An electronic bill payment system is an online payment processing platform that can help businesses simplify their accounts payable processes. There are many aspects of an accounts payable workflow that can be improved through the use of electronic bill payment. Example after example could be given, but there are a few features within billing system design and architecture that could be especially helpful for struggling accounts payable teams—or successful accounts payable teams that want to be even more successful.
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.
The first major benefit of an electronic bill payment system is that it can allow the accounts payable team to process payments to suppliers much more quickly. Completing each step of the accounts payable workflow manually can quickly become tedious and result in a slow and inefficient process. Electronic bill payment and presentment companies can provide a solution that could speed the process up considerably. An electronic bill payment system enables a business to automate their entire accounts payable workflow, which could eliminate the wasted time and risk of error created by a manual process.
The second significant benefit to using an electronic bill payment system is that it can also provide accounts payable teams with complete visibility into the automated system. This could save the accounts payable team time and money by reducing the manual work involved in the bill payment workflow, without asking them to give up any control over the process. With the increased transparency an electronic billing system provides, the accounts payable team can spend less time on repetitive manual tasks and more time overseeing the whole workflow and determining where it can be improved.
These are just a few of the possible benefits that electronic bill payment and presentment companies have to offer. An electronic bill payment system is one potential way for an accounts payable team to streamline their workflow, improve efficiency, and reduce human error.
Online bill pay services can help improve a business’s accounts payable workflow, but larger companies sometimes have very complex workflows. So how does online bill pay work for these larger companies? Does the online payment automation hold up when the workflow to be automated is highly complex? For some of the more limited online bill pay services, like the kind you can find for free, the answer is usually no. However, the best online bill pay service for a large business does exist as well.
Some online payment services, like AvidXchange, are specifically designed for mid-to-large-sized companies and not small businesses. These more powerful online bill payment tools can allow businesses to pay bills online with bank account, and they are capable of keeping up with a more complex accounts payable workflow. They also use cloud-based software, which means all your accounts payable data is stored in the cloud, where it is less likely to be stolen or lost.
A cloud-based system also allows the accounts payable team to access the platform from anywhere, anytime they want. This could help the accounts payable team stay organized and work more efficiently by allowing them to work collaboratively on a central platform no matter where they are. Online bill services that utilize a cloud-based online payment software can be a good solution for a business that wants a more flexible and secure way to store and access accounts payable data.
Electronic billing systems can automate a business’s bill payment, meaning the accounts payable team can save time and money processing bills. Electronic bill presentment and payment is a way for companies to collect payment electronically. Using this process, companies can collect payment through channels like the internet, automated teller machines, and direct dial access. AvidXchange’s bill payment software can automate this process to make it faster and more efficient and reduce the manual work required of the accounts payable team.
It can sometimes be difficult to keep track of bill payments, especially for a large company with a complex accounts payable workflow. An automated payment system that enables a business to complete the electronic bill presentment and payment process automatically could be one way to save time and money. The accounts payable team can work more efficiently with the help of an automated system. Some bill processing platforms also include a billing system tutorial that can help the accounts payable team use the software more effectively and improve their workflow even further.
Electronic bill payment systems have the potential to greatly improve businesses’ accounts payable processes. By automating the accounts payable workflow, an electronic bill payment platform can eliminate the repetitive manual tasks that waste time little by little throughout the process. This saved time can be used more effectively by the accounts payable team to oversee and improve the accounts payable workflow.
An electronic bill payment system can also save a company money by reducing or completely eliminating the accounts payable team’s need for paper supplies. Unlike an electronic bill check, using a bill pay paper check requires supplies such as envelopes, stamps, and of course the checks themselves. Electronic bill download systems can save money in this regard because they are completely paperless and do not require any additional supplies to be purchased and regularly restocked. This is possibly one of the most significant advantages of online bill pay. Paper check payments are rarely as efficient or cost effective as an electronic bill payment method.
Electronic bill payment is a possible solution for any business that is struggling to keep their current accounts payable system organized and efficient. An electronic bill payment system like AvidXchange can integrate seamlessly with the accounts payable team’s existing workflow to automate the process without requiring it to be completely redesigned.
Some businesses, especially larger businesses, have very complex accounts payable processes that are difficult to automate. However, there are electronic bill payment services like AvidXchange that are specifically designed to handle complex accounts payable workflows. Even if your workflow is complicated, your accounts payable team can find an automated billing system that is capable of keeping up with it.
Electronic bill pay services can use automation to speed up a company’s bill payment processes. An automated billing system could also save the company money by reducing paper use and the associated costs. The time saved by automation and the money saved by electronic processing could be used to help the accounts payable team keep pace with a growing bill-processing workload. Automation could also free up the accounts payable team to focus on tasks that add value to the company, instead of rote data entry that could just as easily be automated.
Simplifying your business’s accounts payable processes by implementing an automated billing system is one way to take back the time and money wasted on a slow and inefficient accounts payable workflow. Electronic bill pay services can provide the electronic payment processing platforms that make this kind of automation possible.
Bill payment services can provide a business’s accounts payable team with a way to streamline their process of paying bills to suppliers. An automated payment tool has the potential to save a company a lot of time and money in this regard. In addition, bill payment services can help accounts payable teams manage the business’s utility payments, such as an electricity bill payment. AvidXchange can provide a faster, more accurate, and more organized method of handling utility bill pay. Check payments are usually slower and more expensive to manually process than electronic payments processed with a bill pay check.
An accounts payable team’s entire utility bill payment workflow can be automated with the use of an electronic bill payment service. This could help a business make an electricity bill payment or other utility bill payment as efficiently as possible. Utilizing a bill pay service is one possible way for businesses to streamline every aspect of their accounts payable workflow, including their utility bill payments. Making utility bill payments on time could be considered a basic requirement for any business that hopes to succeed. Electronic bill payment services can make it easier to keep up with utility bill processing and avoid errors that result in late or incorrect payments.
An electronic billing system can help your business switch to a 100% electronic bill payment process, which can be an effective way for the accounts payable team to save time and reduce overhead costs. Electronic billing system documentation can also make it easier to keep bill payments organized by simplifying the whole bill payment process.
There are many times when a business could potentially benefit from switching to an electronic billing system; example number one is using an electronic system’s ability to simplify the accounts payable workflow by automating many aspects of it. This makes the bill payment process faster and reduces the margin of human error.
Many people have questions on electronic payment systems, but most electronic billing systems are able to integrate smoothly into an existing accounts payable workflow. AvidXchange has over 700,000 suppliers, and their payment preferences are pre-integrated into their billing software. The automated system can provide vendors with the flexibility to request payment in different formats, and it saves the accounts payable team the trouble of working to manually meet different requests.