Invoice processing, especially when performed manually, can be a very detailed and somewhat time-consuming process. This has the potential to put a large amount of strain on the accounts payable team. A lot of paper products are also used throughout the process, the costs of which add up over time. Many of these kinds of problems can be mitigated by adopting an automated invoice system.
Unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions and say goodbye to filing cabinets and lost invoices. 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.
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AvidInvoice, a service provided by AvidXchange, is designed to essentially streamline the entire invoice process. AvidInvoice allows you to do this while also matching your current approval workflows. You could experience a relatively seamless transition to using the AvidInvoice system, which basically turns what had once been a paper-based process into a process that performs digitally.
There are a number of benefits of invoice automation, especially in terms of the advantages of automation in accounting. The fact that AvidInvoice is a paperless method for invoice processing is a major contributor to these advantages. By automating the day-to-day invoice processing tasks of accounts payable, you could be saving considerable time and money associated with generating and dispersing invoices. This means you would be devoting less energy to signing, stuffing, stamping, and sending large batches of checks.
Taking advantage of these benefits doesn’t have to be overly difficult to achieve. As mentioned previously, AvidInvoice was developed to work with your existing accounting software. The result is less time spent attempting to search for or define automated invoice processing configuration. AvidXchange makes the switch to paperless invoice processing and bill payment as easy as one, two, three.
AvidInvoice could be the solution to invoice processing for a middle-market company like yours. This software presents a way you could receive, track, and approve invoices in the workflow you follow today, but minus the inefficiencies and paper.
To reiterate, there are a variety of benefits associated with accounts payable automation solutions. If you decide to automate accounts payable with a service like AvidInvoice, you could not only make invoice processing more efficient but also be well equipped with reliable technology that helps you adhere to typical accounts payable automation best practices. These practices revolve around the idea of saving resources, reducing error and fraud, and increasing visibility throughout the invoice processing steps.
Your AP automation workflow could be virtually the same as your current invoice processing and approval system, the only difference being that an automatic process is faster and more accurate. With OCR technology and intelligence, software like AvidInvoice could reduce instances of errors due to manual data entry, which can bog down your accounts payable team and the invoice process in general. You could also further save time by cutting down on the need to send paper checks.
Another popular feature that is often sought after while searching for the best accounts payable automation software is accessibility. AvidInvoice offers cloud-based invoice management, which gives you more visibility and control by allowing access to invoice status and other information at any time. Furthermore, you would be able to work remotely.
AvidXchange’s AvidInvoice ranks among the best automated invoice processing software options. One reason is that it can automatically process and code all of your invoices via automated invoice entry technology. From there, the invoices can be assigned to their appropriate workflows before being rerouted for electronic approval.
AvidXchange’s AP automation software could allow you to simplify your accounts payable workflow in just three easy steps: code, approve, and post. This means your accounts payable team could pass some of the reigns over to AvidXchange while still maintaining visibility and control. You can think of AvidXchange and its AvidInvoice software as a helping hand when it comes to the heavy lifting associated with invoice processing.
AvidXchange does far more than simply provide an automated invoice generation and distribution platform. Part of the reason why AvidXchange’s accounts payable software solutions are viewed with such high regard is that they offer a way for you to elevate your entire team. Your team could operate more efficiently than ever and save money with this kind of cloud-based invoice payment and automation suite. What’s more, AvidXchange’s software solutions are backed by one of the middle market’s largest supplier networks, an indication of trust and reliability.
AvidXchange is a good choice for the typical mid-sized business that will eventually find themselves needing accounts payable software for large-business purposes. The reason for this is AvidXchange’s ability to scale its software for growth. The software is designed in a way that outweighs the disadvantages of accounts payable tasks with the benefits of accounts payable automation software, such as the potential to help eliminate hard costs and reduce the cost of labor.
For many middle-market companies, the best accounts payable software will ideally have the power to balance accounts payable advantages and disadvantages. It’s well known that current invoice processing methods can be time consuming and expensive, but it’s also true that many accounts payable teams are deeply rooted within the workflows associated with these methods. A good accounts payable software could offer a variety of solutions that decrease the losses incurred via a paper-based process while also maintaining their current accounts payable workflow.
AvidXchange aims to provide mid-sized and soon-to-be large businesses with these solutions by simplifying tasks like invoice management and bill payment in ways that don’t conflict with the accounting software that already exists. AvidXchange’s software works behind the scenes without taking away your visibility or control.
It may be helpful to delve deeper into how AvidXchange works as an invoice processing software. Specializing in automated invoice processing, AvidXchange tracks the lives of invoices from the beginning of the accounts payable process all the way to the end. This means that the software facilitates data entry, approvals, and all of the other tasks associated with the responsibilities of the accounts payable team, for the most part.
One aspect of AvidXchange’s invoicing software that is particularly helpful is the intelligence provided by OCR technology. OCR technology, which is included with AvidXchange’s invoice generator capabilities, is useful for reducing the need for manual data entry, as well as the errors that come with it, which ultimately saves time and money. Once these invoices are created, they can then be digitally sent off for approval.
This leads into another inherent quality of the software: digital invoices are generally more accessible by design. A digital method of invoice processing is especially advantageous in its ability to provide users with greater visibility and control over the entire workflow. You are given the power to see statuses like when invoices are generated, which ones need to be approved, and which ones have already been approved.
It’s relevant to point out that AvidXchange AP and Payment Automation solutions are user friendly, flexible, and easy to integrate with QuickBooks. If you’re a user of QuickBooks and also interested in adopting automated invoice processing, QuickBooks Desktop and Enterprise are already supported by AvidXchange’s software. AvidXchange’s solutions could offer the best of both worlds in the sense that they can facilitate QuickBooks automation when it comes to processing invoices and making payments.
With QuickBooks AP automation, users have the opportunity to further streamline their existing invoice process and make payments in a way that is simple and secure. Furthermore, AvidXchange could potentially be considered the best accounts payable app for QuickBooks Desktop users, as its integration supports a touchless process with configurable two- and three- way PO matching, which provides flexible approval workflows with enhanced internal controls. The stage is very much set for QuickBooks invoice processing supported by AvidXchange.
As the industry leader in automating invoice and payment processes for middle-market businesses, AvidXchange has broadened its horizons to seamlessly integrate with some of the services you already use. For users of QuickBooks Online, AvidXchange’s software is also on its way to being integrated with this version of the service.
AvidXchange AP and Payment Automation solutions are also user friendly, flexible, and easy to integrate with several Oracle products, including PeopleSoft and JD Edwards. With compatibility to recent E-Business Suite version Oracle R12, invoice scanning via AvidXchange software is made possible. AvidXchange’s invoice imaging-Oracle Cloud integration overall allows for the incorporation of an easier, faster, and more secure way to process invoices and make electronic payments.
Furthermore, with AvidXchange’s automated invoice processing, Oracle and JD Edwards users are given access to payment solutions that could facilitate the transformation of their payables department into a profit center through a rebate program. Processing costs and time spent on processing invoices and payments could also be lowered by removing the paper from the system and transitioning to an Oracle automated invoice processing, data sheet-reading style system.
Since AvidXchange is already integrated with JD Edwards, you could potentially only be forty-five days away from revolutionizing the way your company pays its bills. AvidXchange can help JD Edwards users scale their accounts payable and drive business growth through automation. The time for manual invoice processing has passed and is ready to be replaced by automatic solutions that reduce inefficiencies and processing costs by up to 60 percent.