoices and make payments anytime, anywhere. Accounts payable process automation with AvidXchange works with your existing accounting software to make managing invoices and paying bills as easy as one, two, three. Step one, you capture your bill. Step two, you approve it, and step three, it’s ready to be posted. You keep visibility and control over your payables while AvidXchange does all the heavy lifting.
The AvidXchange platform allows users to reduce costs—no more wasted efforts signing, stuffing, stamping, and sending stacks of paper checks. You can review, code, and approve payments with a few clicks. Additionally, savings from eliminating the hard costs associated with paper payments could allow your current team to keep up with a growing workload.
There are many benefits of AP automation. By adhering to accounts payable automation best practices, you can meet whatever accounts payable KPI benchmark you set. Best practices in accounts payable process systems can allow you to gain deeper insights into your AP process and view useful accounts payable analytics.
One of the best ways to take advantage of AP automation is by integrating your software with another platform. For instance, AvidXchange’s AP automation and NetSuite integration offers solutions that are user friendly and flexible. AvidXchange, as the industry leader in automating invoice and payment processes for mid-market businesses, helps NetSuite users with a simple, streamlined, and more secure way to process invoices and make payments.
AvidXchange also works with Sage AP automation, providing users with a better solution for their accounts payable processes. Plus, AvidXchange offers multiple payment methods that help users earn more predictable e-payment incentives. For users of Sage Intacct, AvidXchange’s integration supports a touchless process with configurable two- and three-way PO matching that provides flexible approval workflows with enhanced controls. Users can scale for growth, reducing inefficiencies and cutting processing costs by as much as 60 percent. They also have the ability to pay suppliers based on their choice of Mastercard, AvidPay Direct, or AvidPay check.
In addition to NetSuite and Sage, AvidXchange products can integrate with SAP Concur. This integration can be particularly helpful to those wanting to get involved with SAP accounts payable automation. AvidPay integrates with Concur Invoice to provide solutions for the accounts payable process in SAP built to help businesses eliminate risk-prone, inefficient payment processes and more easily pay bills. AvidPay enables a clear path to payment-automation ROI with time-saving services built around payment aging, execution, and application that ultimately create efficiencies that reach beyond just eliminating paper checks.
Aside from being able to shift to electronic invoices, this integration allows users to manage their AP processes from anywhere with an internet connection to keep their businesses moving. You can also reduce fraud risk and get your suppliers paid on time with secure and efficiently managed payment solutions. In this way, accounts payable process SAP tasks can be completed in an easy, effective way. You can enforce your existing business rules, set permissions, and have access to a complete audit trail from PO to payment.
By automating accounts payable in SAP and understanding SAP accounts payable transaction codes and SAP accounts payable tables, you can avoid the inconveniences associated with manual processing and transition to 100-percent electronic invoicing and payments. This essentially streamlines your entire AP process, saving your business time and money, while improving visibility and control. Furthermore, AvidXchange is trusted by a number of companies, including Capterra, TrustRadius, and GetApp, making it the perfect choice for accounts payable invoice processing in SAP. It could also help to review some SAP accounts payable interview questions.
There is no question that your accounts payable process can be vastly improved with automation. Whether you’re dealing with just a few vendors or an entire network of suppliers, automating your end to end process of accounts payable can prove tremendously beneficial to your workflow. To get the most out of your automation tools, it can be helpful to follow a set of accounts payable process steps that outline what needs to be completed in what order. This can help you get things done more quickly and efficiently and help you get a better idea of which tasks take the most time and which ones can be performed over a shorter period of time.
AvidXchange allows users to unleash their team’s efficiency and save money with its cloud-based invoice management and payment automation suite. Users can receive, track, and approve invoices in the workflow they follow today but without the inefficiencies that come with paper. They can make fast and secure payments to suppliers backed by one of the middle market’s largest supplier networks. Accounts payable automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button.
Electronic accounts payable processing can save you time and money, not to mention paper. It’s a great solution to the AP process for environmentally conscious companies, as well as for those who simply want to reduce the amount of time they spend sorting through invoices manually. With accounts payable workflow automation, you can simplify your AP process and free up time that your team can spend doing other things. You might look to payment automation examples to get a better sense of how automation can work within your business.
AvidPay is AvidXchange’s industry-leading payment automation software. With AvidPay you can get your suppliers paid faster than ever with a flexible, managed bill payments solution backed by AvidXchange’s 700,000-member supplier network. Users are able to make fast and secure B2B bill payments to suppliers, create custom workflows with 24/7 visibility into bill payment status and approvals, and reduce bill payment processing costs by eliminating check printing, envelopes, postage, and time spent following up on uncashed checks.
However, your company’s accounting system remains your system of record, and you will receive files with all the automated payment information your company needs for reconciliation of your B2B bill payments. You and your suppliers can benefit greatly from AvidXchange’s software, services, and industry-leading payment network.
If you’re a large business, you may be on the lookout for accounts payable software for large business and for accounts payable solution providers that meet your specific needs. Similarly, if you’re running a smaller company, you’ll probably want to search for accounts payable solutions providers that specialize in smaller AP processes. Thankfully, there are plenty of AP automation companies to choose from, so you should be able to find the best accounts payable software for your business.
AvidXchange is among the best accounts payable automation software, due in part to its large supplier network and over 200 integrations with widely used accounting software systems for the middle market. AvidXchange integrates with systems such as AccountMate, Buildium, and Condo Manager.
As accounts payable technology improves, AP software offerings may also expand. Invoice processing software in particular has become a common—and effective—solution for helping businesses sort through and manage their invoices. Optical character recognition (OCR) technology has become more prominent, providing users with the tools to convert typed and handwritten text into machine-encoded text. This makes it easy for companies to digitize their AP items.
The best OCR software for accounts payable often allows accounts payable teams to enjoy a more streamlined system. AvidXchange provides OCR software for accounts payable through AvidInvoice, its automated invoice management software. AvidInvoice is capable of streamlining your entire invoice process while matching your current approval workflows. It uses technology like OCR scanning to improve and automate invoice processing, offering a quality, paperless invoice processing solution for middle-market companies.
With AvidInvoice, you can receive, track, and approve invoices in your workflow. You can also use OCR technology to reduce manual data entry and errors and save valuable time for your AP team. Moreover, with automated invoice processing, all your invoices can be automatically coded, assigned to the appropriate workflow, and routed electronically for approval, no matter how many you have. With AvidInvoice, you can access any invoice information you need from the centralized cloud-based platform.