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Resources   /   Glossary

Automate B2B Payments

Companies in the B2B space are often responsible for handling multiple different payments on any given day. This process can be incredibly time consuming and draws resources that could be used more effectively elsewhere. For that reason, businesses are increasingly opting to automate B2B payments rather than doing everything manually.

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B2B AP automation makes it possible for businesses to pay their vendors in a quick, efficient way. Of course, it could help to understand the B2B payment meaning. To put it simply, B2B payment entails one business paying another for services rendered.

Automating AP tasks can free up time that your teams can spend working on other important tasks. It can also save you money, reducing many of the fees associated with paper-check stamping and mailing. Cutting back on paper usage is an easy, eco-friendly solution that all B2B companies can implement to some extent. Even if you don’t wish to automate your entire AP process, you can benefit from offloading at least some of your AP-related tasks to automated software.

AvidXchange provides an AP process you can count on, no matter what. With AvidXchange you have the flexibility, security, and efficiency to approve invoices and make payments anytime, anywhere. You can simplify your accounts payable workflow, and best of all, the AvidXchange platform works with your existing accounting software to make managing invoices and paying bills as easy as one, two, three. Step one, you capture your AP documents. Step two, you get them approved. Step three, you are ready to post them. Users keep visibility and control over their payables while AvidXchange does the heavy lifting.

Further, AvidXchange makes it possible for users to reduce costs. You can say goodbye to paper and hello to payment approval with a few short clicks. Users also have the freedom to work remotely, utilizing AvidXchange’s cloud-based AP platform to gain online access to their items 24/7. B2B automation can be made simple with this kind of platform.

AP Automation Software

There are many ways you can use AP automation software. The best accounts payable automation software might allow you to integrate with your existing tools and systems. For instance, AvidXchange has integrated with NetSuite to offer user-friendly, flexible solutions. AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses, and it provides NetSuite users a streamlined, secure way to process invoices and make payments.

The platform has multiple payment methods that help users earn more predictable e-payment incentives. Using AP automation NetSuite features, you can eliminate paper, scale for growth, gain total control of your processes, and more. Your entire AP process can be streamlined to save you time and money. You don’t have to leave NetSuite, change your workflow, or give up control of your process. This can be a great option for those who want the best of both worlds.

AvidXchange also integrates with Sage, providing users with a host of payment options. Sage AP automation for Sage Intacct supports a touchless process with configurable two- and three-way PO matching that provides flexible approval workflows with enhanced internal controls. Just like with AvidXchange’s NetSuite integration, Sage users remain in control of their accounts payable workflow.

End-to-End AP Automation

What is end-to-end process of accounts payable? End-to-end AP automation describes the process of automating your entire AP process from beginning to end in a single platform. Automating the accounts payable end-to-end process can work wonders for your AP team, allowing them to focus on more pressing matters. Of course, the accounts payable end-to-end process flow can vary wildly, depending on the size of your business and the number of suppliers you are working with. Your AP automation workflow can be customized to suit your business’s needs.

AvidXchange offers a suite of solutions to automate the entire AP process. Accounts payable process automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button. It offers AvidInvoice for invoice processing, AvidPay for B2B bill payments, and AvidBuy for procurement and purchase order automation. Each of these tools can be used to automate and simplify your business processes, saving you time and allowing you to cut back on time-consuming, manual tasks.

Accounts Payable Software

Accounts payable software can be utilized by businesses of all sizes, but it is especially helpful for large businesses managing complex AP workflows. AP software can help you keep track of multiple different bills and invoices, which is crucial to maintaining an effective AP process. You might consider viewing a list of accounts payable software to get a better idea of your options.

AvidXchange offers some of the best AP software for mid-market businesses. For example, its industry-leading payment automation software, AvidPay, lets users make 100 percent of their bill payments electronically. AvidPay enables users to make flexible, managed bill payments backed by AvidXchange’s 700,000-plus supplier network. You can also create custom workflows with 24/7 visibility into bill payment status and approvals, as well as reduce bill payment processing costs by eliminating check printing, envelopes, postage, and time spent following up on uncashed checks.

With AvidPay you can eliminate hard costs, reduce labor costs, and leverage simple pricing with e-payment incentives that enable forecastable ROI. AvidXchange’s cloud-based AP platform provides users with online access so that they have flexibility and visibility when they need it. You can also enhance your financial security by leveraging e-payment adoption while providing your vendors with flexible payment options. However, your company’s accounting system remains your system of record, and you will receive files with all automated payment information for reconciliation of your B2B bill payments.

Best Accounts Payable Automation Software

There isn’t necessarily a right or wrong answer as to what’s the best accounts payable automation software, because so much depends on your business’s needs, as well as what you are ultimately hoping to get out of an AP system. You might want something that’s going to automate your entire system, essentially taking over the process for you, or you might be looking for a system that will take a more hands-off approach and allow you to continue doing most tasks manually.

If you are new to AP automation and in need of some tips for getting started, you could review an AP automation guide. A guide might contain an AP automation ROI calculator, which can be used to show you how to calculate your return on investment on the system and help you determine whether or not the software is worth the money for your business. An accounts payable ROI calculator is a great tool for measuring your progress and seeing how well your AP automation software is ultimately serving your business needs.

AP Software Companies

AvidXchange is among the best AP software companies for the middle market, partly thanks to its supplier network of over 700,000. When your customer partners with AvidXchange to automate their AP process, you instantly become part of the AvidPay Network. For over twenty years, AvidXchange has offered various payment delivery options tailored to fit the specific needs of users, and in the last five years the platform has processed payments for the hundreds of thousands of suppliers who are paid through the AvidPay Network.

Some AP software companies could connect you and your vendors to a robust network of payment options. B2B payment companies that focus exclusively on B2B payments should aim to create a seamless transaction process from business to business. One of the most popular B2B payment trends in recent years has been the rise in demand for flexible payment options, so it’s absolutely critical for businesses and accounts payable solution providers to offer more innovative ways to pay.

Invoice Scanning And Approval Software

Invoice scanning and approval software can help you sort through and manage invoices more efficiently. With features such as automated invoice entry and OCR invoice scanning, an invoice management system can enhance your invoice process and enable you to push items through your workflow at a quicker pace. Simple invoice software may suffice for smaller businesses, but bigger companies may require something capable of handling large quantities of invoices over a short period of time.

AvidInvoice is AvidXchange’s invoice automation software, and it can streamline your entire invoice process while matching your current approval workflows. With AvidInvoice you can receive, track, and approve invoices in your workflow without having to deal with inefficiencies and paperwork. You can also use OCR technology to reduce manual data entry and errors and save valuable time for your AP team. AvidInvoice allows users to gain more visibility and control by checking invoice statuses from anywhere, at any time, on any device.

AvidInvoice allows you to streamline and customize workflows and design custom invoice approval processes that meet your business’s needs. With automated invoice processing, all your invoices can be automatically coded, assigned to the appropriate workflow, and routed electronically for approval, no matter how many you have. Needless to say, this technology can help small businesses trying to manage complex AP processes and large volumes of invoices by giving them the tools they need to stay organized. That way, they are much less likely to miss a payment.

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