When accounts payable teams handle invoicing and the payment process completely manually, it could be a tedious, time-consuming task. Not to mention, people can be prone to errors. One error could delay the entire process, possibly resulting in lost time and money. To put this into perspective, the average invoice could be processed by hand in 12 minutes. The manual process costs a company an average of $22 from start to finish, and that cost accounts for just a single invoice.
Fortunately, automating accounts payable could help streamline the accounts payable process. With AvidXchange, businesses could still receive, track, and approve invoices following the workflow with which they are familiar, just via a platform that allows for a more streamlined approach to accounts payable, specifically without excessive paperwork.
Moreover, the best invoice scanning software tends to be flexible, in that it allows suppliers to be paid according to their specified wants and needs. AvidXchange could allow accounts payable teams to pay suppliers via the method they desire. Beyond that, AvidXchange is presently backed by a strong network of more than 700,000 suppliers.
Additionally, AvidXchange could allow accounts payable teams to access payment information and to check the statuses of invoices whenever they see fit, via one dashboard. Our management system is cloud-based, meaning that it can be accessed anywhere an internet connection and functional device are available. This could allow for a greater level of visibility, as growth and performance could be readily tracked and reported.
Invoice Scanning and Data Capture
AvidXchange makes use of OCR for invoice processing. In fact, the accounts payable industry was among the first to be transformed by the technology associated with OCR. Today, OCR invoice scanning may lead to a smoother invoice processing and approval system overall.
As for what OCR software is when it comes to accounts payable technology, OCR is a form of technology that can scan typed or handwritten paper, extract the data from it, and convert it into digital texts. In the context of invoice data extraction software, this means that the information contained on a paper invoice is scanned by the system and then digitized. The accounts payable can then verify the information by checking the invoice receipt or purchase order. When accounts payable teams manage invoice processing manually, they usually are required to input the data from the paper invoices into the system for processing, which can be a tedious process that can be prone to human error. Invoice scanning and data capture may allow accounts payable to streamline this step and move directly to ensuring an invoice is ready to be processed.
After invoices have been scanned and the data extracted from them, accounts payable teams could view the information on the AvidXchange dashboard. AI (artificial intelligence) will automatically code the invoices. After the invoices are coded, they can be delivered to whoever needs to complete the next step of the approvals process.
A scanned invoice provides data that AvidXchange will use to send a particular invoice to a certain person and to identify vendors. This feature could expedite invoice processing by helping to ensure that the invoice efficiently reaches all people in the invoice processing chain.
Invoice Scanning Software
When accounts payable teams attempt to input invoice information into the system manually, they may risk making errors that could cause issues in the long term and potentially keep suppliers from being paid promptly and accurately. With AvidXchange, AP OCR software could allow accounts payable teams to scan paper invoices automatically. The accounts payable invoice scanning software could expedite the process by ensuring that all information is thoroughly extracted from the invoices. The software can then code the invoices automatically according to specific accounts payable preferences. AvidXchange offers accounts payable teams the option of capitalizing on the efficiency of machine learning to complete the task of coding invoices.
Moreover, invoice recognition software can potentially streamline the invoice processing and approval cycle while still accounting for the existing workflow of an accounts payable team. The accounts payable team can still maintain a workflow that makes sense to them, only without the confusion that excessive paperwork might cause. The team can also review the statuses of invoices via the platform at any time.
When you search for a software solution, you should look for software that can allow the accounts payable team to make use of an invoice template. That way, they could customize an invoice to meet specific needs while still maintaining a sense of efficiency and accuracy overall.
Invoice Scanning Software For QuickBooks
For nearly four decades, Quickbooks has been a popular accounting software for businesses across many different industries. Because so many companies make use of Quickbooks, they could possibly benefit from the seamless integration of Quickbooks with AvidXchange to handle accounts payable matters in a more streamlined fashion.
The payment approval process could be safe and fast with AvidXchange’s invoice scanning software for QuickBooks. With the Quickbooks scan manager, accounts payable teams could pay their suppliers and process invoices on a secure platform. When you can scan invoices into Quickbooks, your accounts payable team could also potentially reduce spending and paper waste since this system allows for electronic payments.
Perhaps most notably, AvidXchange’s invoice scanning software for QuickBooks can be user-friendly and accessible. When you scan receipts into Quickbooks desktop, you do not necessarily have to abandon your accounts payable team’s familiar workflow. Instead, the Quickbooks integrations with AvidXchange could still allow you a sense of control over your process so that you can view reports and analyze audit trails whenever you must. Accounts payable teams could also view invoice information at any time thanks to the remote access that the AvidXchange platform enables.
Accounts Payable Software For Banks
The best invoice software may be used to meet the needs of middle-market companies that occupy industries with more complex accounts payable processes. At AvidXchange, we focus on meeting the needs of clients in these industries with software that may be secure, efficient, and practical. One such industry is banking.
In addition, the best invoice processing software could be scaled to meet the growth of a rapidly expanding business. AvidXchange’s invoice processing software may allow accounts payable teams to forgo excessive paper use and instead focus on managing the invoicing process digitally. They could use the invoice processing platform to review, code, and approve payments. This may be more sustainable for long-term growth, as a company finds itself with more suppliers to pay and manage. Finally, because banking is an industry with a more complex payment processing system, such systems would ideally be handled with security in mind. At AvidXchange, we can help secure e-payments that may protect essential financial information.
Best Automated Invoice Processing Software
The best accounts payable automation software should reduce the need for manual processes and paperwork. That is because AP automation software should allow accounts payable teams to manage invoices and digitize the process of invoice approval via one platform that may be accessed at any time.
Beyond this, the best automated invoice processing software could potentially help accounts payable departments avoid costly errors. That is because instead of having to input data manually from paper invoices, accounts payable teams could simply make use of OCR technology to assist in invoice processing, ensuring that all information on the paper invoice can be extracted and match the information on the receipt or purchase order. Additionally, the OCR scanning software can be utilized to help the accounts payable department automatically code invoicing data.
Moreover, accounts payable automation could help streamline an accounts payable team’s existing workflow. Electronic payment software that offers cloud-based functionality could prove to be safer and more secure than manual invoice processing methods. That is because once an invoice’s information has been placed into the system, the invoice can work through the approval and payments process and work its way to all people who must interact with it. The status of invoices could then be viewed on the AvidXchange dashboard.
Invoice Management Software
The best invoice management software can be customized to meet an accounts payable team’s specific needs. With AvidXchange, for example, middle-market companies may not have to surrender their current accounts payable systems. Instead, AvidXchange could possibly be integrated with these systems to allow for an intuitive invoice management system. This includes a transparent dashboard where AP staff can track, approve, and pay invoices and oversee the statuses of invoices.
Moreover, a simple billing software could allow businesses to view those invoices statuses from anywhere they please, so long as they have access to the internet and can navigate the platform on their device. This could allow the accounts payable team and company as a whole a more tangible sense of control over the process.
Not to mention, such an invoice management software allows for electronic payment that decreases or even eliminates the need for excessive paperwork. When a company does not have to invest as much in supplies such as envelopes, paper checks, and other physical paper products that take up space, they may be able to devote resources to other areas of businesses, which could in turn aid in long-term growth. The system may also allow leadership to review reports on performance and other metrics as needed.