Invoice automation is a component of AP technology that automates invoice processing. Oftentimes, invoice automation software uses optical character recognition (OCR) technology, which converts typed or handwritten text into machine-encoded text. AvidXchange offers some of the best OCR software for accounts payable through its automated invoice management tool, AvidInvoice.
AvidInvoice streamlines your entire invoice process while matching your current approval workflows, utilizing OCR to reduce manual data entry and errors and save time. AvidInvoice is a great paperless invoice processing tool for the middle market, allowing users to receive, track, and approve invoices in the workflow they currently follow but without the inefficiencies and paper. You can also gain more visibility and control by checking invoice statuses from anywhere, anytime, on any device.
With automated invoice processing all your invoices can be automatically coded, assigned to the appropriate workflow, and routed electronically for approval, regardless of how many you have. These are some of the primary benefits of using AP technology—especially automated invoice processing software. Those that implement this kind of technology will likely find even more benefits to their organization in particular. AP technology is a godsend for large businesses responsible for managing a complex AP process, but it can also be helpful for smaller businesses that want to step back from AP altogether and focus more time and energy in other areas.
Benefits of AP Automation
Some accounts payable professionals may ask the question, “What is accounts payable automation?” or, “What are its benefits?” To further expand on the benefits of AP automation, it’s important to consider exactly how this technology works. While there are different types of accounts payable automation software, most of them convert invoices into digital format and push them through the workflow at a quicker pace. In this way, you can vastly speed up your AP process and get more invoices through the flow. Accounts payable automation solutions make it easy to manage your bills, even if you have a whole stack to manage.
AP automation comes with environmental benefits as well. As more and more businesses seek eco-friendly solutions to their work processes, they are increasingly turning to technology and abandoning paper. Needless to say, companies can significantly reduce the amount of paper they use by switching to automated technologies to manage their AP workflow. AP automation is oftentimes more secure than paper-based AP. It can be easy to lose a piece of paper, but with your AP documents stored and managed digitally, you run less of a risk of dropping and losing an important invoice on your way out of the office. Going paperless can save your business time and money and help you safeguard your items against loss.
Accounts Payable Automation Best Practices
The ultimate goal of AP automation is to improve your accounts payable process, but in order to be truly successful, it can be good to follow accounts payable automation best practices. So how does accounts payable automation work, and what are some best practices? As discussed previously, AP automation refers to the set of technologies and processes used to automate accounts payable, thus making it possible to handle large quantities of invoices in a short amount of time.
AP best practices mainly center on analytics and the measurement of KPIs. Accounts payable analytics can offer deeper insights into how well your system is performing and enable you to make better decisions going forward. Likewise, an accounts payable KPI benchmark measures how well you are performing against strategic goals. A KPI for accounts payable team leader, on the other hand, might only measure the performance of that specific person, but she can use those insights to help the rest of her team.
Without a clear picture of how automation is actually benefiting your business, you won’t be able to determine whether your current workflow is helping or hindering your overall success. This is why AP automation companies focus so heavily on numbers and data.
Best Accounts Payable Automation Software
AvidXchange is among the best accounts payable automation software companies. One of the reasons for this is that their platform has developed over 210 integrations with widely used systems such as NetSuite. Because of this, AP automation and NetSuite go hand in hand. AvidXchange AP and payment automation solutions are user friendly, flexible, and easy to integrate with NetSuite.
As the industry leader in automation invoice and payment processes for mid-market businesses, AvidXchange helps NetSuite users with a simple, streamlined, and secure way to process invoices and make payments. AvidXchange also offers multiple payment methods that allow users to earn more predictable e-payment incentives. By automating accounts payable with AvidXchange, you can say goodbye to manual processing and transition to 100 percent electronic invoicing and payments from right within NetSuite.
You can manage your AP process from anywhere with an internet connection to keep your business moving, reduce fraud risk, and get your suppliers paid on time with secure and efficiently managed payment solutions. If you want to learn more about how NetSuite and AvidXchange can help your business save time and money, you can schedule a demo through AvidXchange or use your AvidXchange login if you already have an account.
Accounts Payable Systems
Cloud-based accounts payable solutions are among the best accounts payable systems. This is because they allow for easy, convenient access to relevant items, regardless of where you are located in the world. Most accounts payable solution providers offer cloud-based services, so it’s important to take advantage of all that this technology has to offer. Storing your AP documents in the cloud can also help ensure they don’t get lost. You can store and manage your invoices all in one centralized location, making it easy for your team to quickly find what they need when they need it.
There are many kinds of accounts payable solutions, and some will naturally be more compatible with your business than others. AvidXchange is particularly good for mid-market companies, transforming the way they manage invoices and make bill payments with invoice and payment automation. AP solutions such as those offered by AvidXchange can fundamentally transform companies’ AP processes, put them on the track to better AP management, and open the door to more effective payment processing options across the board.
Best Accounts Payable Software
AP software companies exist to provide businesses the tools and resources they need to automate their AP workflows. AvidXchange is among the best accounts payable software solutions, helping businesses save time and paper with automated AP technology. AvidXchange gives teams the flexibility, security, and efficiency to approve invoices and make payments at all times and in all places.
AvidXchange’s AP software works with your existing accounting software to make managing invoices and paying bills as easy as one, two, three. Step one involves capturing your invoices. At step two you can approve those invoices, and finally, step three is posting them. AvidXchange allows users to maintain visibility and control over their payables while the platform does all the heavy lifting.
For more information on AvidXchange pricing, you can contact AvidXchange directly on the site via a form. Upon completion of this form you will be prompted to choose a convenient date and time for a call with one of AvidXchange’s friendly representatives. You can also contact AvidXchange through phone or email to learn more about how the software can benefit your business, as well as how to get started using AvidXchange’s platform.
Accounts Payable for Large Business
If you are on the lookout for an accounts payable organization that is going to work well with your business, you may be wondering what effect size has on service. For instance, if you work at a bank, you will want to focus your attention on accounts payable software for banks—software that is likely designed to handle large volumes of invoices. While AvidXchange offers invoice processing software that is primarily targeted at mid-sized businesses, it can also work for mid-sized businesses that grow into larger businesses over time, making it great accounts payable software for large business as well.
AvidXchange is compatible with companies from many different industries. Some of the industries AvidXchange works with include banking, construction, and health care. Whether you are in real estate, construction, banking, or another industry, AvidXchange’s mission is to liberate your AP from the pain of paperwork with accounts payable automation solutions that meet your unique industry needs. With AvidXchange you can say goodbye to file cabinets, staplers, and the other seemingly archaic tools associated with paper-based invoicing.
Managing your AP online with AvidXchange frees your accounts payable team from manual tasks and gives you greater control with the click of a button from anywhere with an internet connection. But AvidXchange’s AP software doesn’t replace your existing accounting system. Instead, it is able to integrate with widely used accounting software systems for the middle market, making it a great choice for businesses that need some extra help, but don’t want to completely abandon their preexisting systems and processes.