One difficult matter about the end to end process of accounts payable is avoiding mistakes. This is especially true when you take into account how much the steps of the accounts payable process depend upon paper and manual tasks. Every step is prone to human error, which can cause setbacks for your team. Fortunately, you can mitigate these risks by automating your company’s accounts payable.
Accounts payable automation software is designed to simplify each and every step of the accounts payable invoice process. It is especially helpful for transitioning from receiving the vendor’s invoice to paying the invoice. This is a crucial point in the accounts payable invoice process as well as one of the most time-consuming.
Instead of manually inputting invoice information into the computer from paper documents, accounts payable software uses technology to extract key information from invoices and eliminates the need for paper. This can limit any mistyped calculations and other types of human error, simplify the jobs of your accounts payable team, and save time and money by automating your invoice processing flow.
AvidXchange’s invoice processing software keeps your company’s financial invoice information stored away safely in the cloud. Once an invoice has been entered into the system, it can then be routed to whomever is meant to receive it for the beginning of the approval workflow. Once an invoice is approved, it can easily move directly into the bill payment process.
Accounts Payable Invoice Processing Best Practices
Invoice management software is a digital solution to the labor-intensive process of managing invoices. Even for teams following accounts payable invoice processing best practices across the board, you can improve your accounts payable team’s invoice processing by switching to a paperless process.
In general, using an automatic invoice processing platform leads to faster invoice processing overall. It cuts out the manual entry of financial data and the need for the physical transfer of paper documents from person to person. Software automation can move invoices into the correct workflow for approval. You can track your company’s current invoices on the platform and route them to the people that need to handle them next. With AvidXchange, custom workflows can be created to handle the demands of invoice processing. There will no longer be a need to track down the next person you need for invoice processing, emailing someone about approving an invoice, or confirming approval of an invoice. With AvidXchange, invoices can be electronically routed through any custom invoice processing workflow designed on the platform.
Another paperless accounts payable best practice is having accurate, reliable invoice matching capabilities. Invoice matching is the act of confirming that some set of information matches up to other documents, such as the corresponding purchase order or the good receipt. Not only does AvidXchange lessen the risk of human error while processing invoices, but it makes it easier to cross-check and confirm that all of your financial information remains accurate and in sync.
Accounts payable invoicing best practices also include managing time effectively. Invoice management software can automate routine and repetitive tasks for your accounts payable team. This can free up time to focus on tasks that require more strategic needs from the AP team, and it can improve the AP process workflow as a whole. With AvidXchange, it is simple to receive invoices, process them for approval, and approve them for payment.
Accounts Payable Automation
The standard accounts payable process definition may not reflect the AP process when using software automation. First of all, some tasks previously done by an employee can be completed with software. This includes invoice scanning and data entry, as well as invoice matching. However, the overall workflow may not change that much due to accounts payable automation. The benefits of automation may only assist in streamlining an existing AP process and replacing certain manual tasks with automation.
Accounts payable is a process that your accounts payable team knows all too well for its intricacy and detail-oriented work. However, accounts payable automation software can eliminate the need for paper completely and consolidate the accounts payable end-to-end process into one platform. You can save time and money while maintaining confidence in the accuracy of your invoice processing. AvidXchange can help you input invoice information, make it easier to cross-check with other documents and data, and send invoices off for approval automatically. Members of your accounts payable team can track invoices in the approval process using the AvidXchange platform.
Accounts Payable Process Flow Chart in SAP
AvidXchange has partnered with Concur Invoice to offer a user-friendly software integration that can automate bill payments. This integration results in an accounts payable process flow chart in SAP that can be automated with a digital process. The bill payment process can be automated using AvidPay, so users of Concur Invoice can take advantage of the payment automation features offered by AvidXchange.
When integrating with AvidXchange, SAP accounts payable training may not be necessary. AvidXchange makes it easy to integrate with Concur Invoice, so it’s straightforward to start using AvidPay to help you make invoice payments straight from your computer. This way, the accounts payable process in SAP can be made more efficient with payment automation software. Using an automated payments process, you can also improve how quickly your payments are delivered to your vendors. You can make sure bill payments are completed in the format vendors prefer.
With AvidPay bill payment software, you can utilize efficient paperless payment processes throughout the accounts payable department in order to pay bills more easily. AvidPay provides a clear path to payment automation ROI with time-saving services built around payment aging, execution, and application, which leads to an extra level of efficiency beyond what you get by eliminating paper checks. Consider AvidPay for sending faster, more secure payments online.
Accounts Payable Process Steps
Accounts payable software can help you adhere to internal controls and automate the accounts payable process steps. Automating accounts payable with sophisticated software will result in a reduction of errors, bills being paid on time, decreased clutter of digital files and receipts, and enhanced visibility for the accounts payable team. This takes place on a single platform, featuring a dashboard your accounts payable team can use to track invoices and the accounts payable process as a whole.
Beyond maintaining an efficient following of steps of accounts payable process, invoice automation software can also make sure your company’s accounts payable procedures manual is followed through and through. In a way, software automation can enforce an accounts payable internal control checklist. Software can monitor your accounts payable automatically and track things such as fraud risks or uncashed checks. Your accounts payable team can use accounts payable software to increase visibility into the AP process and manage whether or not invoice processing and bill payments are being completed correctly. You can create an extra layer of protection and support by using accounts payable automation software, and you may improve how quickly you can complete invoice processing.
AvidXchange is here to streamline your AP department’s invoice processing from beginning to end. AvidXchange can use OCR technology to prepare invoices to automate intake. AvidXchange can monitor important details to help you stick to internal controls. Using AvidInvoice can automate invoice processing, and using AvidPay can automate bill payments. Automation is the solution to cutting out the most stressful parts of accounting so your team can focus on more productive projects.
Accounts Payable Process Flow Chart
At AvidXchange, your account can be customized to fit easily into your existing accounts payable process. If you have an accounts payable process flow chart, then it may be useful for planning custom workflows that can improve your experience with AvidXchange. There are customization options that make automation possible without compromising existing AP systems, from the way your company’s current workflow operates to following the specific payments procedures you provide.
An accounts payable training manual may not be necessary when switching to an online process. Using accounts payable automation software may not significantly affect the current workflow after customizing the experience within the software platform but it will make that workflow more streamlined.
Staying as efficient as possible means paying attention to the entire AP cycle. Time and cost should not be the only considerations, but also organization and internal controls. Software has the ability to understand your current accounts payable policy and procedure manual and reliably follow those guidelines. Accounts payable teams can rely on software to monitor operations behind the scenes and help reduce mistakes or fraud risks.
The details are important when trying to keep up with the AP cycle. If you want to prevent problems before they start, streamline your invoice processing and payment routine, and save time and money for your AP department and company overall, then consider how accounts payable automation software can help. With AvidXchange, software solutions are available to assist with the entire accounts payable process.