Most businesses still rely on paper-based invoice processing workflows that can introduce all kinds of inefficiencies. Let’s take a look at accounts payable, for instance. We’ll consider the invoice, meaning the document that a supplier sends to your company, allowing you to pay them for services or products received. For example, your approval workflows could be delayed by late mail deliveries. Especially in times of rapid growth, your accounts payable team can be quickly overwhelmed with mountains of paperwork that can hinder your ability to scale and increase the likelihood of important documents being miscategorized or even lost. Dealing with all this paperwork can be very tedious, resulting in an unhappy team and potentially higher rates of employee turnover. Plus, there are all kinds of costs associated with managing paper-based processes for things like ink, stamps, hardware maintenance, and more.
Fortunately, there is a way to escape all of these downsides and easily incorporate automation into your processes: it’s called automated invoice capture software. This system allows you to go paperless by scanning every invoice you receive into a digital system. Each invoice is then automatically checked for errors and sent to the proper employees for approval before being sent to your accounting system to be paid. This eliminates the mountains of paperwork and enables your team to get invoices paid quickly, thus strengthening your relationships with your suppliers. These are just a few of the many automated invoice processing benefits. One of the best companies that offer an automated invoice processing solution is AvidXchange, whose software is called AvidInvoice. The benefits of invoice processing using automation also include greater security. It is far more difficult to hack a secure system like AvidInvoice than it is to simply write a forged signature on a document.
Best Invoice Scanning Software
There are a couple of characteristics to remember when it comes to finding the best invoice scanning software. The best accounts payable invoice scanning software will have error-checking features that can reduce the potential for mistakes to be made at the beginning of the process. Ideally, this kind of invoice scanning app should also be easily integrated into your accounting system so that the invoices are easily transferable to that system when it’s time to pay. Finally, automated invoice processing software should effectively streamline the entire invoicing process without limiting the control you have over your own workflow. This means that the vendor invoice management system you choose should also have customizable workflows so that each invoice is directed to the proper employee for approval before payment.
We mentioned that the best invoice scanning software should have error-catching features. AvidInvoice includes OCR invoice scanning technology that accomplishes this. OCR stands for “optical character recognition” and allows invoices to be automatically converted from a paper format to a digital format without any extra work. Furthermore, the system can then automatically check the invoice and warn the accounts payable team of possible errors right from the start. These are just some of the benefits you can expect from a trusted and effective solution like AvidInvoice.
Automated Invoice Processing Oracle
As we have already mentioned, AvidXchange has built many integrations with the most commonly used and well-known accounting and ERP software. For example, our AvidSuite solution provides an automated invoice processing Oracle NetSuite integration. Our accounts payable automation solution for NetSuite offers multiple digital payment methods, as well as a paperless process, with configurable two- and three-way PO matching as well as custom approval workflows. If you were asked to define automated invoice processing configuration, you could respond by saying that it is a term that refers to the activities taken to customize a paperless invoice processing system to suit your business’s specific needs.
Our solution was made to be easy to configure as well as to be easily connected to other systems like Oracle NetSuite. We allow you to completely digitize the Oracle accounts payable process flow, creating additional efficiencies. Our customizable workflows mean that you can use any of the Oracle invoice approval workflow tables you have already created. With AvidSuite, Oracle invoice processing can become more affordable and more automated. No matter what your Oracle payables invoice approval workflow looks like, AvidSuite can bring the power of digitalization without losing the power of control. AvidSuite is one of the best ways to get Oracle WebCenter AP automation.
Invoice Billing Software
Invoice billing software should make it easier, instead of harder, to process invoices and get them paid to suppliers. Furthermore, it should also be secure against hacks and internal attacks. The best invoicing software is going to be easy to use as well as located in the cloud. AvidXchange is cloud-based, supporting remote teams and giving you instant visibility and control over your accounts payable processes from anywhere in the world. The best invoice app would also ideally be part of a system that already has over 225 integrations with some of the most widely used accounting software programs so that the entire process can be digital, from receiving the invoice to getting the supplier paid. This is the case with AvidInvoice, a simple billing software that enables middle-market businesses to get their suppliers paid faster. This speed also means that you will build stronger relationships with your suppliers because they will come to realize that you pay them more consistently and rapidly than the competition. This can give you an edge in negotiating better deals with them as well. With a system like AvidInvoice, all it takes is a few clicks to get every single invoice reviewed, coded, and approved to be paid.
AP Invoice Automation
AP is short for “accounts payable.” AP invoice automation can bring the power of digitalization to the B2B space by making your entire invoice processing workflow paperless. This means that there are no piles of paperwork on your team’s desks. This also means that invoices are more secure. Paper-based processes are more vulnerable to fraud than digital systems and could leave you behind the competition. Accounts payable automation tools enable your team to scale. As a middle-market enterprise, you know that growth is not always steady. Sometimes things are quiet, and sometimes the business explodes with work and revenue. In times of rapid growth, AP teams are often drowned in paperwork. That’s when mistakes can be made.
By using software from one of the AP automation companies, however, you can eliminate all that, enabling you and your team to better support your business. It’s all about finding the best AP automation, meaning solutions that can remove tedious tasks and create efficiencies by removing paper from the process. The AP automation workflow doesn’t have to be different from the workflow you are used to if the platform you use provides a custom workflow feature. This makes the transition to digital even easier.
Benefits of AP Automation
One of the biggest benefits of AP automation is how much simpler it is to keep track of all your invoices. Not only is visibility made easier thanks to cloud access, but this system also makes it easy to audit and report on your processes to ensure that everything stays fully compliant. A great AP automation software should be able to extract invoice data from PDF using the OCR technology we described earlier. Some programs will extract invoice data from image Python using the Python programming language.
There are advantages and disadvantages of accounts payable automation that you should be aware of. The disadvantages of accounts payable automation, fortunately, are not really on par with the benefits. The only real disadvantages come in if you do not choose an AP automation company that’s trustworthy and reliable. In that case, you could run into security issues as well as a lack of stability in the program itself. That’s why it’s important to go with a company that has the experience you can trust.
Payment software is already in common use in the B2C environment. Consumers are used to taking advantage of the opportunities provided by e-payment processes. Invoicing software brings these benefits into the B2B world by making invoice processing paperless. Invoice automation software also makes it easier to pay your suppliers in the method they prefer because the invoices have all been computerized. The best accounts payable automation software supports remote work and allows 24/7 online access. One of the best automated invoice processing software platforms is AvidInvoice because of its comprehensive functionality and seamless integration with accounting software.