First, a business places an order with a supplier for goods or services. That supplier then delivers the goods and generates an invoice recording the delivered goods and requesting payment for them. This invoice then arrives at the accounts payable department. It is often in the form of a paper invoice or PDF file, neither of which are acceptable formats for the business’s accounting system. So, the accounts payable employee has to then manually read through the invoice and capture its data by typing it out into another system. The invoice is then coded and, if appropriate, matched to other supporting documents for validation. If required, these supporting documents will need to be located, which is not always easy to do with a paper-based system. Finally, the digitized invoice will be sent to the correct team members for approval and then loaded into the accounting system for payment. At any point in time along this long and tedious process, the human employee could make a mistake or get distracted, resulting in erroneous payments, deteriorating supplier relationships, and demotivated employees.
All of this is why many organizations are now looking for the best invoice processing software. Invoice processing software and invoice generator software can introduce the power of automation to the world of accounts payable. Using advanced technology, the best billing software can scan invoices and automatically extract the data in them. A solution like this can then automatically put the invoice into the correct approval workflow and even pay the invoice electronically. This means faster, more accurate invoice processing that your vendors and accounts payable employees will appreciate.
As the other half of the procure-to-pay cycle, your suppliers are an integral element of your organization’s success. Looking at how they do their work can help you understand the overall process and how you can strengthen your relationship with them. These days, more and more suppliers are tending to rely on some form of invoicing software. Accounting and invoicing software automatically generates invoices for delivered services and products. Basically, it is software designed to streamline the supplier’s process of getting paid. The best invoicing software allows these organizations to quickly and easily create professional invoices that you, as the buying organization, can then rapidly pay. If so many suppliers are already using easy invoicing software, shouldn’t you be using the accounts payable equivalent? Your suppliers will expect their invoices to be processed with the same agility and efficiency that they were created. That’s why many organizations are turning to an automated invoice processing solution for accounts payable like AvidInvoice from AvidXchange. AvidInvoice enables you to go completely paperless when it comes to invoice processing. With AvidInvoice, your AP team members can process invoices with just a few clicks as well as easily track and approve invoices, all from one convenient, cloud-based platform.
Best Invoice Software
When it comes to the best invoice software, one of the key things you should consider is whether or not the solution keeps you in control. Automation shouldn’t mean that you have to give up the workflows you and your team are accustomed to. That’s why AvidXchange includes a custom workflow feature that allows you to keep your current approval workflow or easily create new ones. Odds are your suppliers are using the top invoicing software, so why not use the top invoice processing software? Another feature of the best invoice software is that it integrates with your accounting system. We have already covered how an approved invoice needs to be recorded in the accounting system in order to be paid. If your automated invoice processing solution is integrated with your accounting system, the process is even further streamlined. While other software may take weeks to build and set up an integration, AvidXchange has already pre-built over 225 integrations with accounting software most used by middle-market enterprises. This means that your accounting system is most likely already compatible with our invoice processing solution, allowing you to rapidly implement your new automated system.
Simple Invoice Software
A growing business does not have time to spend learning new software. Finding a simple invoice software solution is essential so that your team members can quickly get up to speed with how the platform works. That way, the transition will not cause any delays in the workflows or processes. With invoice software like AvidXchange, you can not only get access to an intuitive, cloud-based platform, but you can also pay invoices instantly through our e-payment solution. Paper-based payment processes are prone to security flaws and errors. You can reduce and eliminate these flaws by using a digital payment system. Furthermore, by cutting paper out entirely from your workflow, you eliminate all the costs associated with managing paper (postage, ink, filing cabinets, etc.). Instant payment means that you’ll never have to wait around while payments are delayed by bad weather or problems with the courier. By going with our invoice software download, you get access to our advanced optical character recognition (OCR) technology which automatically scans and extracts the data within invoices. Plus, AvidInvoice gives you the ability to store and track all your invoices at once, meaning no more hunting down lost documents.
Matching is an important part of the accounts payable process. In order to validate the invoice, it is sometimes necessary to match the values in the invoice with the data in the purchase order (PO) and perhaps multiple other documents. AvidInvoice makes it easy to automate this kind of matching so that you can instantly validate your invoices before sending them off for approval and payment.
Invoice Billing Software
One of the many reasons why organizations often choose to set up and implement invoice billing software is for scalability. As a middle-market enterprise, you understand that growth does not always occur at a predictable rate. When your organization experiences a growth spurt, it can leave your accounts payable team struggling to keep up. The accounts payable process is an integral element of the procure-to-pay cycle, where a business purchases goods and services to be able to provide additional services to customers. Without automation, your accounts payable team could end up holding you back, limiting your scalability. However, a cloud-based payment approval software can make it far easier to scale by allowing you to easily process invoices with only a few clicks. Offline billing software is limited in its functionality because you lose the 24/7 visibility and access that the cloud provides. One of the other great benefits of going with a system like AvidXchange is that the system automatically keeps all your records online. If you need to find a particular document during an audit, you don’t need to look through filing cabinets and desks in the office. All you have to do is click on it in the system.
Best Invoice App
If you’ve decided to take a look around for the best invoice app, there are a few things you should keep in mind. As more and more organizations have started asking for this technology, startups and small tech companies have come up with various solutions to try to meet the need. It’s important to ensure that you only work with a company that has the experience you can trust. Not all invoicing apps are created equal. That’s why we recommend going with a top invoice app like AvidXchange. Our platform has processed over 62 million transactions and handled over $180 billion in just 2021. For middle-market enterprises, there is no more reliable or effective way to automate your accounts payable than through AvidXchange. AvidXchange provides a whole suite of innovative solutions to suit your specific needs, from AvidInvoice, a solution for processing invoices, to AvidPay, our automated payment platform. We have what you need.
Automated Invoicing Software
The time has come to say goodbye to the old, manual processes that create so many additional costs and embrace the benefits of paperless invoice software. Many organizations already employ some form of paperless accounting software. Plus, your suppliers may already be relying on some form of automated invoicing software. You don’t want to be the one left behind. Software like AvidInvoice can help middle-market companies just like yours cut costs and run more efficiently. As we have already seen, AvidXchange also makes implementation easy by having hundreds of integrations pre-built so that you don’t have to worry about delayed invoices while you wait on a company to build your required integration. Not only will you strengthen your relationships with your suppliers thanks to your rapid payments, but you can also build a more flexible and scalable organization so that you are always ready to seize the next opportunity.