Converting Accounts Payable To Paperless

Through paperless accounting software, your accounts payable team can streamline your data entry needs, quickly automate document management, and funnel reports into a central location. A digitized accounts payable system means fewer accounting errors and less of your company’s valuable time spent on financial busy-work better spent elsewhere.

Imagine what your team could do with all the working hours they spend organizing and processing invoices. How much would your company save on overhead costs if you didn’t have to spend time fixing accounting mistakes? Would your supplies have more faith in your company (and your accounts payable team) if they could count on speedier digital payments? How would that improve your company’s relationship with other businesses that you count on for supplies and services? Converting accounts payable to paperless can add a measure of security to your business.

The accounts payable meaning as it relates to software is straightforward. Paper isn’t as reliable as digital accounts payable software. There’s always a possibility an important check or invoice could be lost in the mail, misplaced in the office, or improperly disposed of, leaving you and your supplier open to theft and fraud. Paperless accounting software can eliminate a lot of the risks while ushering your business into a faster, safer, more accurate accounting process.

Paperless Accounts Payable Best Practices

Every business has its own needs, accounts payable best practices, and internal protocols that are specifically tailored to meet the requirements of your business. There’s no one-size-fits-all software that works seamlessly for every business, nor would you likely want one; your AP practices are yours and yours alone, specifically designed to serve your company goals. But that also means that in order to translate your accounts payable best practices into a digital process, you need solutions that you can customize to meet the requirements of your company’s accounts payable internal control checklist.

When you shift to thinking about your new paperless accounts payable best practices, you should be asking yourself, “What can we automate?” Where would automation save time, money, and confusion? What problems do we have that automation can solve? Invoicing is usually top of mind for many businesses. For instance, maybe your team is struggling to keep up with invoices piling up due to lack of bandwidth. AvidXchange can help you with financial management solutions that can accomodate your business compliance protocols and company’s internal controls to eliminate the factors which hurt your business and your bottom line.

Paperless Accounts Payable QuickBooks

But what if you like your core accounting software? If you have an established process with QuickBooks desktop invoice approval features, then you will want an accounts payable software compatible with QuickBooks. AvidXchange does not completely replace your existing accounts payable software. Instead, AvidXchange can accommodate your current system with over 210 adaptable and customizable integrations that are designed to facilitate your invoice to payment process. At the same time, you may be able to cut expensive processing costs by upgrading your accounts payable process with AvidXchange.

You can keep your QuickBooks accounts payable system, and at the same time, shift to paperless accounts payable QuickBooks with AvidXchange. Automation is the key to a higher level of control. Not only will AvidXchange help you with solutions that can eliminate paper, bolster your internal controls, and help you with faster payments, but you can access your AvidXchange account wherever and whenever you need it. If your team uses QuickBooks, then you should consider how AvidXchange can help your accounts payable team with our QuickBooks integration. If you don’t use QuickBooks, you may want to review the other integrations available through AvidXchange to see how we fit into your existing AP process.

Paperless Invoice Processing

What is AP invoice processing as it relates to software automation? You can improve the efficiency of your invoice processing procedure by taking advantage of software automation. Generally, data entry and invoice coding may take a significant amount of time for your accounts payable team. With software automation and OCR technology, you can automatically scan invoices and code the data for easier invoice processing. If your AP team still organizes and reports on invoices manually without invoice processing software, then it’s probably time to consider AvidInvoice as a solution to help automate your invoice processing.

AvidInvoice is the paperless invoice processing solution that helps you receive, track, and approve invoices automatically to your company’s custom specifications. You can save time matching or coding invoices with orders or moving invoices through the approval process to the right places.

Paperless invoicing with AvidInvoice changes how you stay organized by automating data entry, saving you valuable time and helping prevent costly errors. Shifting to paperless invoicing also enables you to increase visibility by keeping record of your accounts payable history available on your AvidXchange account.

Paperless Invoice Approval System

A paperless invoice approval system allows you to limit human error from your billing and invoicing process. You can give your AP team the freedom to put their skills to more impactful AP tasks and lean on automation to accomplish more of the redundant and routine steps. Each invoice approval can be automatically converted from paper to a digital version, and you can route invoices to the appropriate place for payment approval based on the workflow path and criteria you outlined during your AvidXchange implementation and approval procedural setup.

Invoice approval software can turn hours of work into a streamlined process that mitigates the hassle of constant communication with coworkers to push invoices through the approval process. Tracking invoices on AvidXchange and automating invoice processing with software can help you process invoices without needing to manage where invoices need to go to get approved. Unlike a typical invoice and payment processing system, you can track the invoices being processed from any device connected to the internet. With a secure repository of information at your fingertips, you can view each stage of invoice approval at any point in the process. Invoice approval software can also help you analyze critical metrics such as how long approvals take and month-end accruals.

Automate Accounts Payable

Accounts payable automation software allows you to easily reduce the number of manual tasks needed in order to process company invoices and pay your business bills. When your company starts to automate accounts payable, you’re effectively freeing your AP team from paper-pushing that can be done more efficiently by a computer. Now they can focus on how to grow your business instead of on just how to manage it.

It’s easy to spend too much of your accounts payable budget on simple clerical tasks that take too much time from your team. Companies may waste their allocated accounts payable funds on manual accounting when these types of tasks can be executed by automation services. You can save on your overhead costs by integrating invoice payment automation. Automation not only cuts costs, but automation can also limit the time it takes for your team to complete the end-to-end process of accounts payable. You can spend less time on paper document management, printing and faxing, or management for invoice approvals. Moving to a paperless accounts payable system can increase efficiency and improve organization.

Document Management Software

When evaluating the different types of document management systems you can choose from, you should consider which system is going to improve your workflow the most. If you can choose the best document management software to fit your needs, then expect to spend less time organizing files and expect easy access to documents whenever you need. Document management is a process that never gets easier, only more difficult as your business continues to grow. Without document control software programs, you may experience growing pains with document management as your company scales.

Document management software using accounts payable solutions allows your company to efficiently store digital records of your accounts payable activities while tracking your company invoices in one place. When reviewing your accounts payable invoice processing flowchart, AvidXchange can help you automatically move through the approval process for you according to your own accounts payable process. You may decide on a cloud-based platform for document management if you want to have access to accounts payable files remotely. You should consider a secure, cloud-based system to retain a record of all your transactions for future reference.

Automating accounts payable and managing your documents all on one platform can keep your team organized. Especially when following accounts payable best practices, using software can help you streamline your accounts payable processes and improve your invoicing process flow. Without paperless accounting solutions that can accommodate your business needs, you may be limiting your company growth and inhibiting your business from reaching its full potential.