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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Unbilled revenues, or earnings that organizations have generated but have not yet been recorded on their accounts because invoices have not been sent to customers, is one of the billing issues that many businesses might be facing. Unbilled revenues can happen when account information is erroneous or insufficient, or when clients are already inactive or are being billed with the wrong rate. Another challenge is improper invoicing, which can not only cause payment delays but also erode customers’ trust—and it may even drive them to competitors.
Manual data-entry errors or duplicate payments can be addressed with automated billing systems to help optimize cash flow and streamline invoice processing. For example, electronic invoicing software can send invoices and payment reminders to customers automatically. E invoicing software should ideally work in tandem with your existing accounting systems. As a result, your AP staff would not have to spend valuable time and resources learning a new interface, and integration can be simplified.
Electronic billing software can help businesses save time and money by providing payment solutions. Electronic billing software can help reduce billing mistakes and speed up the payment process by automating the receipt, review, and approval of bills.
While there is an extensive list of electronic billing solutions available, not all of them may be right for your company. Some tools, for example, may have integration issues with commonly used accounting systems like QuickBooks. Others may offer limited invoice customization options, while some have a user interface, or UI, that is not intuitive or user friendly.
As a leading provider of accounts payable automation and bill payment solutions for the middle market, AvidXchange has UI features with updated visuals for easier navigation. AvidXchange also integrates with more than 220 widely used accounting systems, including QuickBooks and your existing ERP and accounting systems. This means that your current system can stay in place while your accounts payable processes are being streamlined.
Small enterprises and startups may find free billing software solutions beneficial, although such tools may only supply a single invoice template. Others may produce standard reports, which may not always include accurate or complete financial data. There are also free software solutions that lack optical character recognition (OCR) capabilities to automate the extraction and consolidation of invoice data.
Electronic billing software such as AvidXchange enables users to make payments automatically. With AvidXchange, companies can avoid late supplier payments and missing invoicing deadlines. AvidXchange utilizes OCR technology to reduce manual data entry and invoice inaccuracies by automatically converting invoice information into machine-readable, digital formats.
AvidXchange, an end-to-end accounts payable software, can assist businesses in making the switch to a paperless procedure. Through e-invoicing and digitization, AvidXchange can expedite the entire invoice-to-pay process. This means that invoices can be digitized to save paper. For an extra layer of security and fraud prevention, AvidXchange can also replace manual check signatures with encrypted, digitalized signatures.
Perhaps you might be wondering, what does the term “cloud” mean in terms of technology? Generally speaking, “the cloud” refers to a collection of servers that function as one large hard drive. These servers, which can be shared by multiple users, can store and manage data. Before the advent of the cloud, data files were previously saved on external devices or hard drives. With this approach, there is a higher risk of data theft and device damage, which could lead to lost or corrupted data files.
AvidXchange is a leading provider of cloud-based software for online billing. Login details will be provided when you sign in or by an authorized website representative. You can also have 24/7 remote access to your invoice and payment data by using AvidXchange’s cloud-based accounts payable software. This gives you the freedom to access your real-time accounting system from anywhere, at any time, using any connected device. Because all updates are done automatically in a cloud-based application, there is no need to worry about securing backup files or the risk of data loss when utilizing a cloud-based solution like AvidXchange.
By eliminating error-prone and time-consuming manual processes, cloud-based AP software can help streamline workflows. An offline billing software may require manual entry of invoice and receipt information and order-to-payment reconciliation. A manual method can lead to issues including combing through data files for missing invoices and billing confirmations, invoice fraud, duplicate invoices, and inventory errors, all of which can delay the payment process.
By using an online billing software tool, finance and AP teams can have access to their financial data at any time, anywhere using a connected device. An online billing software such as AvidXchange can help improve invoice accuracy, eliminate tedious auditing activities, and facilitate faster payments. With AvidXchange, you may be able to pay customers accurately and on time based on their preferred payment methods.
AvidXchange also offers a customizable two- and three-way automated invoice matching process to make matching invoices to purchase orders and goods receipts a lot easier. This can help enhance supplier relationships and safeguard your company against making payments that are bigger than the invoice’s outstanding amount, such as paying a supplier twice for the same invoice or processing fraudulent invoices.
It would also be helpful to pick a billing software that has flexible billing options and can adapt to your industry’s needs, as different industries have different billing and accounting systems. While a one-size-fits-all billing software solution may not be viable, accounts payable software such as AvidXchange can cater to a variety of industries, including construction, health care, social services, and real estate.
Moreover, storing paper documents can be minimized by using a paperless billing portal like AvidXchange. AvidXchange features standard integrations with over 220 industry-leading accounting systems and can work seamlessly with your current ERP and existing workflows. For vendor management, AvidXchange’s AvidBill Network allows vendors to submit bills electronically in a variety of formats. Invoices are automatically processed and delivered in the appropriate workflow based on your business rules.
More than 700,000 businesses comprise AvidXchange’s supplier network, with bill payment choices pre-integrated into the platform. By using an AP billing software solution, suppliers may be paid accurately and on time using their preferred payment methods thanks to AvidXchange’s powerful network.
Manual payment processing is not only inefficient and subject to the risk of fraud, but it can also be costly for your business. For bill payment automation, AvidXchange’s AvidPay is a cloud-based software solution with dedicated service teams that can provide your organization with complete payment automation solutions. AvidPay can help automate processes and provide a secure platform for bill payment. AvidPay also integrates with your existing ERP or accounts payment systems, allowing you to maintain a single system of record and keep your existing workflows. With AvidXchange, suppliers can also choose their preferred payment methods, which include checks and electronic payments.
The best software for billing and invoicing can automate your entire invoice-to-pay workflow with ease. With AvidXchange, you can automate your accounts payable billing operations, potentially lowering your overall payment processing costs.