Even with proper organization, it can still be difficult to locate the one specific paper invoice needed for a particular audit or research purpose. Delays can also be introduced into the payment process as your staff has to manage and categorize every paper invoice or wait for mail deliveries that have been slowed by weather. These delays can add up to real additional costs for your business.
Furthermore, it can be challenging to gain visibility into the status of invoices with a paper-based system. When you are out of the office and something comes up, there is no other way to see the invoice in question but to return to the office. Growth can also present new challenges under a manual system. As a company grows, there is inevitably a greater volume of paperwork and documentation that has to be processed as new orders and invoices start coming in at a greater rate. This can cause your team to be overwhelmed with paperwork and can bog down your efforts to focus on strategies that can further expand your business.
However, there is a way to eliminate most of the negative issues that come with accounts payable paper-based processes. If you and your team are tired of these additional delays and costs, turning to an accounts payable paperless workflow such as the one provided by AvidXchange may be the answer. AvidXchange’s invoicing solution, AvidInvoice, brings the power of automation to the accounting services world by creating a single invoice management solution that can automate every aspect of your invoice processing. This means that your entire invoice process can be streamlined, allowing your team to focus more of their time and effort on developing and executing strategies that can grow your business—as opposed to spending that time doing paperwork.
Paperless Accounts Payable Best Practices
If your team decides to take advantage of the power of automation, the solution you choose should reflect paperless accounts payable best practices. This ensures that your accounts payable team will have a tool that can truly provide them with the most benefits. AvidInvoice is a solution that was designed with invoicing best practices and accounts payable best practices in mind to be an ideal solution for accounts payable teams that has the capabilities to solve problems and unlock efficiencies.
As one of the best accounts payable examples, AvidInvoice uses OCR technology to reduce manual data entry and errors, saving valuable time for your accounts payable team. Reducing these errors means that the quality and speed of your invoicing processes can be increased. This can result in net cost savings and increased productivity as teams reduce the amount of time spent correcting mistakes. With this system, you can utilize the workflow that your team is already comfortable with but without the inefficiencies of a paper-based system. Additionally, teams that use AvidInvoice can view invoice statuses from anywhere, anytime, and from any device, boosting the visibility of the entire accounts payable process.
Paperless Invoice Processing
Paperless invoice processing offers many benefits over the manual processes that many accounts payable professionals still rely on. Automating the invoice process using invoice management software with Avid Invoice approval allows you to eliminate the time-consuming processes associated with paper while still being able to rely on the workflows that you know. Many invoice processing companies offer a variety of solutions, but many of those organizations may not have the experience of a company such as AvidXchange, which can be crucial to providing effective solutions in this space. Automation does not have to mean that your team loses all control. AvidInvoice also provides the ability to create customized invoice approval processes to meet your business’s specific needs. This can allow you to retain control over exactly what happens with each invoice. Our system is cloud-based and easy to use. It is also targeted toward providing the best paperless invoice process for middle-market companies.
As accounts payable professionals, you already know how important it is to have a clear workflow that can efficiently accomplish objectives such as processing invoices. With the power of a paper-based workflow that features a strong invoice processing software at its core, your team could save a great deal of time and money that was previously lost due to the inefficiencies of a manual system.
In the end, every piece of paper used in accounts payable processes is an additional expense for your organization. With a paperless invoice processing workflow, the headaches associated with paper-based processes can be minimized or eliminated through the power of automation. Furthermore, paperless invoice processing has now become a fairly common tool for many middle-market businesses. In order to not be left behind by the competition, you should consider looking into the advantages provided by invoice processing software like AvidInvoice.
Automated Invoice Processing
The best automated invoice processing solutions provide your accounts payable team with greater efficiency, reduced costs, and increased scalability. The accounts payable process automation provided by the AvidXchange platform can simplify the entire invoicing process by making the processing of invoices fast and easy. The AvidInvoice solution was built with accounts payable automation best practices in mind and is designed specifically to solve problems for accounts payable teams in middle-market businesses. Over 58 million transactions are conducted annually through the AvidXchange platform, and over $145 billion was processed by our system in 2020 alone. These numbers demonstrate that our solution is the trusted answer to the paperless invoice processing workflow question.
Automated invoice processing is powered using invoice management software. When the paper invoice is first received, it is converted into a digital format and then entered into the software. AvidXchange’s platform will then automatically code and categorize the invoice, assign it to the appropriate workflow, and route it to corporate leaders for approvals. You can customize this entire process with rules and alerts so that the system works best for your existing workflows. Once the invoices have been approved by your accounting department, they are then sent directly into your accounting system, and bills are automatically paid to vendors.
Paperless Accounts Payable Quickbooks
There is very little value in an automation solution that is difficult or complicated to use. Furthermore, if the solution that you’ve chosen cannot integrate well with your pre-existing accounting software, it is not going to be very useful and in some cases can even decrease your AP team’s efficiency. Your people are then forced to process each invoice in one system and afterward manually send them in the appropriate format to the accounting system.
On the contrary, the best payment automation solutions are intuitive, flexible, and integrate well into the accounting systems that you are already familiar with. One of the most popular accounting software packages out there is QuickBooks from Intuit. AvidXchange provides paperless accounts payable QuickBooks. Our platform is compatible with both the QuickBooks Desktop app and the Enterprise app. Furthermore, AvidXchange has built more than 210 integrations between our AP automation solutions and some of the most commonly utilized accounting software systems for the middle market, including Oracle NetSuite, SAP Concur, and RealPage.
This integration means that the AvidXchange platform is compatible with all aspects of the QuickBooks software solution from QuickBooks add-ons to the QuickBooks Desktop mobile app. You can use all of these tools with the AvidXchange platform to simplify and automate your accounts payable processes. AvidInvoice is an excellent choice for an invoicing app for QuickBooks desktop that can help QuickBooks users by providing a streamlined and more secure way to process invoices and make payments. With the AvidXchange integration, users of QuickBooks Desktop can experience a touchless invoicing process with configurable two- and three-way PO matching, ensuring that every invoice is processed correctly every time. Integration of accounts payable automation QuickBooks online is a feature that we are working hard to implement soon.
Accounts Payable Management
Accounts payable management is one of the most crucial activities involved in running a business. There are many ways that this activity can become a challenge as a result of relying on paper-based workflows. E invoicing solutions such as AvidInvoice can help to make accounts payable management easier by simplifying and streamlining the entire invoicing process and removing the headaches and security vulnerabilities caused by manual accounts payable workflows.
Furthermore, the AvidXchange platform can potentially help you build your accounts payable internal control checklist, assisting you in the management of your business’s accounts payable. Automating your accounts payable can be a great way to liberate your AP manager, controller, and CFO from the pains of paper-based processing and increase the efficiency of your entire invoice-to-pay process. This means that you can pay your bills faster and more conveniently and reduce the security risks associated with paper-based systems all with one single solution from AvidXchange.