When it comes to managing an accounting department, time is valuable. You cannot afford to spend it on onerous tasks. Unfortunately, ensuring that bill payments are completed on time can be just that when you take into account the small steps that go into ensuring a payment is processed: receiving the invoice, managing documents, sending out paper checks and waiting for them to clear, and the approval process at the center of it all.
Unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions and say goodbye to filing cabinets and lost invoices. Accounts payable process 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.
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The main thing that can be improved with AP automation software is how much time can be saved. However, time is not the only thing that can be saved by using AP automation software. An automated accounts payable process can save money as well. AvidXchange’s Accounts Payable ROI Calculator can help you estimate the money you could save by switching to a paperless accounts payable solution like AvidXchange.
Accounts payable automation software ensures that invoices are processed via one centralized, streamlined system. Adopting an AP automation workflow will also allow invoices to move through an online approval process. By switching to a paperless AP process, the burdensome paperwork associated with accounts payable can be replaced with automated online workflows and document management software to stay organized.
Software solutions can be very effective at replacing the routine tasks of accounts payable. This can save a significant amount of time for the AP department, and can allow for more time to be spent on high-skill accounting tasks.
For anyone looking for a truly hands-off approach to pay suppliers and maximize ROI, online payment automation system offers a faster, more secure method. The entire process can be handled digitally so that you do not have to manually fill out a check or pay suppliers yourself. Moreover, automated invoice management software streamlines the invoice process with your current approval workflows.
When opting for invoice automation software, one of the main benefits is you can receive, track and approve invoices using your existing business workflow while reducing manual data entry and potential errors. This not only saves time on invoice processing, but it also provides around-the-clock invoice visibility and eliminates extra paper.
After receiving an invoice from a vendor, invoice automation software can scan the invoice and convert it into an electronic format using OCR technology. Data from scanned invoices can be automatically entered into invoice automation software to make invoice processing more efficient. Using software for data entry can reduce the risk for human error, and viewing invoices on a digital dashboard can make it easier to stay organized during invoice processing.
Tracking invoices on a digital dashboard increases visibility into the AP process. After bill payment is complete, then document management software can store and organize records related to a transaction. If you need to access records of payment receipts or other accounts payable documents, then it can be beneficial to rely on a digital system as opposed to a paper filing system. Best of all, the receipt of invoice (ROI) payment terms can be interpreted from invoices. The AP department can become faster, more efficient and more secure while processing invoices.
If you are searching for accounts payable automation tools, then you are probably looking for the best accounts payable automation software available for your AP process. The right AP automation software will assist you with all your invoice and payment processes, tracking every single stage of your bill paying processes through an electronic payment system.
One key benefit of AvidXchange’s AP automation software is that it allows businesses to go completely paperless. This can cut down invoice processing time, and it can match your current approval workflows already in place. AvidXchange can track invoices on one main dashboard, and using a digital system can offer other benefits. AP automation software can help create an audit trail and automatically organize records digitally.
AP automation software allows businesses to take more control of the AP workflow. You can streamline and customize your AP workflow, design custom invoice approval processes that meet your business’ needs, and reduce duplicate payments. A cloud-based invoice management system provides access to invoice information you need, and keeps it all organized, whenever and wherever you need to access it.
One concern for payment processing is security. Online payment platforms can offer security features to protect your payments. Payments made to suppliers online can be quick and secure, helping to reduce security risks.
Setting up AP automation software can handle specific AP needs, and it can steer invoices through the entire bill processing journey. With cloud-based systems, you will be able to access your information anywhere you have access to the internet.
With accounts payable approval software, bill payments can be automated after invoice approval, enabling you to focus on the less routine tasks in the AP process. With automated invoice processing, all your invoices can be automatically converted into a digital format, coded, assigned or categorized into the appropriate workflow, and routed to approvers electronically.
Alerts and rules can be applied to AP processes to create a seamless online process and limit manual data entry. Rules applied to custom workflows can determine which approver should be assigned to different invoices, so it can help eliminate time wasted reaching out to an approver each billing cycle. Approval amounts can even be set during implementation to make the process of managing AP automation payments even smoother. Rerouting approvals is also an option during the absence of the primary approver.
Once fully approved, the invoices can be sent directly into the bill payment process, allowing payments to be sent quickly to your suppliers and vendors, minimizing processing time.
Not only can financial security be enhanced by reducing fraud and other risks, but vendors can be provided with flexible payment options. Using AP Automation services can be simple, helping make payments on time so suppliers can get paid promptly for the services that they have provided. Suppliers may also join the robust AvidPay network of over 700,000 suppliers.
If you want more information on accounts payable automation best practices, then you may want to find resources that can help you evaluate specific solutions. AvidXchange has resources available for case studies or other industry expertise. You can review a report, a book, or even an accounts payable automation white paper. The eBooks available range from actionable tips for CFOs to expert insights to tips for successfully automating your accounts payable systems.
Get up-to-date information from a quarterly report featuring articles from industry experts on fostering your business’ growth. Some whitepapers include information on the benefits of AP automation, how to navigate AP automation if you have never implemented it before, and trends in AP automation to stay financially on track.
In addition, there is a whitepaper on FinTech available for download where new research shows information and updates on the future of financial technology (FinTech) in the business-to-business (B2B) space. Find out more about B2B FinTech daily processes and the advantages it has to transform organizations by helping transfer financial data from paper to a cloud-based system. B2B companies are adopting new technologies to help improve their processes, but may not be fully aware of how these same technologies play a role in daily operations and the advantages they create.
AvidXchange has published numerous accounts payable webinars on the topic of accounts payable automation, accounts payable solutions, and technology in accounting. Best of all, these webinars cover concerns and trends facing a range of industries. There may be webinars relevant to your specific industry, and it may be relevant to an issue you are currently facing and trying to solve.
For example, companies in real estate have access to a number of industry-specific webinars. The same is true for businesses in the banking industry and the tech industry. In fact, there is a number of industries that are represented in webinars offered by AvidXchange. Browsing options can help you find relevant topics that can help you understand how AP automation software can help businesses in your industry. There is also an AvidXchange Product Demo video, so anyone can view the software in practice.
In sum, AvidXchange is a valuable resource to view webinars and videos for additional education on FinTech and accounts payable solutions.
For those industries with more complex account payable processes, AvidXchange can help ensure that paying bills on time is an effortless process. Industries such as construction, healthcare, and real estate all have integration options that may fit in with their existing accounts payable tech stack. There are some accounting software systems that are industry specific, and AvidXchange can integrate with some of these systems. That is because AvidXchange is focused on a handful of industries where mid-market businesses have large and challenging accounts payable systems. Between over 210 software integrations, AvidXchange can accomodate plenty of AP systems.
With an AvidXchange integration for AP automation, Netsuite users can improve the efficiency of their invoice processing and bill payments. The same can be true for Microsoft accounts payable software, since AvidXchange can seamlessly integrate with Microsoft Dynamics. The AP automation software creates a more streamlined invoice-to-pay process for an AP department.
Best of all, AP automation software does not have to replace your existing accounting system. With the best AP automation software, it should work with existing AP workflows to improve efficiency. AvidXchange has more than 210 integrations built between to tie-in AP automation solutions with other accounting software systems for the middle market.
Consider whether you are seeking a specific solution like an accounts payable software for banks, or if you are seeking a paperless software system that can generally make accounts payable more efficient. Accounts payable processes vary between companies and industries, and AvidXchange has software integrations and workflow customization to help accommodate a wider range of mid-market companies.