Switching to an electronic accounts payable system and reducing paper usage can allow accounts payable teams to process bills and invoices more quickly. Automated accounts payable software can convert invoices to digital format and automatically route them through the accounts payable workflow from end to end.
An accounts payable process can be completed much faster electronically than by manual means. Mailing checks and tracking down leaders for approvals can take up a lot of the accounts payable team’s time. By implementing automation, the accounts payable team could let the software handle the basic tasks and devote their own time to more important tasks.
Reducing paper use could also save an accounts payable team money. Stamps, envelopes, checks, and other paper products can create expenses that add up over time. Implementing an automated, electronic accounts payable system can help mitigate the cost of paper products and save money that can be reallocated for more strategic purposes.
AvidXchange is one of the AP software companies that can provide accounts payable teams with automated accounts payable software solutions. AvidXchange can automate an invoicing process from start to finish, including everything from data entry and approvals to reporting and document management. After being approved, invoices can be automatically entered directly into the company’s accounting system.
AvidXchange’s accounts payable system also includes bill payment automation. Instead of using paper and stamps to send bills through the mail, an accounts payable team could implement AvidXchange’s suite of products and gain the ability to pay suppliers quickly and efficiently with just a few clicks. Suppliers can receive their payments in a timely manner with AvidXchange’s flexible payment options.
Automating Accounts Payable
Automating accounts payable processes could be one way for accounts payable teams to improve the efficiency of their workflow. With AP automation software, an accounts payable workflow could potentially be completed more quickly and with a lower risk of error than a manual accounts payable process would likely allow. Some of the solutions and advantages that AP automation companies have to offer include:
- More efficient invoice processing – AP automation software can make it easier to perform accounts payable audits and keep track of specific invoices and payments within the system. This can enable accounts payable teams to keep their accounts payable data more organized and conduct reviews or create reports whenever they are needed. Automating accounts payable processes can also reduce the time spent opening and sorting paper invoices, physically tracking down leaders for approvals, and waiting for checks to be processed through the mail.
- More secure payments – An electronic accounts payable system can be a more secure way of handling payments to suppliers. AP automation software could help an accounts payable team reduce the risk of exposing important information to fraud.
- Reduced expenses – AP automation companies can help accounts payable teams reduce the expenses associated with a manual accounts payable process that relies on paper products. By switching to an automated, electronic workflow, accounts payable teams can save money on paper supplies and process invoices and pay bills faster.
- Increased scalability – Growing companies may find themselves quickly outpacing their accounts payable capabilities. Limited resources can stunt a company’s growth unless new solutions are implemented. AvidXchange can provide AP automation software that can continue to handle as many invoices as needed as a company grows. This creates a scalable solution that can give a company room to continue expanding without needing to devote increasing amounts of resources to accounts payable processing.
Accounts Payable Software
Accounts payable software can provide a way for accounts payable teams to automate their accounts payable workflow and improve its efficiency. An automated accounts payable system can offer numerous benefits to an accounts payable team. This type of software platform can help accounts payable teams process their invoices and payments more quickly and efficiently. The software can display all the invoices in the system and automatically route them through the accounts payable system as they are processed and approved. Accounts payable software can also allow accounts payable teams to access an audit trail that shows each step taken by the automation, which could enable greater visibility and a more efficient workflow.
An automated accounts payable solution can give an accounts payable team an advantage by reducing the amount of manual data entry that must be performed and limiting paper supplies. Using less paper often leads to better organization and less money spent on paper supplies. An automated accounts payable system can automatically organize invoices within the system as it processes them, allowing for full visibility into the process and convenient access to any invoice that needs to be audited. Automated accounts payable software can also enable greater consistency in the accounts payable workflow and more secure payments. Implementing an automated accounts payable solution could be one way for a company to increase its accounts payable efficiency and enable a smoother invoicing and bill payment workflow.
Accounts Payable Services Providers
One other advantage that some accounts payable service providers can offer is access to an established network of suppliers. AvidXchange has connections to over 825,000 different suppliers whose payment preferences come pre-integrated into the AvidXchange accounts payable platform. An accounts payable company with this kind of supplier network could make it easier for accounts payable teams to process payments according to their suppliers’ preferred methods. This could save an accounts payable team time and effort because they would no longer need to manually determine each supplier’s preferred payment method. AvidXchange’s accounts payable services can automatically determine each supplier’s preferences and process payments using their preferred methods.
An accounts payable company like AvidXchange can possibly speed up payment processing with automation too. AvidXchange’s network of more than 825,000 suppliers have their payment preferences already included in the automation, which can eliminate the time spent manually figuring out each supplier’s payment preferences. If a supplier a company is using is not already a part of AvidXchange’s supplier network, AvidXchange can enroll them at no extra effort to the supplier.
Invoice Processing
There are many advantages to switching from a paper-based system to electronic invoice processing. Accounts payable invoices may be able to be processed more quickly and efficiently with the use of an electronic accounts payable system. Automated invoice processing can streamline an accounts payable team’s invoicing process without disrupting their current approval workflows. This can allow accounts payable automation to be conveniently integrated into an existing system.
By using OCR software for accounts payable purposes, invoice processing automation can improve the efficiency of an accounts payable process. Optical character recognition (OCR) technology can scan paper invoices and convert them into digital format. Digital invoices can then easily be processed, tracked, and sent for approval using automation. Accounts payable invoices could travel through the accounts payable workflow and be ready for payment faster with the use of invoice processing solutions that make use of OCR software.
Accounts Payable Outsourcing Companies
Outsourcing your accounts payable services to a provider can have numerous benefits to accounts payable teams. One of the most valuable benefits offered by outsourced accounts payable services is that their accounts payable automation software can integrate with an existing accounts payable workflow without disrupting or conflicting with established processes.
Pricing for accounts payable services providers can vary depending on the particular service, but there are many different benefits that can be gained for the price. One of the benefits of outsourcing accounts payable services is that the platform can be integrated with an accounts payable team’s current workflow without interrupting it. Invoice outsourcing can allow an accounts payable team to improve the efficiency of their accounts payable system without needing to build an entirely new workflow from scratch.
Cloud Based Accounts Payable Solutions
AvidXchange is a cloud-based online accounts payable system, which can allow an accounts payable team more control over their automated workflow, along with increased visibility and flexibility. A digital accounts payable system that is based in the cloud can also increase the efficiency and accuracy of an accounts payable process.
Cloud-based accounts payable solutions can give an accounts payable team better visibility into each step of the accounts payable workflow, which can allow for greater control over the process. It could be easier to track invoices and keep them organized with cloud-based accounts payable solutions, because accounts payable information can be accessed anywhere at any time by anyone with the appropriate login credentials and an internet connection. This can make it easier to stay organized by allowing invoices to be audited conveniently, and it can also improve efficiency by enabling greater flexibility regarding invoice management.
