For businesses that require consistent supplier and vendor payments, the efficiency of their accounts payable strategy can be impactful to their overall business workflow. Something as crucial as supplier bill payments can impact the success of businesses, as missed bill payments could result in negative supplier relationships.
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So, with something so important possibly on the line, relying on older, more traditional forms of bill payment such as mailed checks can be time consuming or even unreliable. Instead, automating the small processes that lead up to the inevitable payment delivery or payment approval through bill approval software can simplify the payment process to vendors and suppliers.
Bill approval software through AvidXchange can cut down on unnecessary time and space for invoice paperwork and bill payment services so businesses can deal with more important accounts payable issues than simple payment details and processes. Payment approval software also breaks down the accounts payable process into simpler terms, allowing businesses to maintain the ability to make decisions without having to focus on paperwork or other inefficient responsibilities. Keeping track of accounts payable processes and bill payments can become easier when automation is there to help.
AvidXchange is among the best bill approval software available, because it was developed with flexibility and customization of the payment process in mind. Mid-scale businesses can vary greatly in their goals and preferred payment strategies, so AvidXchange was developed to integrate into multiple types of workflows in multiple business settings. AvidXchange also provides access to an online platform 24/7, so businesses can access their invoice status and bill approval information across various times and locations. This can help enable remote work in today’s business environment, but it can also help create a more flexible workspace all around. AvidXchange can help businesses across a range of accounts payable processes and can be customized to each business’s preferences.
As businesses are looking to purchase invoice processing software, understanding the limitations and potential of the software they choose can be important when picking the best invoice approval software for them. AP invoice approval software provides businesses with the ability to approve invoices and bill payments for accounts payable purposes, but not all features and customization options apply to every piece of software available. Some businesses may have complex approval processes, which may require their invoice management software to have certain integration features tailored towards their workflow, while others may be able to utilize less flexible software to still get the job done.
AvidXchange was built with the various needs of different mid-sized businesses in mind and can be adjusted to each business’s workflow to help ensure each business using AvidXchange can have one of the best invoice management software experiences available. Even complex invoice approval and bill approval processes can be automated to the preferences of each business, so they can understand and decide the extent of AvidXchange’s automation. AvidXchange wasn’t developed to automate the entire accounts payable process, but to automate the less important aspects, so large-scale decision-making can be prioritized in businesses’ accounts payable teams. So, businesses that use AvidXchange can customize their invoice approval automation to fit their preferred workflow.
The flow of information and organization associated with invoice approval and other accounts payable processes can get needlessly complex. The amount of paper circulating as a part of accounts payable processes can become hard to manage in a well-organized fashion, and it can slow the speed of certain actions as a result. Instead, a paperless invoice approval system can help cut down on paper checks and physical invoices, which can reduce costs and time spent on certain accounts payable activities. Paperless invoice processing through paperless invoice software offered by AvidXchange negates the need for excessive time to be spent approving invoices, when automation can take control instead. Digital invoice approval can speed up a variety of accounts payable processes and ensure invoices get approved, even in remote-work environments, where printing can be difficult to facilitate.
AvidXchange can also be utilized as invoice organizer software with its 24/7 access to invoice and bill approval information. Searching through drawers, desks, and filing cabinets for invoice and other billing information can become less frequent when everything is available and visible through AvidXchange. Once again, this can speed up certain business practices and accounts payable processes by giving increased information visibility for those who have access to AvidXchange. Communication can become much easier when organization is less of an office issue.
Implementing electronic approval of invoices for businesses can have many benefits, including the reduction of fraud risk. Recent studies have shown that checks are responsible for the largest portion of payment fraud, affecting about 75 percent of businesses that were surveyed. Online invoice approval can help largely get rid of paper check payments, which can all but negate the possibility of check payment fraud.
With AvidXchange’s payment approval app offering up 24/7 access to vital payment and invoice information, ensuring the real-time security of businesses’ information and fraudulent payments can become easier as well. Being able to track fiscal activity with a platform developed to display live information can help businesses monitor any suspicious activity or accounts payable errors.
Automation through AvidXchange can also let businesses keep tighter control over their accounts payable actions. AvidXchange controls are built to aid businesses in managing their accounts payable information in an organized and helpful portal, with features that ease certain payment processes. Businesses can even implement additional security features, such as double signature approvals, as well as the ability to be alerted when any suspicious activity is flagged. The software offered through AvidXchange is built with flexibility in mind, but information security can be just as important as any other bill approval feature.
While the services and software offered through AvidXchange can act as accounts payable approval workflow software, they can also be utilized as holistic accounts payable automation software that can encompass nearly 100 percent of a businesses’ accounts payable process. Bill and invoice approval can automate the small details of bill payment, while businesses can still keep track of accounts payable information. Payment preferences can be managed on both ends courtesy of AvidXchange’s network of over 700,000 suppliers that have already selected their payment preferences, thus potentially helping the business-supplier relationship. Throughout these processes, the added visibility and accessibility of information across platforms and office spaces can increase security and internal communication.
AvidXchange is among the best accounts payable software because of its flexibility and ability to meet demanding accounts payable needs. The best accounts payable automation software can likely offer improvements and optimization for the present and the future, and AvidXchange is able to scale alongside the businesses it helps. Growing workloads can become easier to tackle with automation to aid businesses’ accounts payable teams, and with this help, businesses may continue to grow their operations. Accounts payable responsibilities can change suddenly, and AvidXchange aims to help businesses deal with these quick changes.
AvidXchange recognizes the need to integrate with other software and services, which is why AvidXchange offers integration with QuickBooks. Businesses that utilize QuickBooks don’t have to alter their QuickBooks workflow when using AvidXchange. Importantly, AvidXchange offers user-friendly options, including lessons on how to enable an approval workflow in QuickBooks online and how to tackle the integration process and aid accounts payable teams in recognizing how to use QuickBooks alongside invoice approval software. QuickBooks isn’t the only accounting software for which AvidXchange offers integration, but is a popular example of accounting software and how AvidXchange can work to complement it, not complicate it.
Other ease-of-use features are offered with AvidXchange, including outside educational resources through their website that can better enable businesses to use their automation software. While there are intuitive options alongside AvidXchange, providing education about the platform and software can help businesses better utilize individual tools and not miss out on potential optimization avenues for their business. It can also ensure accessibility to the software across a variety of experience levels for dealing with automation software.
Designing effective invoice approval software can mean recognizing the variability of invoice approval workflow across businesses or even across industries. In order to fit with a varying invoice approval workflow, software meant to tackle invoice approval for different businesses should offer an array of options to customize their software to their individual invoice workflow. Otherwise, businesses may have to adapt their processes to the software itself, potentially complicating their workflow rather than simplifying it.
With the variety of mid-sized businesses’ goals and accounts payable needs, AvidXchange’s invoice approval app is meant to be flexible and can be used across a variety of accounts payable teams. Specific industries with heavy accounts payable needs, such as the banking industry, can utilize AvidXchange, as it was built with certain banking needs in mind, such as fraud reduction and the ability to scale accounts payable processes alongside businesses. However, other business industries that require light or heavy accounts payable tools can also make use of AvidXchange for their bill and invoice approval. AvidXchange shouldn’t require certain business strategies or circumstances to be utilized effectively, so mid-sized businesses across multiple industries can make use of its invoice approval software.