Digital AP processing systems such as accounts payable automation technology can not only help you replace your existing manual accounts payable processes, but they can also help you gain more control over your AP process.
So, what is accounts payable automation, and how does accounts payable automation work? AP automation helps your AP team more efficiently manage the accounts payable process by reducing the amount of time-consuming manual tasks that your AP team has to perform. AP automation software like AvidXchange can help you receive, track, and approve your invoices according to your current workflow—100 percent electronically. By completely eliminating paper from your company’s AP process, you can greatly reduce the cost of your AP process, as well as reduce the overall time required to process your company’s invoices and payments. Additionally, an electronic AP process that is cloud-based, like AvidXchange, allows you 24/7, remote access to your AP information. This can also help you ensure that there are fewer errors in your AP processes because more people are able to double-check the data.
How do you judge how well an automated AP system works? What is the best KPI for accounts payable? The top key performance indicators (KPI) for tracking accounts payable efficiency are the average cost of invoice processing, the average time of invoice processing, and the average number of people needed for invoice processing. Opting for an automated AP system helps reduce the overall cost of your AP process by eliminating paper. Additionally, because there are no longer papers, physical signing, or envelopes, the time needed to process invoices also can be greatly reduced. Finally, AP automation can help reduce the number of people needed for invoice processing by providing greater visibility, so that anyone who needs to see an invoice can do so at any time.
Best Accounts Payable Automation Software
The best accounts payable automation software can make completing accounts payable tasks more manageable for middle-market companies. Finance process automation such as accounts payable automation can greatly help to reduce the number of manual tasks required for processing your company’s accounts payable. AvidXchange offers automated accounts payable solutions for the entire AP process. Automating the AP process can help your company greatly reduce the costs associated with your AP process by reducing or eliminating the need for paper invoices and payment receipts. Automating your company’s AP process can not only reduce the overall cost of your AP process but can also reduce the time it takes for your AP team to process your accounts payable. Because automated AP processes are electronic, your AP team could more easily send for approvals instead of having to physically track down coworkers for them.
An automated AP process can help make your AP process more efficient and streamlined so that you can spend more of your time focusing on other parts of your company. Because an automated process can help your company reduce the overall amount of time needed to run your AP process, that time can be spent on other value-added tasks. This can not only help keep your AP process running more efficiently, but it can also help make room for your company to grow.
Accounts Payable Automation Solutions
There are many accounts payable automation solutions out there today, especially with the continued push towards digitization. But what exactly are the benefits of AP automation? There are a lot of AP automation companies, and while they all offer different services, the overall benefits of transitioning to an automated system from a traditional system can be seen in many of them.
One of the benefits of an automated AP process is the ability to transition to a paperless system. Greatly reducing—or even completely eliminating—the need for paper invoices and payment receipts can help your company reduce the cost associated with your AP process. AvidXchange offers customizable, automated solutions that can create an AP automation workflow that follows your current workflow and your current AP system. Implementing an automated system that is customized to your business can help your company create a streamlined process that can meet the specific needs of your business. Another commonly seen benefit is the ability to gain real-time reporting on your company’s AP process. This can help your company more accurately see how your business is functioning and how you can improve it.
Accounts Payable Automation Best Practices
AP automation software can help you create an efficient and streamlined AP system tailored to your workflow by making it easier to follow accounts payable automation best practices. Of course, you may be interested in observing accounts payable metrics examples. With AvidXchange’s customizable dashboard, your company can create a custom invoice approval process that has accounts payable best practices programmed into them. A customizable dashboard for all of your company’s accounts payable information can help your company more accurately understand what is working well for your AP process and what can be improved.
These advantages of accounts payable automation can help you ensure that you are making the best decisions for your company’s AP processes. Accounts payable automation software like AvidXchange can provide you with the tools and the customized AP process that your company can use to succeed in common accounts payable metrics examples, like the financial and time costs of processing your invoices. Creating customized workflows and designing a customized invoice approval process can help your company create a more efficient and effective AP process while still decreasing the amount of time and work you need to put in.
Implementing invoice automation software can seem like a complicated step, especially if you are currently using a traditional paper system. However, using a market guide for accounts payable invoice automation solutions can help your company understand which invoice automation software can best benefit your company. Because there are many different features that an automated system can provide, it is important to find a system that offers the features that will work with your business’s current and future workflow.
Invoice processing software, such as AvidXchange’s AvidInvoice, can help you digitize and code your invoices so that they can be properly processed according to your business’s workflow, no matter how many invoices your company has. The best OCR software for accounts payable can be used to scan any paper invoices and save time for your AP team. This technology can also help your AP team reduce errors in manual data entries. Because invoice automation software solutions like AvidInvoice are electronic systems, your company can have increased visibility into AP information and tracking, as well as a more organized, cloud-based management system that allows you to view any data that you need at any time.
Cloud-Based Accounts Payable Solutions
Working remotely has become increasingly popular over the past few years, so having the ability to provide a remote option to your AP team can be extremely beneficial to your business. This is why online accounts payable solutions are often viewed favorably. Cloud-based accounts payable solutions like AvidXchange allow your company to have that flexibility. An online accounts payable solution can help keep your AP process more organized and help you more efficiently receive, track, and approve your invoices without the inefficiencies of hard copies. A customizable dashboard that can clearly display your company’s accounts payable analytics can help you ensure that you are streamlining and optimizing your AP process.
Online accounts payable software enables your AP team to work remotely. They can log in from anywhere with internet access, which means that not only can your AP team more easily do their jobs, but they can also see any AP information they need at any time in order to check for errors and make sure everything is running smoothly. This can in turn help ensure that your AP process is streamlined and efficient so that you can focus on other aspects of your company.
Best Accounts Payable Software
Today there are many different accounts payable solution providers, but the best accounts payable software for you might look different depending on your business. What does accounts payable software do? The best accounts payable software for large business models might offer different features than software from AP software companies that specialize in smaller business models. That being said, accounts payable software that can automate your entire AP process from invoice to payments can be the most beneficial.
Accounts payable software that offers solutions for the entire AP process, like AvidXchange, can help your business to easily streamline and optimize your finances so that you can focus your attention on other, more value-added tasks. As an accounts payable software solution compatible with QuickBooks and many other widespread accounting software products, AvidXchange offers your company the option to streamline your AP process without having to replace your existing accounting system. This means that you can work to create an optimized AP process that works for your company and your current workflow without having to learn a completely new system.