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Resources   /   Glossary

AP Workflow Software

In recent years, many companies have begun to turn to AP workflow software to help carry out everyday business demands. AP, or accounts payable, refers to the process of ensuring that businesses pay what they owe to their vendors on time.

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A smooth AP process can help bolster a business’s overall operations. For one, it can help speed up their overall process. Rather than having to send out vast quantities of paper check payments by hand, AP teams can delegate this task to their software with a few simple clicks of a button. When configured properly, AP workflow automation tools can also keep invoices and sensitive information more secure.

Optical character recognition (OCR) can be used in conjunction with AP software as well. OCR involves extracting data from printed or written text and converting it into a machine-readable format. The best OCR software for accounts payable is ideally capable, at least to some degree, of automatically scanning text documents or of reading them in a fast, convenient way so that they can reduce or eliminate the need for manual, human intervention.

There are many different AP software download options available to users. One of these is AvidXchange, a platform that can automate your AP and payment process, replacing manual AP with a digital application suite that provides you with 24/7 on-demand, remote access. AvidXchange builds accounts payable software solutions and provides dedicated service teams to help you along the way.

You could unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions. AvidXchange’s AP process automation frees your company from the manual tasks that are dragging you down, slowing your other business operations, and generally causing more stress for your team than is necessary. The platform offers AvidInvoice, AvidPay, and AvidBuy, which can help manage your invoice management, bill payments, and purchase order process, respectively.

AP Software

The benefits of AP software are clear and undeniable. Accounts payable software for large business is an especially great option for managing the myriad payments due to vendors and creditors. Having to sort and process each invoice or payment individually is time consuming. Thankfully, with AP software, businesses can reduce some of the tediousness associated with manual processing. Instead of being able to process just one payment by hand per minute, for instance, you might be able to process a batch of payments.

It all depends on your specific business needs and software of choice—and certainly, the best AP software for your company comes down to your unique business needs. Of course, you could possibly benefit from automating even part of your AP process. AvidXchange offers AP software that can free your team from the manual AP tasks that might be slowing you down, while simultaneously affording you greater control over your spend management. It’s easy to miss certain things when going through a stack of AP payments by hand, but compiling everything into a single system enables you to see the bigger picture, get a closer, more accurate look at how much you’re spending, and understand where that money is going.

Accounts Payable Automation Solution

When dealing with AP automation, having a quality automation solution in place is absolutely critical. Your software or platform of choice can either make or break your AP process by speeding it up and making it more efficient or creating an even bigger hassle than you had before. This is why it’s important to view and test a number of different accounts payable automation solutions and consider accounts payable automation best practices in order to ensure that you find the right solution for your business.

Despite the challenges that are sometimes involved with setting up an AP automation workflow, it is still worth the effort, as being able to rely on an AP automated solution can pay off in major ways in the long run. AvidXchange can automate your entire AP process workflow, from invoice processing to bill approval to supplier payment. This holistic solution can help create a more efficient workflow overall and free up time that your team can spend on more pressing matters. Accounts payable can become tedious after a while, which is why so many companies find value in automated AP solutions that can either assist with or completely take over their accounts payable management process.

AP Software Companies

Because there are so many AP software companies out there, it can be difficult trying to narrow them down and find one that is best suited to your business’s practices. You might consider researching and compiling a list of AP software companies, taking note of the best AP software companies available on the market. While there may be many AP automation companies to research and consider, not all of them are likely to be ideal, or even compatible with your business, so it’s important to outline what specific features you need and how they’ll be able to integrate with your existing systems. You don’t want to spend time and money investing in something only to find out later on that it doesn’t work well with your AP process.

When it comes to top AP software companies, most businesses want to find one that can meet their specific needs. One feature that helps AvidXchange stand out is their supplier network, which has over 700,000 suppliers whose payment preferences are built into the software so that you don’t have to worry about figuring out how to pay each supplier individually. Trying to navigate and understand the nuances of different vendors and their payment requirements can be tricky, so you may find it worthwhile to have a platform like AvidXchange on your side.

Best Accounts Payable Automation Software

There is no clear-cut answer as to what the best accounts payable automation software is, because so much depends on your specific business and industry. What is best for one company isn’t necessarily what’s best for another, so when searching for the best accounts payable software, keep in mind that there are a number of different factors to consider. In general, though, AP automation software should be able to carry out basic AP functions.

Not all businesses may require the most advanced features available on the market; that said, they may want to ensure the software they choose has the most essential features. In addition, it might be useful to look around and see what other companies in your industry are using, check to see what has and hasn’t worked for them, and ask for recommendations as to the best AP automation software in their opinion. AvidXchange’s AP automation software is built for middle-market companies specifically, but it is also able to automate even the most complex workflows—for example, the type of workflow a bank might use as it processes a vast amount of bills and invoices.

Invoice Automation Software

Invoice automation software is a crucial component of AP automation. Using accounts payable invoice automation, businesses can more easily receive and process various invoices from multiple vendors. Invoice automation or invoice processing software works similarly to how general AP automation software does in that it speeds up the process and manages several invoices in a shorter period of time. For help choosing the right software for your business, you could check a market guide for accounts payable invoice automation solutions. You might also look for information on SAP invoice automation.

AvidInvoice is AvidXchange’s invoice management solution built to automate every aspect of the invoice process, including data entry, approvals, document management, and reporting. Once approved, invoices flow directly into your accounting system for payment. AvidInvoice also enables companies to use OCR technology to reduce manual data entry and errors, saving valuable time for their AP teams.

With AvidInvoice, you can gain more visibility and control by checking invoice statuses from anywhere, any time, on any device. AvidXchange’s automated invoice management solution allows users to automatically code all of their invoices and assign them to the appropriate workflow. AvidInvoice streamlines your entire invoice process while matching your current approval workflows. AvidXchange’s cloud-based invoice management system allows users to get invoice information whenever and wherever they need it, which boosts visibility and trust with leadership by providing real-time reporting on accounts, growth, and performance.

Accounts Payable Solutions

You have a plethora of options when it comes to choosing accounts payable solutions and SAP software, so it’s important to invest proper time and effort in choosing the right one. There are also accounts payable solution providers you can turn to for help getting started with AP software, including cloud-based accounts payable solutions. Cloud-based solutions are useful for companies that plan to store a lot of their data in the cloud and wish to ensure that their AP items are being handled securely.

AvidXchange’s accounts payable software doesn’t replace your existing accounting systems, but rather complements them. AvidXchange has built more than 210 integrations between its AP automation solutions and widely used accounting software systems for the middle market. These integrations include SAP Concur, Oracle NetSuite, Intuit QuickBooks, and Blackbaud. Check AvidXchange’s integrations page to view a full list of systems and ERPs to see whether or not your platform is compatible with AvidXchange’s AP solutions.

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