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Resources   /   Glossary

Cloud Based Accounts Payable Solutions

Today’s business environment is evolving alongside technological advancements. The advent of cloud computing has radically changed the accounting software landscape. As a management tool, cloud accounting pushes automation to greater heights. With cloud accounting, businesses can access their real-time accounting system from any location at any time using any device.

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With a cloud-based accounts payable automation solution, upgrading to new systems is no longer necessary. There is no need to worry about backup files or lost data in cloud computing because updates to a cloud-based application are instantly available and done automatically.

Cloud computing has the potential to provide virtually unlimited storage. The amount of storage space available on a computer’s hard drive is small when compared to the amount of storage space available in the cloud. However, it might be important to note that cloud storage services are not always free.

With a cloud-based accounts payable solution, invoices will not be misplaced or lost in the mail. Accounts payable managers can also look at detailed audit trails to see what steps were taken on an invoice at every stage.

You might be asking the question, “What does accounts payable software do?” Accounts payable (AP) software is technology that helps businesses track payments they owe to suppliers and vendors. By using AP software, companies can avoid missed payments and incurring late-payment penalties.

Ideally, online accounts payable solutions cover all aspects of procure-to-pay. A streamlined and automated workflow can help ensure that payments to third-party vendors and suppliers are done accurately and on time. An AP software system such as AvidXchange can automatically route any invoices that need approval, as well as send instant notifications and reminders to help businesses keep track of their payment approval processes.

AvidXchange’s cloud-based AP software solution allows businesses to stay on top of their payment transactions while also improving security. With AvidXchange, all invoices and payment information are stored in one central dashboard.

AP Automation

While there are many accounts payable outsourcing companies, not all of them have the same features and benefits. Typically, an AP automation tool enables companies to quickly view the status of payments and invoices, but some AP software providers may not provide detailed error reporting. Others may not provide a fully customizable solution or be able to handle complex AP processes. Others still may lack automated migration tools and may not be able to provide great customer support if issues arise.

By using the best accounts payable software such as AvidXchange, invoices can be automatically coded, assigned to the appropriate workflow, and sent out electronically for approval. Through AvidXchange’s cloud-based AP software, various teams can have access to important financial data, and invoices can be approved instantly. An alert will be sent to notify AP teams of a pending invoice if there is a delay in processing a payment, or if an invoice is not processed for approval within a certain amount of time.

AvidXchange has AP software tools and dedicated service teams to help businesses automate their AP and payment processes. By switching from manual AP to a digital application suite such as AvidXchange, companies can have on-demand, remote access to data in a centralized, cloud-based hub.

AP Automation Companies

As more businesses look for ways to improve their cash flow and reduce their accounting cycle time, the accounts payable software market continues to grow exponentially. AP automation systems can help AP teams spend less time collecting payments from customers by speeding up the processing of large volumes of client invoices. Businesses wanting better traceability and real-time insights from invoice data are also driving the growth of the AP software market. Additionally, digital invoicing relieves AP teams of manual AP processing, allowing them to focus on more strategic tasks such as managing cash flows, strengthening customer relationships, and enhancing their competitiveness.

As one of the top AP software companies, AvidXchange has assisted over 7,000 companies in improving their AP systems. AvidXchange has a large supplier network, which can help speed up the payment process for third-party vendors. AvidXchange processes over $145 billion in transactions per year through its network of over 700,000 suppliers.

Regarding AvidXchange support to customers, AvidXchange launched AvidXchange Community, an online platform specifically designed for AvidXchange customers.

By creating a free account, customers can tap into useful resources that will enable them to manage their paperless AP processes more effectively. These include company updates, product announcements, and information about upcoming events. Customers can also access content from the AvidXchange knowledge base, which includes product guides, instructional videos, educational webinars, and more. Additionally, they can interact with AvidXchange customer service representatives in real time, search for help-related content, participate in discussion forums with other customers and AvidXchange product experts, and view information on support cases, all from within a single platform.

Accounts Payable Software For Large Business

For companies looking for accounts payable solutions, AvidXchange is an excellent choice for growing, mid-sized businesses because AvidXchange can scale with them. AvidXchange can handle AP automation requirements of any size and complexity, so there is no need for enterprises to switch systems once they have grown into large corporations.

