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Automated Invoice Processing System

Manual invoicing is not only a time-consuming process for your company’s AP team, but it can also increase the chances for manual data-entry errors in your company’s finances. Automating your accounts payable invoices could drastically cut company costs and help to reduce data-entry errors when processing and approving your company’s bills. Companies that use limited or no invoice automatization on average spend $8.78 to process a single invoice, whereas companies that use a high level of automatization spend on average only $1.77 per invoice.

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The best accounts payable software could help you simplify and keep control of your invoicing process. The AvidXchange automated invoice management software, AvidInvoice, provides customizable invoicing processes to meet your middle-market business’s needs. AvidInvoice allows you to transition to paperless invoicing processing while matching your business’s current workflow. The system will display all invoices posted to it and track all invoices as they are being processed. AvidInvoice customers have 24/7 visibility to all invoices in the system, as well as access to invoices from any device connected to the internet.

AvidXchange’s e invoicing software could help reduce errors made by manual data entry while digitizing invoices using OCR technology. This invoice automatization can help your AP team stay organized. The use of OCR technology could help to save your AP team valuable time, as well, while also reducing the risk of data-entry errors. With the digitization of your company’s invoices and scheduling of payments, you can increase visibility and control of your finances. You can access any invoice information at any time with a working device and an internet connection with AvidXchange’s cloud-based invoice management system.

Invoice Automation Software

How can invoice automation software help simplify the invoicing process? It provides a solution to the time-consuming and error-prone process of manually processing your company’s invoices. Rather than having your AP team manually enter invoices every time they are due, an automated invoicing system allows you to schedule invoices in advance.

This means that not only can automated invoice processing software help prevent financial errors made by manual data-entry mistakes, it can also reduce your company’s labor costs related to handling accounts payable. One of the largest expenses companies face with manual invoicing is the labor cost of their AP team. This cost is dependent on the time it takes employees to process invoices and their hourly wages. With automated invoicing your company can cut down on the amount of time your AP team has to spend processing invoices. This could allow them to devote that time to other valuable tasks.

The price of paper bills and postage also contributes to the unnecessary costs that come with manual invoice processing. When considering all of these extra expenses and deciding what is best, automated invoice processing software could be the ideal choice when it comes to minding one’s budget and expediting the accounts payable process.

Automated Invoice Processing

Tracking and managing the accounts payable process involves many steps. When done manually, this can take more time than necessary to accomplish. Automated invoice processing allows your AP team to devote less of their time to processing invoices by streamlining the accounts payable process. Your AP department can then focus their time and attention on fixing errors and verifying the accuracy of the information rather than manually inputting invoices. This can not only help to prevent inaccurate payments, but it can also help your accounts payable department stay organized.

With the automation of invoice processing comes fewer mistakes and errors when handling your company’s accounts payable invoices. Because more people will be able to review the invoice data more often, any mistakes or duplicate payments can be noticed more easily by your AP department. With a cloud-based invoice management system like the one offered by AvidXchange, more people can access invoice data at once. Additionally, using an automated system can help reduce errors and duplicate payments by allowing your accounts payable department to schedule payments ahead of time with regard to your company’s workflow.

Among the other benefits of invoice automation, accounts payable automation best practices can provide enhanced visibility and control of your company’s invoice processes by allowing your organization 24/7 access to these invoices in an organized and detailed manner.

Concur Invoice Processing

AvidXchange’s AvidPay has partnered with SAP Concur Invoice to help middle-market businesses transform their accounts payable bill payments into a paper-free process. Transitioning to a 100-percent electronic invoicing system with the help of Concur Invoice processing and AvidPay helps businesses to more easily pay their bills and reduce inaccuracies and inefficiencies in their payment methods.

By providing 24/7 remote access to your company’s invoices electronically, you can manage your accounts payable process remotely from anywhere with internet access. This can help your AP department to better streamline the process of handling your company’s bill payments. Not only does SAP Invoice processing help to digitize your accounts payable invoices, but paired with AvidPay, it can also help to save time and improve the efficiency of your company’s bill-paying process. This accounts payable software can also help your mid-market business to make secure payments according to your suppliers’ preferences.

