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Resources   /   Glossary

Accounts Payable Invoice Scanning Software

As society continues to show its preference for online or digital media, communication forms, and commerce options, many businesses are finding themselves needing additional tools and software solutions to help them keep up with the growing online crowd. Even though many of these preferences come from consumers, it is important to note that these preferences are becoming increasingly more popular within businesses themselves.

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This means that rather than getting a paper check in the mail in exchange for supplies, your suppliers and other businesses you work with may also be wanting digital payment options. For many businesses and consumers alike, the draw of most digital payment options is that they are quicker, more secure, more convenient, and easily trackable—with, of course, an invoice scanning app or tracking software solution.

This preference for digital payments has led many businesses to search for an accounts payable management solution that can help them not only efficiently manage their accounts payable invoices and payments but also dramatically reduce the amount of time the process takes. From receiving an invoice to fully processing the payment, the AP process can be quite time consuming, especially if you are relying on processes such as manual data entry and physical invoice and payment receipts. These traditional methods of processing your accounts payable invoices may have been very effective in years past, but in today’s world, these practices are slow, inefficient, and costly.

Because of this, many businesses have begun opting for an automated invoice processing software solution, such as AvidXchange’s AvidInvoice, to help them get on top of their AP processes and streamline their systems. A software solution like AvidInvoice can help your business to not only more effectively track and manage your invoices and payments but dramatically cut down on the manual processing tasks and cost of your AP process by eliminating the need for paper copies of your invoices and receipts. AvidInvoice can also provide your AP team with 24/7, remote access to your invoice information and help you streamline your entire invoicing process while matching your current workflows so that you do not need to adopt an entirely new workflow system to use it.

Best Invoice Scanning Software

When you are looking for an AP invoice scanning software solution, you’ll likely want to ensure that you are picking the best one out there so that you will be getting the best possible solution to your AP processes. Like many other software solutions and streamlining strategies, however, the automated invoice scanning software solution that may be the best one for another organization may not be the best one for yours—even if you are both in the same industry. This is because every company has different processes, strategies, and systems that one software solution may work perfectly with and another may not work with at all.

So with this in mind, it is a good idea to search for a solution that helps you optimize your process of scanning invoices for accounts payable and streamline the management of those invoices. A software solution that uses automation can be a great choice in helping you do this because it greatly cuts down the number of manual tasks that your AP team needs to do and simplifies the process of tracking and managing invoices. An automated system like AvidInvoice can not only help you streamline your AP invoice processing system but also reduce manual data-entry errors and maintain better control and visibility into your AP information so that you can more efficiently manage your invoices.

Invoice Management Software

As more and more businesses begin adopting and implementing AP invoice scanning software solutions, it is becoming increasingly important for other businesses to do the same. While this may not have been the way that you have processed your invoices in the past, it is quickly becoming more and more of a common practice to implement an invoice scanning software solution. These software solutions can be automated, like AvidInvoice, which can help businesses of all sizes and industries cut down on manual processes, data-entry errors, and time spent tracking down physical copies of invoices. This makes solutions like AvidInvoice extremely valuable to companies all over because it helps them streamline and simplify their processes while at the same time gain better control and visibility into their AP information.

Because of this rising popularity, there are several invoice management software solutions that are available on the market today. However, as with all types of software solutions, some may work better for you than others. AvidInvoice may be a great solution for your business because it easily integrates with your current accounting system. In other words, you do not need to abandon your current system to get the benefits of AvidXchange’s solution. This means that AvidInvoice can be a great solution for invoice scanning software for QuickBooks users, as well as a suitable solution for invoice scanning software Sage-compatible. In addition to the over 225 integrations that AvidXchange offers, AvidInvoice can help you improve your relationships with your suppliers, improve your financial security, and help your current team keep up with an increased workload as you continue to scale your business.

Invoice Scanning and Data Capture

One of the greatest benefits of an accounts payable invoice scanning software solution is that it can help you transition all of your traditional paper invoices into a completely electronic system. There are several ways that software solutions can accomplish this, but one of the most effective is a method of invoice data capture called optical character recognition (OCR). Invoice data capture, meaning the process of entering the invoice details into an accounting system, is incredibly important to ensure that your AP processes are being properly logged and managed, because with inaccurate data, you are not going to be able to process your invoices correctly.

This is why using an invoice data capture software solution can help you eliminate the risk of manual data-entry errors and instead focus on streamlining and automating this process to improve efficiency and accuracy. Since these processes are becoming more and more popular—especially as more businesses are transitioning their processes from traditional paper or hybrid processes to completely electronic ones—there are several invoice data example solutions that you can reference when you are looking for the right solution for your business. Maybe you need a solution that can scan an invoice to Excel, so you can manage it there, or maybe you are looking for a full accounts payable processing software solution like AvidXchange. Whatever you are searching for, it is likely that there is a solution on the market for you.

OCR Invoice Processing

Many companies still utilize paper copies of checks, invoices, payment receipts, and more. But as electronic payments and receipts are becoming more and more popular, not only in the consumer world but the business world as well, it is becoming increasingly more beneficial for businesses to transition to an accounts payable invoice scanning software solution to help them keep on top of current and future digitization trends. It can be extremely tricky, however, to effectively transition from your paper copies of invoices to an electronic system.

Luckily, with the continued advancement of technology, there are simple solutions to this transition. There are several automatic invoice reader or invoice reader app solutions that can help transition your physical AP documents into electronic copies. Another solution is to utilize a software solution, like AvidXchange, that offers automated invoice handling with machine learning and OCR technology. This type of software solution can help you not only transition your AP information to an online platform but also easily and effectively manage the entire AP process, from purchase orders to payments.

Invoice Capture Meaning

One of the most important steps in the transition from a traditional accounts payable system to an electronic accounts payable system is the transfer of the invoice dataset. This is where all of your current and past invoices are kept, and to ensure that you are working to improve the efficiency of your accounts payable processes, you’ll likely want to ensure that you are accounting for all of your invoice data, meaning the information you may have stored in filing cabinets. Luckily, with the continued improvements to technology over the years, there are several invoice data example software solutions that can illustrate how invoice data can be easily transitioned from paper to electronic format.

Using an invoice capture system or an accounts payable software solution that offers a feature like this, you can easily transition your current invoice data into an electronic format that can be managed and tracked on an online platform. An electronic invoice, meaning a digital representation of the invoice, can often be much easier to track, access, and manage because it does not require your AP team to physically track down a piece of paper in a filing cabinet.

Invoice Capture Concur

When it comes to finding an accounts payable management solution, you will likely want to find the most effective solution you can for your business. This is only natural, but it can be daunting to search through all of the available solutions to find the right one for your business’s invoice capture software. Luckily, with the increase in popularity, a number of solutions have become available. One of the most popular accounts payable solutions is AvidXchange. Now, unlike some other AP software solutions that are on the market today, AvidXchange offers integrations with some of the most widely used accounting systems, so that if you are already using a system, you do not need to give it up to gain the benefits of AvidXchange.

One of these benefits is AvidXchange’s integration with SAP Concur. Concur Invoice and AvidXchange together offer you everything you need to easily transition your entire AP system to a 100 percent electronic system without difficulty by using OCR invoice scanning technology. This helps you streamline, simplify, and optimize your entire accounts payable process and can help you dramatically reduce the amount of manual data-entry errors, as well as the cost associated with your AP process, by eliminating the need for hard paper copies.

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