It is important to ensure that you are getting the best accounts payable software for your business. The best accounting software will be the one that is simplest to use. It won’t result in you having to make too many changes to the way you are already operating.
Another factor that could contribute to an option being the best is OCR software for accounts payable. Optical character recognition (OCR) is a tremendous time-saver. With the best OCR software for accounts payable, accounts payable teams can scan invoices more easily and then ensure that the invoice matches the receipt and purchase order. With this technology, companies can potentially save some of the time associated with inputting data manually.
While no software is going to be the right option for every business, AvidXchange could potentially help middle-market businesses streamline their accounts payable process. AvidXchange has processed around 58 million transactions in the last twelve months and processed over $145 billion worth of transactions in 2020.
Moreover, with over 210 integrations with various applications, AvidXchange could possibly be integrated with your existing accounts payable systems. This means that you may not have to completely revamp your workflows or attempt to relearn new operations. Instead, AvidXchange can be adapted to the systems that presently meet your needs for a more streamlined AP process.
Best Accounts Payable Automation Software
There are many accounts payable automation solutions available. As technology advances and the demand for smoother AP automation workflow and accounts payable automation solutions increases, so too do the number of solutions on the market. When looking for AP automation software, there are many factors to consider.
The main thing to look for is a solution that will not cause more issues than it aims to solve. Some tools will require you to change the applications that you are currently using. Others can greatly alter your workflow, leading to more confusion and irritation on the part of your AP staff.
An ill-fitting solution can have a steep learning curve or an inability to connect with your applications. By contrast, a good AP automation solution will streamline your process. With that in mind, the question may arise: what is the best accounts payable automation software?
The answer to that question will depend on each business and its needs. However, for many, AvidXchange is a great option!
Fortunately, the best AP automation options can often be adapted to your current workflows. AvidXchange, for example, can automate your current workflow without the need to change or replace existing systems or tools. AvidXchange also has integrations with over 210 accounting software applications. This means that you could possibly still make use of tools that you find valuable to your accounts payable process.
Accounts Payable Software For Large Business
When selecting an AP software for an accounts payable organization, even when looking for accounts payable software for large business, it’s important to choose a solution that can grow with you. Invoice processing software comes in a variety of options, some of which offer more features than others.
The need for scalability is true for most middle-market businesses, whether you are looking for accounts payable software for banks, mid-sized businesses, or any other option. One risk that some businesses may run is choosing software for the price alone and then outgrowing it.
It can be incredibly difficult switching to a larger solution down the line. As you grow, having a solution that can move with you is helpful. The pain of switching software, processes, and other ingrained elements of your business are very real. Picking an option that can stick with you as you grow makes it a powerful asset for your business.
A great option for mid-sized companies is AvidXchange. This is because it has a fantastic ability to grow along with your business. With AvidXchange you can eliminate hard costs, reduce labor costs, and leverage simple pricing. This allows you to take advantage of e-payment incentives that enable forecastable ROI.
Invoice processing software and payment approval software are necessary for the next stage of your business. Moreover, you can enjoy tools that could help you achieve the results you seek.
Cloud-Based Accounts Payable Solutions
There are several different types of traditional and cloud-based accounts payable solutions available. Understanding the differences between them is crucial to ensuring you pick the right solution. Some solutions may restrict access to only those on site. In this case, the accounts payable portal is accessible only from the workplace; as such, they may not be able to accommodate remote work.
On the other hand, cloud-based accounts payable solutions offer online accounting software. With this type of solution, employees can access their data from anywhere at any time. Online accounts payable software offers a solution that is great for companies who allow their employees more flexibility.
AvidXchange’s cloud-based platform offers 24/7, online access, allowing the flexibility and visibility to manage AP needs from anywhere. There are many benefits to having online accounting software and digital payment approval software. Businesses looking for an AP solution could benefit more from a cloud-based tool than an on-premises one. In addition to the concerns about access, cloud-based platforms also are easier to update.
Accounts Payable Systems
Accounts payable systems can help businesses streamline their accounts. There are many different accounts payable solutions out there for an accounts payable organization, which sometimes makes it challenging to know which one would work best for your company. One thing that helps to break down what platform is best is to consider the functions needed. For example:
- Invoicing – From data entry to approval to payment, invoicing is an important function of an accounts payable system to ensure that your vendors are paid on time.
- Bill pay – With AvidXchange’s software, businesses can pay their vendors more easily and check on the statuses of invoices via one cloud-based platform.
- Purchase orders – AvidXchange’s purchase order software solution, AvidBuy, could simplify a company’s purchase order process to prevent unwanted purchases, delays, and coding errors.
- Utility bills – Some platforms even have the ability to automate utility bills. AvidXchange, for example, offers AvidUtility.
If you want a platform that can handle it all, AvidXchange may be a valuable tool thanks to its versatility. AvidXchange can streamline the accounts payable process as a whole by providing a solid AP software solution. In addition, AvidXchange offers integrations with over 210 software applications to ensure that your workflow does not have to be completely overhauled.
AvidXchange QuickBooks Integration
Many businesses find QuickBooks to be a valuable tool, especially when it comes to paperless accounts payable QuickBooks. Because of this, finding accounts payable software compatible with QuickBooks may be critical for some businesses.
Luckily, businesses can now seamlessly integrate with AvidXchange QuickBooks integration, even for AP automation QuickBooks Desktop. If you are looking for QuickBooks Desktop invoice approval, AvidXchange could help. This solution could offer several advantages:
Paperless Accounts Payable
Your accounts payable workflow in QuickBooks online is fully accessible remotely at any time. This access is comprehensive, giving total control and visibility into your business.
24/7 Comprehensive Access
Your accounts payable workflow in QuickBooks online is fully accessible remotely at any time. This access is comprehensive, giving total control and visibility into your accounts payable process.
More Ways to Pay
AvidXchange gives you the ability to pay suppliers based on their preferences. Mastercard, AvidPay Direct, direct deposit, and AvidPay Check are all available as payment options. AvidXchange is also able to support integration with QuickBooks Desktop. This is accomplished through a touchless process with configurable PO matching. Offering two- and three-way PO matching provides more flexible workflow options and enhanced controls. Combining AP automation and QuickBooks Desktop is a powerful strategy for any business. AvidXchange integrations could allow you to continue operating your business as you currently do.
Accounts Payable Solution Providers
There are often many benefits to outsourcing accounts payable solutions. For starters, it saves a company money, time, and effort. Beyond that, automation helps to ensure the completion of payments on time and for the correct amount.
With a large amount of accounts payable solution providers, it can be hard to pick the right choice for your business. Looking through list after list of accounts payable solution providers will often still leave business owners unsure of the best solution.
There is not a single solution that is right for every business. Each person who is searching for this will have her own needs. One can spend time looking through lists of top accounts payable outsourcing companies and still feel lost. Different solutions will work better for different stages of business. That said, companies like AvidXchange could be a viable solution for middle-market companies looking to improve their accounts payable process.
AvidXchange could be a top-tier AP solution provider for middle-market companies. It offers an extensive supplier network and is available 24/7 as a cloud-based solution. Additionally, AvidXchange’s software has a robust network of over 700,000 suppliers. This could help you ensure that your suppliers are paid according to their preferences.