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Resources   /   Glossary

Electronic Invoice Solution

Accounts payable (AP) automation is critical for any modern business, especially as the business world grows more digitally dependent. Such automation allows businesses to commit to a paperless process, which frees up resources and increases efficiency in the workplace while still maintaining a standard database of years of previous invoices just as before.

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With an accounts payable solution, your company is no longer tied down to steps in the process which require long wait times and reduce productivity, such as manually opening and sorting paper invoices or waiting for mail or overnight couriers. Instead, e-invoicing solutions bypass the physical delays and provide easy, regular access to digital invoices within moments. An invoice app also provides accessibility at any time of the day from remote locations, removing delays in productivity brought on by travel time to the office or waiting on paper deliveries.

When it comes to e-invoicing solutions, AvidXchange may have the answer for you. AvidXchange is a digital software program that streamlines the entire invoice-to-pay process. Invoices can be digitized to reduce paper waste and increase communication across the board. You should consider AvidXchange if you are looking for the best electronic invoice solution on the market, seamlessly converting your existing paper invoice process into an electronic invoice solution. A quick web search may reveal that we have helped transform many middle-market businesses by doing just this.

Moreover, AvidXchange offers a dedicated project team to help the paper-to-electronic-invoice transition. They will assist you in the process with an implementation cycle that includes kickoff and data collection, process and technical scoping, configuration and change management planning, testing and user training, and going live. The implementation process typically lasts forty-five days, after which your business will be fully equipped with an electronic invoice system.

After implementation, AvidXchange will still be standing by to assist your business with educational resources and customer-focused teams to ensure you have a clean, paperless AP experience. Our goal is to provide accounts payable solutions that are inimitable by competing services.

Electronic Invoice Template

It can be difficult to initiate such a large-scale change in your business when your current approval workflows seem satisfactory and a disruption may cause unwanted rifts. Luckily, AvidXchange’s platform works with your current workflows to ensure minimal system changes and get your business running in the way that is best for you.

The transition to a paperless invoice system does not have to be intimidating. With AvidXchange, you can maintain your current approval workflow using the electronic invoice template customized to your original model. The electronic invoice template allows you to remain in control and utilize a digitized version of your old invoice template so that you can continue to use a format with which employees are familiar. The variety of options hosted with the e-invoice template allows for a workflow setup to suit the needs of the company. In addition, the AvidXchange project team in place to assist in the paper-to-electronic-invoice transition will work with your team to understand your current business practices, and in turn build as many workflows as needed to accommodate your process on the AvidXchange AP automation platform.

Furthermore, AvidXchange has many tools to simplify your current approval workflow, including an invoice generator that can be used to generate invoices on behalf of the suppliers, with accurate details of products and tax rates stored in the database. The invoice generator can also help calculate totals, including any sales or discounts, expediting the approval process and saving the company money, time, and labor costs. Finally, AvidXchange can help ensure that all invoices adhere to the standard e-invoice format, which saves you time when you pay your suppliers.

Invoice Online

When transitioning from a paper invoice to an invoice online, your storage facilities must transition as well. With paper copies, file cabinets and remote storage facilities are required to store the physical invoices. Online, the invoices are uploaded to AvidXchange’s cloud-based software, where the digital invoices will be stored on the  e-invoice portal for up to seven years for reporting purposes and easy access. The cloud-based invoice management system allows for company growth and an increase in efficiency by providing remote, 24/7 access to the e-invoicing portal, complete with up-to-the-minute invoice data.

The invoice login is available to view invoices at any time and from anywhere, allowing your team to work in a changing environment and not halt progress when team members are not physically present in the office. Indeed, AP automation reduces inefficiencies such as manual tasks and cuts processing costs by up to sixty percent. The constant visibility also builds trust and communication between your employees and suppliers, keeping all parties informed with the most up-to-date invoice knowledge.

Our cloud-based software is a trustworthy digital storage facility for your invoices and will continue to be present in the event of a cancelation with AvidXchange. Should you choose to leave AvidXchange, you will be provided read-only access through the e-invoice portal, and AvidXchange will continue to store your previous invoices online. We will leave e-invoicing login available for the appropriate parties and keep your business ventures running smoothly.

Another beneficial tool when it comes to migrating to a paperless invoice system is the online invoice generator, which is also available using AvidXchange’s cloud-based software. This, as mentioned previously, includes the ability to generate invoices and automate invoice processing, freeing up resources and improving company efficiency. This online invoice generator, combined with the easy access of the e-invoice portal and stability of cloud-based storage, helps make the paperless transition as painless as possible. To pay invoices and view the status of your invoices in the invoicing process, you simply log in to the e-invoicing portal––from any device.

Invoice Compliance

Using an e-invoice solution also helps ensure you are following internal policies. When you make use of an e-invoicing system with AvidXchange, you can automate many steps of the current approval workflow. This is accomplished via the invoice management software, which sets rules and conditions for invoice requirements. In this regard, invoice processing and invoice approval can both be automated using internal company standards. Invoices can also require a confirmation from a superior. Without automation in place, an invoice’s journey from one person in the approval process to the next can be time-consuming.

An electronic invoice solution like AvidXchange reduces the risk of such inconveniences. If an invoice is insufficient, there are several easy-to-access user-interface components that can specify what is missing from the invoice, allowing the original sender to resubmit once the required changes are completed.

The invoicing internal controls built into AvidInvoice also help increase the security and minimize the financial and data losses of your AP data and transactions. The security embedded within our technology ensures e-invoicing compliance and reduces risks during transactions or data storage, especially during payment processes with suppliers. In these ways, an automated accounts payable solution not only maintains internal standards but improves upon them.

SAP E-Invoicing

In order to streamline the automated AP process, AvidXchange has integrated with SAP Concur Invoice to provide AvidPay to Concur Invoice customers, making payment automation solutions that are friendly, flexible, and easy to integrate with existing SAP software programs. The e-invoice configuration allows for you to pay your suppliers via many different methods. Suppliers can pay based on their choice of Mastercard, AvidPay Direct, or AvidPay check. In addition, AvidPay e-payment software allows for the sending of fast, more secure payments at any time, ensuring bills are efficiently managed with a reduced fraud risk.

Moreover, this system allows your business increased control over your invoices, managing the AP process from anywhere with an internet connection and leaving a complete audit trail from PO to payment. With the functionality provided by Concur Invoice and AvidPay, businesses can maintain a firm grasp on every step of the process while continuing to convert to a paperless automated system, ensuring a steady scale for growth with the new software.

Invoicing Solution Providers

Look for the top e-invoicing solution providers currently on the market to find the software solutions that cater to your needs. Finding an exemplary electronic invoice solution for middle-market businesses can help improve the workflow for accounts payable. At AvidXchange, you may find yourself with a reliable platform capable of streamlining your entire invoice process while maintaining your current approval workflows, using electronic invoice templates and a capable cloud-storage system. Our invoice software download is reasonably priced and takes typically just forty-five days to implement, during which time AvidXchange will continue to support your business with a dedicated project team. This team will help ease the transition and answer questions after launch, as well ensure a painless transition.

This e-invoicing solution can put all the challenges of paper invoices in the past, allowing you to designate resources previously dedicated to paper invoices elsewhere for increased productivity. It provides a single e-invoicing portal to house all records of invoices for regular accessibility, and it boosts visibility and trust with suppliers by providing real-time account access. To adapt to the modern mid-sized office, you should consider adopting a leading electronic invoice solution.

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