Using the best SaaS billing software on the market can free your organization from the challenges of paper billing and make it easy to streamline your bill payment process. Middle market companies, in particular, have a lot to gain from switching over manual accounts payable workflows to an automated process.
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.
Join the 8000+ Businesses Enjoying AP Automation with AvidXchange
Watch our 4-minute demo of AvidXchange’s AP automation solutions. We’ll show you step-by-step how our solutions can digitally transform your entire invoice-to-pay process.
Incorporating automated billing software can improve the efficiency of your organization’s accounts payable department in many different ways, including the following:
Benefits like these make it clear that billing software should not be overlooked by accounts payable leaders. While it’s possible to run an entirely manual accounts payable process, a digital process introduces numerous advantages of using SaaS billing software. Trading in the paper invoices and physical checks for the best SaaS billing software is one of the best ways to upgrade your accounts payable team’s efficiency.
Even if you don’t feel that the scope of your accounts payable needs is wide enough to warrant billing software, it’s important to plan ahead for future growth. A manual accounts payable process usually can’t support a growing supplier list for very long. Keeping an eye on the different kinds of accounts payable software on the market and educating yourself about the various benefits of each is generally a good place to start if you’re considering a full digital transformation in the near future.
Throughout the rest of this article, we’ll take a closer look at the benefits of SaaS invoice software and break down the different ways it can aid your organization. We will also evaluate some of the different types of digital accounts payable tools, such as payment approval software, that you should consider adding to your accounts payable tech stack.
By switching to paperless accounting software, you can greatly increase the efficiency of your accounts payable team. Automated bill payment tools remove many of the manual tasks from the process, which enables your accounts payable team to focus on the most important tasks and be as productive as possible.
Another worthwhile benefit of implementing SaaS billing software is that it improves the scalability of your accounts payable process. When you use an entirely manual process, the strain on your accounts payable team increases as the number of suppliers you use increases. Paperless accounting software can support increasing numbers of suppliers without slowing down or sacrificing accuracy.
The benefits of B2B billing software, like increased efficiency and better supplier relationships, can have a real impact on an organization’s success. According to a report from Goldman Sachs, most organizations that switch from a manual process to an automated accounts payable system spend approximately 65-70 percent less time on accounts payable tasks. This is a major improvement to the process, considering the recent Quickbooks report that indicates the typical office employee spends 1.8 hours per day searching for documents in filing cabinets and digital folders. Clearly, an effective vendor invoice management system introduces the potential to save a lot of time for your accounts payable team.
Thanks in large part to the COVID-19 pandemic, remote work is on the rise. This has been a common topic of discussion throughout nearly every industry over the past year or two. Many employees switched to remote work during the pandemic, and it’s led many people to rethink the relationship between productivity and commuting to the office each day.
Since remote work looks like it’s here to stay, it’s likely going to become increasingly important to adopt tools that support a remote workforce in the future. Cloud-based billing software like AvidPay and the other products available from AvidXchange can make it possible for your accounts payable department to embrace remote work culture.
The report shows the average cost of processing a single invoice is $16 for a medium-sized business and $22.26 for a small business. In contrast, when a business implements automated invoice billing software, the average cost per invoice goes down to $5.89 for medium-sized businesses and $6.89 for small businesses. This represents a 60-70% decrease in cost to process a single invoice just by implementing simple invoicing software.
The research also indicated that the majority of top-performing accounts payable departments use an automated invoicing and bill payment system. Another source, the Institute of Finance & Management, suggests that the cost savings of switching to an automated accounts payable process are even more substantial. According to this report, organizations that use little or no automation in their accounts payable workflows spend an average of $8.78 to process each individual invoice, while organizations that do have an automated accounts payable system in place spend an average of only $1.77 per invoice.
When the accounts payable software you use is clunky, confusing, or doesn’t fit with your existing workflows, the implementation process can become a major obstacle. All of Avidxchange’s products are easy to use and can seamlessly integrate with your existing workflows. Choosing simple billing software like this can eliminate the headaches that sometimes come along with implementing a new software tool.
In order to choose the kind of automated billing software that will integrate well with your organization, you can start by considering your current accounts payable process. It’s usually a good idea to seek out an automated solution that can work with, not against, the way your accounts payable workflow is set up. That way, you don’t have to redesign the entire system from the ground up — you can simply roll automation into the current process.
By switching to an automated billing approval system like Avidxchange, you can pave the way toward benefits like these and many more as well.