While the process may seem simple at first, bill payment can be a complex and crucial piece of management for mid- and large-scale companies to tackle on their own. Relying on manual means for accounts payable processes like bill payment can slow these processes down or increase the chance of human error, which can cause additional time or labor costs.
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Through a bill payment solution such as AvidXchange payment software, however, many of these negative impacts can be avoided, and the accounts payable process can be streamlined. The automated software can help consolidate certain accounts payable responsibilities, including bill payment, thus simplifying the workspace of the accounts payable team, which can help ensure payments get to suppliers and vendors on time.
Without automated payment software, the accounts payable process can become disorganized or inefficient. Dealing with constant printing and organization can create unnecessary paper in the workspace and filing cabinets full of vital payment information that can be difficult to access in time-sensitive situations. Bill payment solutions like AvidXchange can solve many of these workspace issues by creating a centralized, online platform that can track and display most of this payment information.
For businesses whose supplier and vendor relationships are important, ensuring efficient and consistent bill payment can increase the strength of these relationships. Helping increase payment accuracy and speed through automated payment software could prove highly effective.
Additionally, businesses who currently have a bill payment solution in place can utilize services like AvidXchange to integrate into their current system fairly seamlessly. Rather than hand over the entire accounts payable process to AvidXchange, businesses can automate specific processes of their bill payment, meaning their accounts payable team can focus on other strategies or large-scale solutions to fix more important issues. Simple tasks that can be automated, like bill payment, can become easy solutions to simplifying business practices and making large-scale fixes, because consolidating certain daily responsibilities can leave time open for more important issues.
Businesses looking to integrate bill payment solutions into their current work processes should keep in mind a few key features when making their billing software decisions. Modern supplier and vendor payment often relies on online and electronic services, such as credit-card processing, so utilizing software that offers electronic payment solutions might be key to consistent accounts payable practices.
Of course, while ensuring businesses have online payment support, online billing software that can offer online bill payment information might be just as important, as it can streamline the payment process and certain accounts payable situations.
Remote work environments continue to prove their relevance, and providing an online platform for accounts payable teams to access in different work situations can create a flexible work environment that can tackle a multitude of payment issues.
AvidXchange not only offers online billing software with access to billing information, but it can also act as simple billing software, with information organized to help make the accounts payable process quicker. AvidXchange is built with mid-scale companies in mind, so it can handle various accounts payable processes, even if they’re complex. Accounts payable teams who have already established their bill payment processes can still utilize AvidXchange, which can then be customized to fit their business practices.
While AvidXchange offers a billing system that often revolves around supplier and vendor payment, they also provide a flexible billing system, meaning businesses can also use the software to pay utility bills and more. Finding a different platform for paying specific bills can be difficult and time consuming; AvidXchange was built to meet the billing needs of mid-sized companies, including standard business expenses, which often includes utilities. A billing system project surrounding one accounts payable process may ensure it gets done quickly, but once again, consolidation of multiple processes can provide more ways to simplify and quicken business practices.
With software that has features to cover different bill payments and accounts payable processes, businesses can foresee or solve several types of billing system issues more quickly. Automatic bill payment software can help with other aspects of accounts payable like invoice management or business-to-vendor communication, which can continue to increase business efficiency even further. The volume of features offered through billing payment systems like AvidXchange can improve more systems than just bill payment, so businesses can see improvements across their accounts payable performance.
Even for simple utility bills, paying bills manually can be unnecessarily complicated or time consuming. Sending invoices or other bill payment information as physical mail can be inconsistent or too slow for certain vendor communications. Because of this, services like AvidXchange offer ways to pay business bills online or electronically, making bill payment immediate, rather than a multi-day process.
With immediate communication and access to AvidXchange through a variety of platforms, payment and payment communication can be streamlined, and businesses can easily share information with their suppliers.
Being able to pay bills online can be important in today’s work environment, where remote work is expected or even necessary. However, certain businesses may be hesitant to switch to a billing system online, due to concern about billing information security. AvidXchange is a PCI-compliant company, providing safe and secure bill payment through credit-card processing or other means. This means businesses can pay business bills electronically without worrying about the security of their payment information.
Taking guesses on which bill payment software is safe can be dangerous, but utilizing a PCI-compliant company such as AvidXchange can help guarantee payment safety for the extent of any business’s supplier payments.
Due to the complexity and importance of business-supplier relationships, when picking billing software, the needs of suppliers and vendors can be just as important as the needs of the business. So, examples of the best billing software will likely keep in mind both the needs of the business and its vendors. A billing payment solution that doesn’t keep in mind supplier needs could make business efficiency thrive but frustrate the business’s suppliers, whereas something that includes bill payment services to serve both sides can strengthen that relationship while still cutting costs.
AvidXchange currently supports a supplier network of over 700,000 suppliers, with customization features on their end to help simplify the navigation of business-supplier relationships. Each supplier that utilizes AvidXchange has access to preferences, which can affect the manner by which they’re paid. This way, businesses don’t have to communicate with specific suppliers to ensure their method and time of payment is acceptable. Instead, they can use AvidXchange to automate bill payment by continuing to streamline communication, this time between the business and its suppliers. Balancing a variety of suppliers with a variety of individual preferences can become easier with software like AvidXchange.
AvidXchange is a payment solutions company that can offer bill payment systems that support electronic payments for 100 percent of businesses’ bills. Bill payment solutions that don’t offer bill payment services for all kinds of bills force businesses to acquire different software or systems, so an all-encompassing bill payment experience can provide simpler and cheaper options to tackle bill payments and other accounts payable responsibilities. Other limitations can exist when integrating certain software into bill payment or accounting systems, which can force businesses to make changes to their current practices or integrate certain payment software into their business.
With AvidXchange, businesses are given bill payment software that can automate 100 percent of their bills, while offering quick and simple integration with over 210 different accounting systems. Flexibility can be a key feature of an efficient workplace, and in that way, AvidXchange can help businesses improve without having to make significant changes to their accounts payable processes.
Certain other resources like their invoice app and billing app can offer specialized looks at certain accounts payable information, so businesses aren’t constantly searching through drawers and cabinets to access vital information. Payment solutions can be built with very specific goals in mind, but AvidXchange provides a flexible experience with added features to help smooth over any necessary transition to their services.
While AvidXchange can automate bill payments, other parts of the accounts payable process can be managed with features such as their invoice software. AvidXchange’s invoicing software can offer invoice payment solutions that are customizable to a business’s workflow, providing accounts payable automation throughout the entire accounts payable process. However, the automation process isn’t meant to decrease visibility or the business’s ability to make decisions. Instead, invoice billing software through AvidXchange can allow for approval of invoices and bill status and actually increase visibility of accounts payable information. Information associated with accounts payable isn’t locked behind intense electronic automation. It can be accessed through an organized portal designed for visibility of information.
AvidXchange can provide an automated accounts payable experience that attempts to aid the accounts payable team throughout the whole process. From scanning initial invoices to automating bill payments to suppliers, AvidXchange offers a variety of automated features that can ease the stress on businesses looking to consolidate simple practices. AvidXchange can also be tailored to work for each business and supplier, supporting integration across platforms and bill payment systems.