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Resources   /   Glossary

Accounts Payable Online

An accounts payable online system, as opposed to a traditional, paper-heavy accounts payable system, can help your accounts payable team more easily track and process payments and invoices throughout the AP and payment process. Utilizing a digital accounts payable system such as AvidXchange’s software can not only help increase your efficiency throughout the entire AP process, but it can also help reduce errors introduced into your AP information by manual data-entry methods.

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AvidXchange’s accounts payable software can help your middle-market business automate your accounts payable and payment processes so that you can handle your business’s finances more efficiently. By creating customizable AP software solutions that can help your business streamline and simplify your AP and payment processes, your AP team can devote more of their time to handling more value-added tasks. Instead of wasting their time tracking down invoice or payment information or other colleagues, your AP team can focus their attention on ensuring that your business’s finances are running smoothly.

The cloud-based accounts payable solution that AvidXchange offers allows your AP team to access any invoice or billing information they need, whenever and wherever they are, as long as they have internet access. This can not only help keep your AP process more organized (your AP team will no longer have to deal with any paper copies or filing cabinets), but it can also help your business catch any errors more quickly as well. Because the cloud-based software allows easier access to any accounts payable and billing information, your AP team will be able to spend more of their time checking over the information to make sure it is correct, rather than having to spend that time searching for paper copies of invoices or billing statements.

Automated Accounts Payable

So what is AP automation exactly, and why is it better than a traditional paper system? While traditional systems have worked well in the past and have been implemented for much longer than automated systems, with our society’s enthusiastic move towards automation and digitization, an automated accounts payable system is not only going to help you to work better with other companies and suppliers, but it can also help your company keep better track of your AP process. An automated system allows you to focus attention on other parts of your business while still knowing that your AP process is functioning well and that you are not falling behind on any payments to your suppliers.

The best accounts payable automation software will not only offer solutions to individual parts of the AP process; it will also provide solutions that can help you automate the entire AP process. And automating the entire process not only helps your AP team ensure that invoices are properly processed; it also helps ensure that your suppliers are getting paid quickly. The best AP automation software will help you achieve this more organized and efficient AP process so that your AP team can devote more of their time to other, more involved tasks. Using automated software like AvidXchange can not only help save time for your AP team, but it can also help reduce costs and lower stress regarding your company’s AP process.

Best Accounts Payable Software

When looking for the best AP software and best accounts payable software for your business, it is important to consider what size business you have, because not all AP software companies offer the same types of solutions. There is a long list of accounts payable software that all provide benefits in comparison to a traditional paper AP system.
Some of these companies are better suited for smaller businesses, and some specialize in larger and more complex systems. Looking at accounts payable software reviews to see what types and sizes of businesses work well with a particular AP software is a good way to determine which AP software will work best for your business.

AvidXchange offers AP automation solutions built for middle-market companies that have a more complex AP process. This means that with AvidXchange, middle-market businesses can easily receive, track, and approve their invoices electronically without having to alter their current workflow, no matter how complex it is. By removing the inefficiencies caused by paper copies and filing cabinets, AvidXchange’s AP software can help your middle-market business create a better organization and streamline your AP process so that your AP team can focus on other, value-added tasks.

Accounts Payable Solutions

Implementing an online accounts payable solution can seem daunting at first, especially if your business’s current system utilizes traditional paper copies of invoices and payment receipts. This transition doesn’t have to be difficult, though, if you use a customizable accounts payable software solution like AvidXchange. AvidXchange offers accounts payable solutions for the entire AP process, from invoice processing to bill payments and purchase orders. Each of these solutions can be customized to suit your already existing approval rules for invoice processing so that you don’t have to adopt a completely foreign system for your business’s AP process.

AvidXchange’s online accounts payable software can also integrate with the existing accounts payable systems that you already have in place. There are currently over 210 integrations between AvidXchange’s software and other well-known, middle-market accounting software systems. Because AvidXchange can integrate with your existing AP software, your AP team will not have to learn an entirely new system. This can not only help speed along the process of transitioning your AP process to a more streamlined and efficient system, but it can also help your AP team to more effectively utilize their time and effort in addressing other, more complex tasks.

AP Automation Software

Accounts payable automation software can not only help your business reduce the cost of your AP process by eliminating paper costs, but it can also help you reduce the amount of time and energy your AP team needs to spend on manual AP tasks. These manual tasks can greatly slow down your company; therefore, implementing an AP automation workflow can help you gain back that wasted time. Without having to do these manual tasks, your AP team will be able to focus more of their efforts on value-added tasks that can help give your company the space it needs to grow.

AP automation companies like AvidXchange can not only help provide a more organized and streamlined workflow for your AP process—thanks to AP automation software—but they can also help give your AP team more control and access to AP processes and information. Streamlining your company’s AP processes can not only help save your business time and money but also help ensure that you are paying your suppliers on time and accurately. Switching over to an electronic system allows your AP team to be more efficient and organized, as well as making it much easier for them to notice and correct any mistakes quickly—before they become a problem.

AP Software

AvidXchange’s accounts payable automation software was designed to help middle-market businesses, and it can be of great use to those middle-market businesses looking to continue growing. The cloud-based accounts payable solution that AvidXchange offers is very useful for businesses with large or complex AP processes. While middle-market businesses that are looking to grow may be tempted to search for an accounts payable organization that offers AP software for large businesses, it may be more beneficial to look for an AP software solution that is made to grow with your business.

While AvidXchange’s AP automation software solution is marketed toward middle-market businesses, it is designed to grow alongside your business. This means that as your business grows from a middle-market business into a large business, you will not need to switch out your AP solution if you use AvidXchange. AvidXchange’s software can also easily integrate with your current AP software to make the transition simple and easy. As your company grows, AvidXchange’s software can grow with you so that you can be sure that your business is still getting all of the benefits that it needs from a paperless system without having to onboard any additional software services.

AP Software Companies

The best AP software companies can help your business streamline and simplify your AP process without having to completely overhaul your current systems. Partnerships with widely used suppliers are one way that an AP software company can make it to the top of any list of AP software companies. AvidXchange has a trusted supplier network of over 700,000 suppliers to help make the transition between your current system and an organized, automated one as seamless as possible. All of these suppliers are registered in the AvidPay Network, which makes it easy to pay your suppliers all on one platform.

With AvidXchange’s AP automation software, preferences for each supplier come already programmed into the software so that you don’t have to worry about keeping track of each preference individually. Supplier payment-method preferences, from Mastercard to AvidPay Direct to checks, are stored in AvidXchange’s software for easier and more efficient supplier payments. This can not only help streamline your payment process, but it can also help reduce the amount of time and energy spent making sure that your suppliers are getting paid in the method that they prefer—as well as on time.

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