Middle-market companies seeking to pay their bills on time could find themselves facing a number of different dilemmas. They could be anxious about processing payments using traditional methods—methods that could be susceptible to costly errors and delays. They could be wary about spending too much time and money on processes that require ample amounts of paperwork to complete properly. In these cases, accounts payable teams may seek out online payment apps to help streamline the process.
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Fortunately, electronic payment software may be able to alleviate some of the concerns associated with accounts payable and ensuring that suppliers are paid on time, especially when they specify that they have particular payment-method preferences. AvidXchange boasts a growing network of over 700,000 suppliers. This extensive network could help ensure that your suppliers are paid as they specify while also being paid on time.
Of course, AvidXchange’s invoicing software could also allow your business to forgo the inconveniences and expenses often associated with excessive paper use. That is because AvidXchange is set up to help you pay bills automatically and up to 100% electronically. This system is cloud based, and its digital platform can be viewed at any time. This means accounts payable teams can check on the status of invoices to see where they stand in the approval process whether they are working from home or in the office.
Moreover, because it exists on an electronic platform, this billing software could allow your business to eliminate some of the payment operations costs associated with postage, check printing, and monitoring uncashed checks to ensure that they are processed properly. AvidXchange’s software could streamline the process so that the money associated with these expenses can be better spent elsewhere.
Finally, AvidXchange can be customized to meet your accounts payable team’s specific needs. You do not have to sacrifice familiar systems and workflows for the sake of convenience. You can still count on your accounting system as your system of record. AvidXchange could ensure that you get the files documenting your automated payment information for reconciliation of all B2B bill payments.
The top digital payment companies could ideally be adaptable to meet the existing needs of your accounts payable team. When it comes to researching payment software companies, your accounts payable team may find that while excellent features that allow for efficiency and accuracy are valuable, so is a software system that can be readily implemented into your present workflow. Fortunately, AvidXchange may be able to meet this criterion.
The largest payment processing companies may offer a range of different features. While certain features may be needed regardless of your company’s specific needs, some features may be more dependent on the accounts payable needs of your team. As you peruse a payment processing companies list, you may find that certain features appear more alluring than others. That said, the digital payment companies that may come out on top are those that do not force your accounts payable team to completely abandon existing processes. Rather, these payment processing companies can automate them so that you can enjoy efficiency while also retaining systems that are familiar such as your existing accounting system and approval workflows.
Not only could AvidXchange allow your accounts payable team to customize its workflow, it could also offer your team a higher level of transparency of the payment process. Because AvidXchange is cloud based, accounts payable teams could log in to the digital platform and view the statuses of pending payments at any time, twenty-four hours a day, seven days a week. All they require is a working internet connection.
When it comes to ensuring that suppliers are paid on time and according to their preference in payment methods, some companies may seek out an efficient payment management app. Fortunately, it is possible for suppliers to be paid promptly, accurately, and just as they desire with the right online payment software. Most notably, this software could likely automate the entire accounts payable workflow. With automation, the accounts payable team may not have to manage tasks manually or ensure their accuracy.
Having an online payment management system in place could ensure that the accounts payable process occurs smoothly. AvidXchange’s online payment software can automate purchase-order submissions to suppliers, as well as invoice processing and coding. In other words, once an invoice is scanned, AvidXchange can ensure that the invoice is coded and then sent to the proper workflow for approval. From there, the accounts payable team can view invoices pending approval and ensure that they are approved. Once invoices are approved, AvidXchange could see to it that bill payments to suppliers are completed automatically without any manual input from the accounts payable team.
The best payment system for online business should not only allow for more efficient payment processing; it should also promote a level of flexibility that may not be offered by similar systems. More specifically, the best online payment system may be one that exists on the cloud, where the accounts payable team may access it at any point in time, so long as they can access the internet. Payment processing for online business as a whole may often depend on smooth digital transactions.
With that in mind, AvidXchange offers a cloud-based software system. As a result, accounts payable teams could view the statuses of their invoices at any time of the day and from any location, even if they are not presently in the office or working during the usual business hours. At the same time, the cloud-based system is secure and protected, ensuring that only those who belong in the system can access it. That way, the accounts payable team could enjoy the convenience of continual access without fearing that they may be putting the company’s online processing system or information at risk. Moreover, 24/7 access to payment information promotes a sense of visibility into the online payment processing system. All members of the accounts payable teams may take control of the process in this regard.
The best online payment methods could potentially save middle-market companies time, money, and resources by eliminating the need for heavy volumes of paperwork. Moreover, the most popular online payment methods may allow for payments to suppliers to be handled and processed completely digitally, with the help of automation. In sum, these online payment methods may allow companies to reduce spending on certain resources so that they could devote them to more value-adding or long-term growth areas.
For this reason, AvidXchange could help accounts payable teams forgo paperwork and its associated hassles by allowing them to pay their suppliers via a digital platform. A list of online payment methods may reveal a number of different options. However, the opportunity to allow for online payment methods could ensure that businesses both save money and potentially save on labor costs. Not to mention, when payments are handled digitally and are completely automated, they may be able to avoid costly errors that could keep suppliers from being paid on time, incurring late payment fees. Automation via AvidXchange could allow accounts payable teams to streamline the payment process so that they may pay their suppliers promptly and maintain positive relationships with them as a result of the potential boost in efficiency.
Most businesses must ensure that their utility bills are paid on time if they want to continue to run efficiently. When your accounts payable team embarks on an ambitious payment management system project, you could ensure that these bills are accounted for. That is where a utility billing software could come into play.
AvidXchange offers payment management solutions that could allow businesses to pay their utility bills on time and also monitor how much they are spending on energy consumption, so that they could forecast spending and budget accordingly. More importantly, AvidXchange’s payment management software could allow AvidXchange to pay all bills on behalf of a business, including utility bills. AvidXchange also has the ability to let businesses know when the system detects any strange fluctuations in consumption and monitor these consumption variances accordingly. As a result, businesses could know that their utility bills are paid on time while also understanding that AvidXchange could track usage to take note of any unusual patterns in consumption.
The best ACH payment processing system should ensure that suppliers are paid promptly. AvidXchange could potentially take this a step further by ensuring that accounts payable teams can pay their suppliers via the payment methods that they specify. When it comes to paying suppliers, accounts payable teams may find that not all vendors wish to be paid in the same way. Some prefer to be paid via direct deposit, while others must receive payment via card.
It could be challenging for accounts payable teams to balance all of these different payment preferences manually and then keep track of the payment records to ensure that they can continuously honor these preferences. Fortunately, AvidXchange’s recurring billing software could allow for suppliers to be paid according to their needs every time they are paid. The payment processing software is designed to be efficient and simple so that accounts payable teams do not have to manage these payments themselves. The software automates these payments. This could in turn save accounts payable teams time, and companies as a whole money.
What’s more, AvidXchange boasts a supplier network of more than 700,000 businesses, and this number is growing. As such, ensuring that suppliers can be paid according to their needs could be a simple endeavor.