AvidXchange is the leading provider of accounts payable and payment automation solutions for the middle market. With highly configurable solutions for various industries, AvidXchange has helped more than 7,000 companies from a wide range of industries, including real estate, construction, health care, education, media, and financial services—just to name a few. By digitizing their AP and payment processing, AvidXchange has enabled organizations to reduce their processing costs, improve visibility into their invoices, and increase work efficiencies.

With its invoice-to-pay solution—a cloud-based platform that allows businesses to electronically track invoices, streamline workflows, and pay suppliers—AvidXchange can assist companies in centralizing their accounts payable organization. With AvidXchange, login does not have to be a complicated process.

Manual, error-prone, and time-consuming tasks in a typical accounts payable process can be eliminated by switching to a complete accounts payable automation solution. The electronic capture of invoices with the AvidBill Network, which eliminates paper invoices, is the initial step in AvidXchange’s automation process. The AvidBill Network allows third-party vendors and suppliers to submit invoices in a variety of formats, from which it extracts relevant invoice information automatically. The invoice data is then sent to AvidInvoice for workflow and approval. In AvidInvoice, the workflow is established with a predetermined electronic approval process that can be customized to meet business needs and requirements. Companies could reduce their approval time from twenty-eight days to under three days by using an automated AP process.

Accounts Payable Automation Solutions

Businesses searching for the right AP automation solutions that suit their needs may refer to accounts payable automation best practices.

AvidXchange is a trusted partner of business-to-business companies in automating their accounts payable and receivable processes. AvidXchange processes 53 million payments with a total value of $145 billion annually.

Depending on business needs, AvidXchange can provide various accounts payable automation solutions for invoice automation and improving AP automation workflow. Companies can use AvidPay, AvidXchange’s bill payment software, to pay their suppliers quickly and more efficiently. AvidInvoice, on the other hand, is invoice processing software that can help organizations manage their invoices, workflows, and electronic payments through a cloud-based platform.

AvidXchange recently launched its Boost your Business Program to assist more businesses in automating their accounts payable in a timely and cost-effective manner. With support from AvidXchange’s onboarding services team, companies can transition to electronic invoicing and payments in less than forty-five days and realize savings of up to $10,000.

Accounts Payable Solution Providers

As a competitive AP solution provider, AvidXchange has a large supplier network of over 700,000 companies, whose payment preferences are already loaded into the AvidXchange system. AvidXchange has also developed an accounts payable software for banks. Through AvidPay, businesses—including financial institutions—can process all of their bill payments automatically.

AvidXchange’s acquisition of BankTEL significantly improved its financial services channel. This acquisition has resulted in over 1,500 new banking relationships for the AvidXchange network.

Providing cloud-based accounts payable solutions for accounts payable and payment automation, AvidXchange enables companies to facilitate their entire invoice and processing payments. By automating their payables, organizations can significantly reduce their processing costs as well as improve their efficiencies and controls.

Companies can also get rebates from AvidXchange through ACH or virtual card payment processes. AvidXchange can even discuss the benefits of receiving payments via ACH or virtual card with third-party suppliers or vendors.

In terms of AvidXchange pricing, AvidXchange can provide a custom quote for its software solutions based on the needs and requirements of its clients.

AP Automation Software

For organizations in search of the best accounts payable automation software, AvidXchange is an accounts payable software solution that can help reduce the manual processing of invoice and payments by digitizing invoicing and bill payment.

AvidXchange provides AP automation software for large business organizations and middle-market companies. Its invoice management software, AvidInvoice, can assist businesses in streamlining their entire invoicing process while matching their current approval workflows. AvidInvoice uses optical character recognition (OCR) technology to scan paper invoice data and automatically enter it into the AvidXchange platform.

By reducing manual data entry, AvidInvoice can help AP teams enhance their workflows. AvidInvoice can help businesses gain more visibility and better control over their payables by allowing them to check invoices from anywhere, at any time, on any device.

AvidXchange also provides businesses with a comprehensive overview of their accounts payable process. Organizations can check invoice statuses, utility bills, and other payable transactions in a centralized, electronic platform. AvidXchange also has integrations with over 180 software applications, including enterprise resource planning systems, accounting software, and payment gateway platforms.

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