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Resources   /   Glossary

Cloud Based Accounts Payable

The continual pursuit of improvements in digital technology and e-commerce can make it difficult for businesses to keep up with the digital needs of customers and other businesses. This is especially true if your business is coming from a traditional paper-check system. While these paper systems have worked well in the past, the advances in and prevalence of technology have led to more businesses shifting towards electronic means of payment as well as billing. In order to continue meeting the requirements and preferences of your suppliers, it may be time to start looking into accounts payable technology. There have been many advancements in the area of finances alone, with electronic payment and billing systems all over the world progressing constantly.

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An electronic accounts payable system allows you to eliminate the unnecessary paper costs associated with your AP process. Additionally, many companies today actually prefer electronic payments because they can be easier to track. Not to mention, companies do not have to waste time waiting for physical mail to be delivered. So not only can an electronic AP system help you to stay in the good graces of your suppliers, but it can also help drastically reduce the costs of and simplify your AP process. There are many different AP automation solutions available today, which can make finding the right solution for your company difficult. However, finding the right automated AP system for your AP process can help you streamline your company’s AP process so that you can be sure that your bills are getting paid on time and in your supplier’s preferred method of payment.

Cloud based accounts payable can be extremely useful, especially for a middle-market company that has numerous accounts payable bills to track and pay. Cloud-based accounts payable solutions like AvidXchange can give your AP team access to any accounts payable invoice, payment, or purchase order information at any time and from any location, so long as they have internet access. This can be extremely valuable for making sure that information is correctly entered and payments are not being duplicated accidentally. The ability to see your company’s AP information without having to manually pull out files can make it much easier for your AP team to stay on top of your company’s AP process and reduce the number of manual data-entry errors as well.

Accounts Payable Automation Solutions

Transitioning to an AP automation system can seem like a daunting task, especially if your current AP processing system still uses traditional paper bills and invoices. In reality, the transition from a manual AP process to accounts payable automation solutions does not have to be difficult. Whether your middle-market business is already using a form of electronic AP processing, traditional paper AP processing, or a hybrid system, the transition to a fully electronic accounts payable automation software can be extremely rewarding and easy to do.

Automated AP software like AvidXchange can help your AP team stay organized and on top of your company’s AP process. With 24/7, on-demand, remote access to all of your company’s AP information, your AP team can spend less time searching for files and instead check them easily from wherever they are. While there are many different accounts payable solution providers, looking for one that gives your AP team remote access to your AP process and frees them of the time-consuming manual tasks associated with the AP process is going to be a good choice for your business—especially if you are a middle-market business that has a lot of AP information to handle. This is where software like AvidXchange can become extremely useful to your company. Not only does AvidXchange’s AP automation software provide your AP team with the information they need at any time, but it gives them more control over your company’s AP process through a digital application suite.

Accounts Payable Software For Banks

Finding an automated AP solution that works well for banks can be extremely difficult because banks tend to have very complex AP systems and route high volumes of transactions frequently. While there are many different AP software companies in the market today, finding a software solution that can handle both complex AP systems and high transaction volumes can be challenging. One way to prioritize which AP software companies might be most helpful to your business is to look for companies that offer accounts payable software for large business.

AP automation software for large businesses, such as AvidXchange, is going to be more suited for handling large amounts of transactions and more complex AP systems. Therefore, accounts payable software for banks can be better equipped for handling a bank’s complex AP system and a large number of transactions. Today, one out of every four banks across the country utilize AvidXchange’s AP automation software to help them automate their system for receiving, approving, and paying their invoices.

Best Accounts Payable Software

There are many different AP software solutions available in today’s accounts payable software market. While each of these solutions has its own advantages and disadvantages, finding the best accounts payable software for your company can be difficult with all of the options available. When looking for AP automation software like AvidXchange, pricing and features can be the most important deciding factors for your company. Because accounts payable software is becoming more popular as society progresses into a more digital world, there is a growing business in the field, and prices can vary dramatically from one software company to the next.

The best AP software for your company is going to depend on what features you need to keep your AP process running smoothly and simply. The AvidXchange support of other software integrations can make AvidXchange a good choice for your middle-market business because your AP team will not have to learn an entirely new system in order to streamline and automate your AP processes. Additionally, AvidXchange’s automation software offers automation solutions for the entire AP process, allowing you to can fully streamline and simplify your entire AP process and eliminate time-consuming manual tasks. Then your team will be able to focus their attention on other, more value-added tasks.

Accounts Payable Process Automation

What does accounts payable software do exactly, and why is it beneficial to your business? Accounts payable process automation helps your middle-market business keep track of and manage your invoices in an organized and timely manner so that you do not fall behind on any of your bills. AP software can not only help improve your accounts payable organization, but it can also offer your AP team better control and visibility of your company’s AP information so they can more easily track and manage your company’s invoices and payments.

Another benefit of accounts payable software is the reduction or even elimination of paper costs and manual data-entry errors. An automated AP software solution like AvidXchange can help you digitize any of your current paper bills so they can be stored and processed electronically. Using the best OCR software for accounts payable, automated AP solutions can easily digitize your paper bills, obviating the need to have your AP team manually enter each value. This process can not only help to reduce errors in your invoice and payment processing, but it can also greatly reduce the time spent on these processes.

Accounts Payable Systems

With so many different accounts payable solutions on the market today, finding a system that works best for your business can be a challenge. However, finding a solution that can be tailored to the accounts payable systems you already have in place can help you reduce the number of options you have to choose from. When looking for an AP automation solution, searching for software that offers automation solutions to all parts of the AP process can be another great narrowing criterion.

For example, a software solution that offers automation solutions to the entire AP process, like AvidXchange, can be more helpful in keeping your AP process simple and streamlined. In contrast, a solution that only offers invoice processing software on its own might not be as helpful because it can only help you in one area. The AvidXchange login, on the other hand, offers access to their entire suite of AP tools, which includes AvidBuy for purchase orders, AvidInvoice for invoice processing, and AvidPay for making payments.

Best Accounts Payable Automation Software

If you already have an AP system that your AP team is familiar with, it can be daunting to change to another system that they will have to learn all over again. While this may be a difficult task for many AP automation companies, AvidXchange offers over 210 integrations with other financial software applications. This means that if you already have an existing financial software system, you may not need to completely start from scratch when you use AvidXchange to help automate your AP process. For example, if your company is currently employing a SAP accounts payable automation system, you could easily transition to AvidXchange’s software to automate your AP process without having to lose all of the work that you have done in your current system.

Because every company has its own AP automation requirements of what automation practices will best help them streamline their AP processes, AvidXchange offers a solution that can integrate with many other software applications, as well as a customizable dashboard so you can easily see what is important for your company. The best accounts payable automation software will implement accounts payable automation best practices so that you can be sure your company’s AP processes are efficient and streamlined.

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