Before delving too far into the advantages of a cloud based accounts payable automation solution, it is important to first understand what is accounts payable automation, and what does accounts payable software do, for that matter. Accounts payable automation is designed to handle every part of the accounts payable workflow with automation and free the accounts payable team from the repetitive manual tasks that prevent them from using their abilities on more critical tasks. An automated system can approve invoices, enter data, manage documents, and more, all with greater efficiency and accuracy than would be possible using a manual system.
Using an automated accounts payable system can also be a way for an accounts payable team to keep their process better organized. An automated system can consistently sort and document digital copies of invoices, which can make it much easier to locate and access records. This could eliminate the need to waste time digging for the same documentation in a filing cabinet or stack of papers. Cloud based accounts payable automation can also give accounts payable teams greater visibility and control over their accounts payable system. Invoice data can be remotely tracked minute by minute as it moves through the steps in the system.
Cloud-Based Accounts Payable Solutions
Accounts payable automation software has the ability to streamline a business’s accounts payable process. Cloud-based accounts payable solutions can do this while also making information accessible to the accounts payable team remotely. AvidXchange is a provider of automated accounts payable software that offers remote accessibility. AvidXchange provides cloud-based accounts payable solutions that allow accounts payable teams to access by-the-minute payment-data updates even when they are not in the office. As long as they have a device with an internet connection and an AvidXchange login, accounts payable team members can access accounts payable information from anywhere, 24/7.
Accounts payable software for large businesses can sometimes be difficult to keep organized. When there is a large volume of payments being processed, the accounts payable team may have a hard time sorting and keeping track of documentation. AvidXchange’s cloud-based accounts payable solutions can help accounts payable teams stay organized with automated digital documentation and convenient remote access from anywhere. There are numerous positive AvidXchange reviews that can serve to illustrate the effectiveness of accounts payable software for large business. Using cloud-based accounts payable solutions can help make the process more transparent, improve organization, and allow for more precise control over each step of the accounts payable workflow.
Best Accounts Payable Automation Software
There are many different kinds of accounts payable solutions in the accounts payable software market. Some of the best accounts payable software can be used to improve and streamline a business’s accounts payable process by using automation to reduce the manual workload. Procure-to-pay software can be used to facilitate the process of purchasing products or services from vendors and processing payment to them.
Accounts payable automation software can improve an accounts payable team’s productivity by automatically managing their invoicing process. The workflow can be automated from end to end, from the moment the invoice is received to the moment the payment is delivered to the supplier. The best accounts payable automation software can accomplish this without disrupting a business’s existing accounts payable workflows and supplier relationships.
Another feature that can be found in the accounts payable software market is cloud capability. Cloud-based accounts payable software can help accounts payable teams stay organized and in control by making all payment data and the status of every invoice available remotely. Anyone on the accounts payable team can view accounts payable information from any device with an internet connection, no matter where they are.
Accounts Payable Automation Solutions
AvidXchange can offer accounts payable automation software that can increase the effectiveness of an accounts payable process in numerous ways. But how does accounts payable automation work? Here are just a few of the advantages that AP automation companies like AvidXchange can provide:
Process payments with greater efficiency: AvidXchange’s accounts payable solutions can replace the manual tasks that take up much of the accounts payable team’s time with automation. This can allow accounts payable workers to devote their time and energy to strategically valuable tasks, while the repetitive data entry and documentation is handled automatically.
Improve visibility: The best accounts payable automation solutions can provide additional visibility into the status of each invoice as it travels along the accounts payable pipeline. AvidXchange is a cloud-based accounts payable system that can enable 24/7 remote access to payment data, ensuring that the accounts payable team remains in control at all times.
Lower processing costs: A manual accounts payable process is more expensive than an automated one. There are many different expenses associated with manual invoice processing, such as the cost of all the paper products needed for physical payments and documentation. Time is money, as well, and manually processing payments requires a lot of employee time to be spent processing, approving, and mailing invoices. Automating these steps could save time and reduce the cost of the whole accounts payable process.
Strengthen invoice security: A cloud-based accounts payable system has the potential to provide a higher degree of security than a manual process can. Using an automated system may reduce the risk of payment information being stolen and used for fraudulent purposes.
Scale for growth: An inefficient accounts payable process can greatly limit a company’s ability to grow. In most cases, the bigger a company gets, the larger its list of suppliers becomes. If a growing company does nothing to upgrade its system of processing supplier payments, it may soon find its accounts payable resources outpaced by its accounts payable needs. Accounts payable automation software can provide scalable accounts payable automation solutions that leave room for nearly unlimited growth.
Accounts Payable Automation Best Practices
By following some best practices, an accounts payable team could have a much easier time with accounts payable organization. Accounts payable automation software can automatically document and sort invoices within an electronic system, allowing for a much more efficient organization of records. Automating accounts payable functions can also increase visibility and enable documentation to be located more quickly.
Implementing accounts payable automation best practices could allow an accounts payable team to reap the benefits of AP automation. Some of the benefits of implementing AvidXchange’s cloud-based accounts payable automation solutions include more effective organization and improved visibility, but there are other benefits in addition to those. Accounts payable teams that switch to an automated invoicing and bill payment process could also save money by reducing processing costs, as well as free up time and resources that could be reallocated to improve productivity in other areas.
It is not always easy to determine whether or not an accounts payable process is efficient. One way to measure efficiency is to use accounts payable analytics to gain insight into data such as an accounts payable KPI benchmark.
Accounts Payable Solution Providers
There are numerous accounts payable solution providers that offer accounts payable software. Companies in search of a market guide for accounts payable invoice automation solutions could turn to a few different methods of learning about AP automation and NetSuite is one of them. However, there are other providers that can offer more specialized accounts payable automation solutions.
AvidXchange is a provider of automated accounts payable software. Accounts payable automation can make it easier for accounts payable teams to process invoices quickly and efficiently. By replacing a manual paper system with an automated digital system, accounts payable teams could complete the invoicing and bill payment process in less time and with lower expenses. Cloud-based accounts payable solutions can also be used to improve a company’s ability to scale for growth and process payments securely.
Accounts Payable Solutions
One of the accounts payable solutions that AvidXchange can offer is invoice processing software. By implementing invoice automation, accounts payable teams could greatly increase the speed, efficiency, and accuracy with which they process invoices. AvidXchange’s automated system of invoice management can help businesses streamline their invoice process from beginning to end without interrupting the workflows that are currently in place.
With invoice automation software, accounts payable teams can:
- Eliminate the inefficiencies associated with receiving, tracking, and approving paper invoices.
- Utilize the best OCR software for accounts payable processing to increase accuracy.
- Improve visibility and control with 24/7 remote access to invoices and payment data from anywhere.
AvidInvoice is one example of invoice processing software that can be used to accomplish many of these goals.