An electronic accounts payable system is an innovative way to organize your everyday AP processes as you grow your business. Instead of digging through filing cabinets and chasing down lost paperwork, AP teams can count on automated accounts payable software to keep payables information in one convenient place. Electronic accounts payable software will help manage your debts and financial liabilities. Many electronic accounts payable systems are cloud-based, often providing an extra layer of security and flexibility to your accounts payable team. With the right accounts payable software, your team can be more efficient while also cutting operational costs.
Moreover, the best electronic accounts payable systems will streamline your AP workflow, making it easy to manage invoices, pay your bills, boost efficiency, and cut down on data entry mistakes. All of these perks will make it easier to connect with vendors, leaving your team with plenty of time and resources to focus on more pressing matters without fussing over an overly manual accounts payable process.
If you think that is time to move away from old fashioned techniques and reach for a new accounts payable software that will take the manual work off your plate, you are in luck. Here is what you should know about AvidXchange’s electronic accounts payable systems:
Best Accounts Payable Automation Software
Finding the right accounts payable software for your business takes time. You must research thoroughly and compare programs to ensure not only that you are investing in a quality program with a solid reputation and features but also that that program meets your unique needs. The good news is that AvidXchange is not just a high-quality solution to accountable payable procedures; it is also incredibly versatile.
AvidXchange provides several notable accounts payable automation solutions, including simplifying the invoice process, reducing costs, and providing the flexibility needed to grow your business. We have earned our place as a trusted name in the industry. We have worked with over 6,000 customers. We also have integrations with top accounting systems like Sage Intacct, Oracle Netsuite, Microsoft Dynamics and Intuit Quickbooks.
After integrating with your current accounting system, AvidXchange’s AP automation software will give you greater control over receiving, tracking and approving invoices. It will also automate the data entry process, which will give you more time to focus on important tasks elsewhere. Moreover, it can organize everything into a centralized dashboard, making invoices and bills easy to manage. Finally, the AP automation software offered through AvidXchange is also cloud-based, which offers increased fraud protection.
This process is much more efficient than the typical paper-based method of processing invoices and payments. AvidXchange provides one of the best accounts payable automation software platforms on the market, thanks to a highly organized dashboard and customizable product options. That way, you can track due payments in a way that makes sense for your business.
Accounts Payable Solutions
Even if you do not plan to replace your current accounting systems, AvidXchange can be seamlessly integrated with your existing bookkeeping program. That’s because we have built over 180 integrations between our own AP automation solutions and other software systems. A few of these integrations include:
- Oracle NetSuite
- Microsoft Dynamics
- Intuit QuickBooks
- Sage Intacct
- Rent Manager
Finally, our integrations are secure and efficient, meaning that all sensitive information remains private and all suppliers receive their payment promptly.
Accounts Payable Automation Tools
AvidXchange offers several accounts payable automation tools that will streamline your team’s everyday workload and ensure accounts payable automation best practices.
The first tool that we offer is AvidInvoice, an automated invoicing system. This tool allows vendors to electronically submit invoices, which in turn minimizes data entry on your end. After submitting an invoice, your AP team can log into the dashboard to view the documents. Each invoice will be ready for review with pre-populated data. This will reduce the risk of costly data entry mistakes.
AvidXchange also allows for several users to access the dashboard at once; that way, everyone on your team can login and track the status of an invoice. Your teammates can even add comments and attachments. Once the invoices are ready for approval, they’ll flow directly into your accounting system. You do not have to handle this matter manually, which will save you time and simplify AP automation workflow.
Another exciting AP automation tool is AvidPay, an automated billing service that uses cloud-based software. AvidPay provides complete payment automation and allows you to manage your bills with ease. In turn, you do not have to process any time-consuming payments on your end. The entire process is fast, simple and more secure. Not to mention, AvidXchange will also stay in touch with your suppliers for you, keeping up with their evolving payment conditions so that you do not have to track them down to ensure that you are up to date with payments. Finally, you can access the system from anywhere and from any device, enabling your AP team to work remotely or from the office.
Cloud Based Accounts Payable Solutions
A security breach to your AP software can be catastrophic. That’s why it’s vital to use a secure, cloud-based accounts payable system. As a leading accounts payable solutions provider, our team at AvidXchange takes pride in our commitment to security as a leader among accounts payable solution providers. For the last five years, AvidXchange has been recognized in the Forbes Cloud 100 for providing exceptional cloud-based accounts payable solutions. The judging panel of this list consisted of public cloud company CEOs, who selected and ranked the top 100 cloud-based companies from a highly competitive pool spanning the entire globe. This ranking process involved four factors: market leadership, estimated valuation, operating metrics, and people and culture.
AvidXchange’s cloud based AP software solutions provide methods for keeping track of your payments while increasing security. This AP software keeps all your invoices and payment information in one convenient dashboard. Automated invoice processing allows your invoices to be automatically coded, assigned to the appropriate workflow, and routed electronically for approval. With cloud-based software, multiple people will have access to these documents and will be able to approve them. If there is a delay in processing a payment, or if no one approves an invoice within a specific period of time, an alert will be sent, notifying you of the pending invoice. Once the invoice is approved, your accounting software can automatically take care of it.
Accounts Payable Approval Software
Gone are the days when your team had to deal with mailing and tracking paper checks. Now your team can approve and send payments with just a few short clicks. With AvidXchange’s accounts payable payment approval software, this complicated process has been simplified into three easy steps:
First, check the code of the payment to ensure the pre-populated data is correct.
Second, approve the payment or invoice.
Third, post it! The invoice approval software will take care of the rest.
This invoice approval software will also automatically code the invoices and assign them to the appropriate workflow. This will allow you to receive, track and approve invoices without the headache of paper invoices and manual data entry. This software uses OCR technology to reduce manual data entry and errors, saving time for your AP team. Regardless of how many invoices you have pending currently, this accounts payable approval software is sure to improve your approval workflow.
Accounts Payable Software for Banks
Accounts payable software can be particularly challenging when it comes to banking needs. Fortunately, AvidXchange offers a suite of accounts payable software for banks that will increase efficiency, reduce risk, and provide greater visibility. In fact, 1 in 4 banks across the United States already work with AvidXchange to automate the receiving, approving and paying of invoices.
One way that AvidXchange has customized our services for banks is by working to reduce fraud risk. Security is especially important in banking, which is why AvidXchange relies on a private cloud-based network. We have also enhanced financial security through the adoption of e-payments.
Above all else, AvidXchange is always searching for new ways to simplify bank accounts payable software. Other services that banks would benefit from include AvidInvoice and AvidPay. While AvidInvoice allows for paperless invoice processing, AvidPay provides B2B payment automation. These services will help banks stay organized while attending to their customers and clients. Our digital services also eliminate the hard costs associated with paper payments while allowing the team to keep up with a growing workload.