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Resources   /   Glossary

Electronic Accounts Payable

An electronic accounts payable system can help you get your accounts payable process under control in a streamlined, effective way. That said, what does accounts payable software do? In essence, accounts payable (AP) software exists to help businesses keep track of what bills are due and when. It’s a great way to keep track of which vendors you have paid and which ones you still owe. This kind of system is especially useful for large businesses that manage multiple vendors. Different accounts payable examples can give you an idea of what an efficient AP process might look like.

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AvidXChange is an accounts payable solution designed to help automate companies’ AP and payment processes, replacing manual AP with a digital application suite that provides users with 24/7, on-demand, remote access. You can unleash your team’s efficiency with AvidXchange’s AP solutions and say goodbye to filing cabinets and lost invoices. Accounts payable process automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button.

AvidXchange offers AvidInvoice, a paperless invoice processing solution built to automate each aspect of invoice management. AvidPay is AvidXchange’s B2B bill payment automation solution that allows users to trade in paper, stamps, and wasted time for a few simple clicks to pay all of their vendors without worry. In addition, the platform presents AvidBuy, a purchase order software application that is a comprehensive, web-based solution that enables users to automate their companies’ purchase order processes and control costs by preventing unwanted purchases.

These solutions by AvidXchange provide the tools and resources necessary to get started with implementing an automated AP system. Free from the burden of having to manage dozens, if not hundreds, of paper checks by hand, you can save time that could otherwise be spent on other important business matters. Having an automated or electronic AP system can also provide better security, as you can keep financial and other important documents in a centralized, protected location.

Accounts Payable Solutions

Whether you are looking for an invoice processing software or just an AP solution in general, there are a few things to keep in mind. First, it’s important to consider your business size and capabilities. If you are a very small business working with a single vendor, you may not even need an automated AP solution. However, if you are a large company with several different suppliers, having an accounts payable solution is not only convenient—it may be necessary to maintain a proper balance between AP processes and other aspects of business operations.

There are many different accounts payable solutions and accounts payable software options to choose from; it all boils down to your specific needs. The best OCR software for accounts payable for one business may not even be compatible with another business, so bear in mind that your options could vary depending on your current needs and desire for scalability.

AvidXchange is an AP solution that works with your current accounting system. It doesn’t replace it, but it is designed to integrate seamlessly with it. In fact, AvidXchange has built more than 210 integrations between its automation solutions and widely used accounting software systems for the middle market.

Accounts Payable Solution Providers

Accounts payable solution providers and AP software companies offer businesses the tools they need to design and implement an effective AP solution. Accounts payable outsourcing companies are similar in that they are third-party entities hired to manage companies’ AP processes. AP solution providers, by contrast, provide the required software and allow businesses to take greater control over automated AP implementation.

AvidXchange is a top AP solution provider. With a supplier network of 700,000 vendors whose payment preferences are already written into the software, there is no need to worry about how to pay each one individually. This can save your business valuable time that you might have been forced to spend contacting vendors and collecting and implementing their preferred payment methods. AvidXchange does the work for you so that you can start paying your bills faster.

Accounts Payable Automation

One of the main benefits of accounts payable automation is that it takes care of manual tasks that can become time consuming and tedious when done by hand. An AP automation workflow, for instance, can automate your workflow so that things get done in a quicker, more efficient manner. AP automation companies work to deliver quality AP solutions and inform businesses on accounts payable automation best practices. Whether you are looking for a solutions provider or someone to take total charge of your AP process, you can see great results with automation.

AvidXChange is one of the best accounts payable automation software options because it helps automate the menial, repetitive tasks that may be slowing down your AP team. It can automate tasks throughout the AP process, from scanning incoming invoices to approving them to paying the final bill. To put it simply, automation can free up loads of valuable time for your AP team. There’s no doubt about it: having to sort through bill after bill and invoice after invoice can be incredibly cumbersome. Thankfully, solutions like AvidXchange exist to make these processes easier. Less time spent on such tasks could translate to more time spent on business processes that could require your attention even more.

Accounts Payable Software For Large Business

The best accounts payable software is the one that best matches your business’s current needs. AvidXchange’s software is designed to grow with you as your business grows, making it a great accounts payable software for large business operations but also for smaller companies that anticipate evolving needs over time. AvidXchange can handle even very complex AP process flows, and it also offers AvidInvoice, an invoice automation software solution designed to streamline your entire invoice process while matching your current approval workflows. AvidInvoice is a paperless invoice processing solution for the middle market that enables users to receive, track, and approve invoices in the workflow they follow today without the inefficiencies of paper.

With AvidInvoice, you can use OCR technology to reduce manual data entry and errors and save valuable time for your AP team. You can also gain more visibility and control by checking invoice statuses from anywhere, anytime, on any device. AvidInvoice streamlines and customizes workflows and designs custom invoice approval processes. AvidXchange’s cloud-based invoice management system enables users to get any invoice information they need, whenever and wherever they need it. With automated invoice processing, all your invoices can be automatically coded, assigned to the appropriate workflow, and routed electronically for approval, no matter how many you have. Needless to say, this can save bigger businesses a lot of time, as they no doubt have a large volume of invoices that need attention at any given time.

Cloud-Based Accounts Payable Solutions

AvidXchange is one of several cloud-based accounts payable solutions, meaning that users are able to access AP information even if they are working remotely. Storing your data in the cloud can help you stay organized and protect your data. With a paper-centric process, it’s easy for important bills and papers to get lost in the shuffle. A time-sensitive notice might appear on someone’s desk one moment and disappear the next. With a cloud-based system, you may not have to worry about losing pertinent information, since you are not handling physical checks and documents.

Digital accounts payable solutions have another notable advantage. As mentioned previously, they can be accessed by team members all over the world. When many employees are working from home either part-time or full-time, it has become incredibly important for them to be able to fetch certain items just as they would if they were working in the office. Accounts payable automation solutions make it possible for AP teams to pull data from the cloud, whether they are working from home, their company headquarters, or anywhere else with an internet connection.

Accounts Payable Organization

AvidXchange’s AP solution is built to automate every aspect of your process, including data entry, approvals, bill pay, and reporting. Invoices can be transformed into a digital format where they follow a predetermined flow automatically. Automation can help your accounts payable department function well and be better organized. The more vendors you must manage, the more difficult accounts payable job tasks may become. Fortunately, automated solutions could take some of the stress out of those tasks.

An accounts payable organization’s sole purpose is to keep track of and pay AP-related bills. Additionally, the accounts payable department definition entails ensuring that a vendor receives payment for the services they provided on time. As such, team members working within this kind of organization or department should ideally have a robust set of accounts payable skills and should be capable of carrying out various accounts payable functions.

The success of AP teams and departments depends on their ability to sort through and process as many AP items as possible, and this typically involves some degree of automation. Thankfully, with solutions like AvidXchange, you can automate your AP tasks and better ensure that AP processes are handled more quickly and efficiently. These are some of the benefits your business can reap by going with an electronic accounts payable system.

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