In this way, accounts payable functions can be streamlined and simplified. Your accounts payable skills may also improve with a heightened emphasis on end results rather than the laborious processes through which they arrive. Of course, it might help to understand the accounts payable department definition. To put it simply, the accounts payable department is tasked with ensuring that a company’s vendors are paid on time for the services they provide.
AP software systems like AvidXchange can help your AP department become more efficient by automating your accounts payable and payment processes, replacing manual AP tasks with a digital application suite. Users can save time and paper with AvidXchange’s automated AP technology, granting their teams the flexibility, security, and efficiency to approve invoices and make payments anytime, anywhere. Accounts payable process automation with AvidXchange works with your existing accounting software to make managing invoices and paying bills easy.
AvidXchange is an accounts payable software system that also works to help users reduce costs associated with their manual AP processes. With this platform, users can cut back on the time spent signing, stuffing, stamping, and sending stacks of paper checks. In fact, they can review, code, and approve payments with a few clicks. Additionally, AvidXchange enables users to receive, track, and approve invoices in their workflows without the inefficiencies of paper. Users can make fast and secure payments to suppliers backed by one of the middle market’s largest supplier networks.
There is no doubt that an AP software solution has the potential to fundamentally change your AP process for the better. While there are many reasons to consider an automated system, saving time and being able to direct that extra time toward other business operations is among the greatest.
Best Accounts Payable Software
What is accounts payable management? AP management, just as it sounds, refers to the management of accounts payable processes and systems within an organization. Many businesses have an AP department that is solely dedicated to managing accounts payable tasks. These are the employees who tend to benefit the most from AP software solutions.
When searching for the best accounts payable software for your business, there are a few things to keep in mind. You should first outline your must-haves, taking into account which aspects of your AP process you need the most help with and which solutions would be best for tackling those issues. You might also read accounts payable software reviews to get a sense of how well they are liked by other businesses—and how much value they provide overall. If you operate with Intuit, you should look for accounts payable software compatible with QuickBooks. Similarly, if you work for a financial institution, you should be on the lookout for accounts payable software for banks.
AvidXchange is one of the best accounts payable software solutions for mid-market companies, having helped over 7,000 companies automate their AP processes. AvidXchange handles 53 million transactions annually, valued at $145 billion in total, making this AP software solution a great option for businesses looking for a better way to manage their accounts payable departments.
Accounts Payable Software For Large Business
The best accounting software largely depends on your business. Accounts payable software for large businesses, for example, is great for managing more complex AP processes. A smaller company may not partner with as many suppliers and therefore might not have the need for software that is designed to automate several hundred payments a day. Business accounting software is ideal for those looking to manage their accounting processes, and an accounts payable organization can be used to help companies with their AP tasks.
Of course, larger businesses may need to invest more time in reimagining their AP department with automated software. It can be challenging for those that have traditionally stuck with paper and manual methods, but AP software is particularly useful for big companies because it’s capable of handling the high volume of items they regularly process. It can also help their existing processes run more smoothly and free up time that could be spent doing other things. Software like AvidXchange is a good choice for companies that are growing into larger businesses, as it is able to scale with growth. AvidXchange helps teams eliminate hard costs and reduce labor costs, and it can process as many invoices and bills as users need.
Cloud-Based Accounts Payable Solutions
Cloud-based accounts payable solutions are available to help businesses manage their AP processes online. The main advantage to using a cloud-based solution over others is that they are scalable. Smaller businesses just starting out may not need access to an expansive AP solution up front, but over time, as their needs evolve, they might find that scaling up is the way to go. Accounts payable systems and online accounting software that enable users to use what they need when they need it are great for small and large businesses alike.
AvidXchange offers a cloud-based AP solution in which user AP data is available online in one convenient dashboard that is accessible from anywhere at any time. Solutions like these are a good option for those working on site, but they can be even better for remote workers, who can easily access tools and solutions from the comfort of their own homes. As the workplace changes and more and more companies switch to remote or hybrid work models, cloud-based AP software will no doubt become even more valuable. It can also provide greater security, as there is less risk of losing important checks or documents that might otherwise end up out in the open.
Accounts Payable Automation Tools
In order to implement an effective AP process, you need access to accounts payable automation tools that can help streamline and simplify your AP automation workflow. By viewing different accounts payable examples, you can get an idea of what sorts of tools or software solutions you might need to help manage the AP tasks for which your business is responsible. Choosing the appropriate tools for your workflow can vastly improve the process, but picking the wrong tools can actually slow things down and create an even bigger burden for your team. This is why it’s so important to be aware of all your options and choose tools that are going to work best for your specific company.
Thankfully, you can gain access to such tools through accounts payable automation solutions. The best accounts payable automation software should include the materials necessary to implement accounts payable automation best practices and help you get started with your automated workflow. AvidXchange can automate the entire AP process from tip to tail. Automation is critical because it can free your team from the manual AP tasks that may be slowing down your business while offering you greater control over and visibility into your spend management.
Invoice automation technology can be a godsend for companies managing multiple invoices from many different vendors. By integrating your existing invoice automation process with invoice processing software, you can process invoices faster, make fewer errors, and properly sort invoices without having to wade through a huge stack of paper by hand. Likewise, bill pay automation enables you to pay bills via special automation software that can get the job done more efficiently.
AvidXchange’s automated invoice management software, AvidInvoice, can streamline your entire invoice process while matching your current approval workflows. AvidInvoice is a paperless invoice processing solution for middle-market companies that allows users to reduce manual data entry and errors with OCR technology, saving your AP team valuable time. Users can also gain more visibility and control by checking invoice statuses from anywhere, anytime, on any device. AvidXchange’s cloud-based invoice management system allows users to access any invoice information they need, whenever and wherever they need it.
Accounts Payable Solution Providers
As with anything related to your business, you want to ensure that you choose from the top accounts payable solution providers or top accounts payable outsourcing companies when looking for a platform that can help automate your AP process. Browsing a list of accounts payable solution providers can give you an idea of the best providers that exist today and help you decide on a solution that’s right for your business. Some AP solution providers work very closely alongside businesses as they work to transform their AP tasks, hand-holding each step of the way, while others take a more hands-off approach and equip companies with the proper tools so that they can set things up on their own. Which one is right for you depends on the needs and desired outcomes of your organization.
AvidXchange is among the best accounts payable solution providers, with over 700,000 businesses in their supplier network whose payment preferences are built into the software. Additionally, they process over $145 billion worth of transactions annually.