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Resources   /   Glossary

Bill Payment Management System

A bill payment management system is an automated system that is designed to help a company’s accounts payable team pay suppliers and vendors more efficiently. It can be challenging for middle-market companies with rapidly growing client bases to keep track of all the payments that need to be processed. Trying to manage this essential task manually can become tedious at best and disorganized and inefficient at worst. It’s important for a company to keep their accounts payable process efficient, because a slow or error-prone workflow can be disastrous for a business’s profits and reputation.

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So, what is bill payment management? It’s hard to provide just one bill payment management system definition, because there are many options when it comes to bill payment management systems. Each one works a little differently, and the best choice for your company depends on what your current accounts payable workflow looks like and how exactly you want it to improve.

A bill payment management system like AvidXchange can help an accounts payable team keep track of bills and payments and expedite the bill payment process by automating the whole accounts payable workflow. Bill payment automation won’t entirely take over the accounts payable process, but it will automatically move invoices through the accounts payable workflow designed by your accounts payable team. This allows for the process to remain totally under the accounts payable team’s control, while still automating and speeding up the most tedious and time-consuming manual tasks. AvidXchange’s utility bill payment service can even help you pay your company’s utility bills.

If your accounts payable team is finding it difficult to keep track of bills and payments manually, a bill payment management system might be the best solution. Using an automated system can speed up the bill payment process without requiring the accounts payable team to relinquish any control over the way the process is carried out. AvidXchange is a flexible and customizable system that can integrate with your existing accounts payable workflow without disrupting it. It can speed up the workflow by automating many parts of it, but it won’t change the workflow. It also provides total transparency so your accounts payable team can always monitor what the automation is doing and how well it is working.

Payment Processing Software

Payment processing companies provide payment processing solutions for companies that are struggling to meet their accounts payable demands with a typical manual process. The payment processing software that payment processing companies offer enables even very complex accounts payable workflows to be automated. This solution can streamline the accounts payable workflow and ensure that the process is working at its best. Payment processing software might be the right solution for your business if you want to improve your accounts payable workflow to be quicker and more efficient. There are a number of payment processing companies with payment processing solutions available to help you achieve this goal.

AvidXchange is among the leaders in the payment processing software industry. They process millions of transactions every year, and their payment processing software helps numerous mid-to-large-sized businesses reduce costs by automating their accounts payable processes. Making the switch from a manual accounts payable workflow to one of the payment processing solutions like AvidXchange can help companies keep their bill payment organized, even if their existing workflow is very complex. Middle-market companies that are struggling to manually manage a complex accounts payable process could benefit the most from payment processing software. Finding the best payment processing software for your company’s needs could be the solution to a slow and ineffective accounts payable workflow.

Order Billing And Payment Management

Switching to automated billing software doesn’t have to mean that the accounts payable team loses control over the accounts payable workflow. Order billing and payment management software like AvidXchange can seamlessly integrate with the workflow you already have in place, including any payment management software you are already using. Much of the manual work can be replaced by automation, while the accounts payable team remains in control of how the automation works. The billing software provides full transparency as it automatically moves invoices through the steps in the workflow. This allows the accounts payable team to monitor the workflow and streamline it in ways they might not have been able to when they were handling the process manually.

Even if you are looking for a more specific tool that can help you manage complex order billing and payment processes, like an app to pay bills in installments, automated billing software could still be your solution. AvidXchange can automate all parts of your accounts payable process even if you have a very complicated workflow in place. You can integrate billing software into your existing system so you don’t need to restructure a workflow that has already been carefully routed in a complex way.

Payment Management Software

Payment management software can help a business’s accounts payable team increase their efficiency. Software from payment management companies like AvidXchange can provide accounts payable automation, payment services, and invoice acceleration. These payment management services can make it easier for an accounts payable team to organize their accounts payable information and process payments. Payment management services can also save companies money with the increased efficiency they introduce to the accounts payable process.

Using payment management software could help a business with a struggling accounts payable team by increasing efficiency, reducing processing costs, and eliminating physical paperwork. Payment management services like AvidXchange can speed up accounts payable processing by automating large sections of the workflow that are unnecessarily time consuming to complete manually. The time that is saved can result in reduced processing costs. An accounts payable workflow that has been expedited by the use of payment management software is more likely to run efficiently than an entirely manual accounts payable workflow. Payment management software could also save a company money and help them stay organized by eliminating or greatly reducing the need for physical paperwork.

Free Payment Management Software

There are many different kinds of payment processing platforms available, and not all of them are designed for the same types of businesses. It is important to make sure you are using the right bill payment software for your accounts payable team’s specific needs. Some options might be the best payment processing software for small business, but not a good choice for a larger business, and vice versa.

There are numerous examples of free payment management software or a free personal finance app that might look appealing at first, but these types of platforms are suited best for small businesses. Free software like a free bill organizer app for computers likely won’t be able to keep up with the demanding nature of a mid-to-large-sized business’s accounts payable workflow. Without the ability to automate complex accounts payable processes, free payment management software cannot fully meet the needs of a large-scale accounts payable operation. Payment processing software for small business is also unlikely to provide the kind of visibility into the workflow that CFOs need in order to properly manage a larger company’s accounts payable team.

Online Bill Payment Management System

Another potential advantage of using an online bill payment management system like AvidXchange to help with your accounts payable processes is that it is completely digital and cloud based. This provides the flexibility to access accounts payable data from anywhere. The data is also more secure in a cloud-based bill pay app. Keeping all the information in a digital format with the help of an online bill payment management system allows you to safely back up all of the data as well. The added security that digital payment companies can provide is a significant advantage, since accounts payable deals with sensitive payment information.

If you want to choose the best bill pay app, it is a good idea to consider the benefits of an online bill payment management system that utilizes a digital, cloud-based system. The added security against both unwanted access and accidental loss could be a major benefit for a mid-to-large-sized company.

A cloud-based bill pay app also allows for total visibility into accounts payable automation from anywhere. The workflow can be monitored and the data can be reviewed at any time and from any location, resulting in a completely transparent online bill payment system.

Payment Management Solutions

The main benefit a payment management app can provide is the ability to manage and automate your accounts payable process for you. AvidXchange’s network of over 700,000 suppliers is already included in their automation, so each supplier can be paid the way they want to be without the accounts payable team needing to manually arrange each payment. This is just one example of the payment management solutions that a payment management app can provide.

Ultimately, by automating the accounts payable workflow, a payment management app could save your accounts payable team time, which could in turn save your company money. A payment management app could also make it much easier to keep your accounts payable process organized. A cloud-based system can make it easier to manage sensitive accounts payable data by allowing you to store it securely in one central location that can be accessed from anywhere by authorized team members.

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