With SAP automated invoice processing, AvidXchange can help to reduce your business’s inefficiencies, such as the time spent on manual tasks, and the costs of processing invoices by up to 60 percent. This can not only help your business run more efficiently but also reduce costs. Automating bill payments helps to prevent inaccuracies caused by manual payments and helps to ensure that suppliers are paid on time.

AvidXchange’s AvidPay and Concur Invoice can help your business to transition into 100-percent electronic invoicing and payment processing, which can help your business to simplify and streamline the entire accounts payable process. This can ultimately help your business to save time and money while also improving your efficiency and control over the accounts payable process.

Concur Invoice Approval Workflow

What is an invoice approval workflow? An invoice approval workflow is the series of steps that an invoice has to follow to be cleared. It functions as a checklist to ensure that the invoice is accurate and processed quickly. Automating invoice approval workflows helps to reduce errors when an invoice is processed and to streamline the accounts payable process.

AvidXchange’s partnership with Concur Invoice allows easy integration of AvidXchange accounts payable software into the approval workflow for Concur Invoice users. When using AvidXchange together with Concur Invoice, payment management for your accounts payable is simple and can help reduce the time spent, costs, and errors of the accounts payable process. The Concur Invoice user guide references how to submit invoice in Concur using either an electronic invoice or a paper invoice with OCR technology. This data is then validated by SAP Concur, after which the Concur invoice payment is routed for approval.

Using AvidXchange, your business can use the data captured by Concur Invoice to create an automated accounts payable system that can better cater to your businesses desires. An automated system can help you to remember to approve invoices by giving you customizable reminders. Using an automated invoice approval workflow system can also help keep your accounts payable process organized and simplified.

With over 210 software integrations, AvidXchange accounts payable automation software can be used with many widely used middle-market accounting software systems. This means that if your company is using one of these systems, AvidXchange could be integrated into your current accounts payable workflow and help to streamline your process.

Accounts Payable Software

Finding tools to simplify your accounts payable cycle can help to improve your business’s productivity and efficiency and also reduce expenses. The best accounts payable solution providers, like AvidXchange, include services that can help you to reduce time-consuming steps in the accounts payable process. AvidXchange offers a few separate accounts payable solutions, each of which is focused on streamlining and automating a step in the accounts payable process.

AvidXchange’s purchase-order software, AvidBuy, is a web-based solution that can help your business to better manage your purchase-order process through automation. By helping to prevent unwanted purchases, coding errors, and unnecessary delays, AvidBuy can help to bring organization and clarity to your business’s purchase-order process. This accounts payable software helps to keep your purchase invoices organized by matching a supplier-emailed invoice to the purchase order while also allowing you to keep track of your purchase patterns for more effective spending.

AvidInvoice is AvidXchange’s invoice-processing software. This automated invoice management software helps to streamline your invoicing process by receiving, tracking, and approving invoices based on your current workflow. This system implements some of the best invoice software and OCR technology to help your business reduce errors and the time spent on invoicing.

AvidPay, AvidXchange’s bill-payment software, is a fully electronic automated bill-payment software. As a trusted ally of over 700,000 suppliers, AvidPay can make electronic payments easy for your business. With just a few clicks, this automated bill-payment software can completely replace paper bills and help you keep your business organized and efficient.

Best Accounts Payable Automation Software

How do the best accounts payable automation software solutions gather data to work with? One of the most popular methods is called optical character recognition (OCR). This technology can scan paper or digital documents to gather information that can be converted into data. Most of the time OCR technology will extract invoice data from pdf and convert it into a usable dataset for invoice processing. This allows your AP department to focus their attention on more valuable work, rather than having to spend the time manually entering the data captured by the OCR.

Another method of data gathering for invoice automation goes a step further than OCR: invoice capture. Invoice capture focuses on capturing and inserting “key value pairs” into tables that can help streamline the automated invoice processing system. A value pair would be information like a keyword “name” on the left paired with the name of the person on the right — for example, “John Smith.” This information is presented in a table with headings which can then be easily uploaded into your automated invoicing process.

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