If there are any errors that occur during the payment process, then the office staff will probably waste more time correcting paperwork and not focusing on the next tasks on their plate. Vendors and utility providers may not get paid on time. If invoice processing plays victim to mismanagement, the financial toll can place a heavy burden on your company.
AvidXchange offers invoice processing software for accounts payable solutions. Our invoice automation platform may streamline invoicing procedures that may require significant time and paperwork otherwise. A company that makes use of the best invoice app can possibly save time and money, enjoy more robust security measures, make prompt and accurate payments, and streamline the workflow of the accounts payable department.
A business that can attend to its accounts payable needs might also be able to devote resources and money to other pressing areas. As a result, such businesses may be able to see more promising trends toward growth. With AvidXchange, companies could capitalize on an accounts payable automation software that handles the invoicing process for them on one centralized digital platform. Without this platform at hand, companies could find themselves using more paper than necessary. Moreover, because the software can automate the invoicing processes, accounts payable departments may be able to devote their time to other matters that demand their attention.
Best Automated Invoice Processing Software
To put it simply, AvidXchange can automate the invoice approval workflow. That is because AvidXchange is a cloud-based system, which may allow accounts payable to track payments and oversee the payment process from any location where they can access a connection. Companies that employ this AP method may be able to experience a reduction in paperwork. In turn, cutting supply costs can result in money saved overall.
AvidXchange also allows invoices to be scanned into the system where users can receive, track, and approve them. OCR (optical character recognition) software automatically extracts information from an invoice. This data is entered directly onto the cloud-based management system that can be accessed anytime and anywhere on a user’s device.
After the invoices are scanned, they will appear on the platform’s dashboard. From here, users could move invoices to the next step needed for payment. Accounts payable teams may have more control and visibility into transactions. They could also limit which staff members have access to invoices, increasing their financial security.
The best automated invoice processing software may reduce processing costs significantly. As a result, accounts payable teams may be able to process less paperwork, giving them the opportunity to reduce their materials budget. In sum, the best invoicing software may also be able to save companies money.
Accounts Payable Automation Tools
Companies seeking to automate their vendor and utilities payments may be seeking the best accounts payable automation software to satisfy their needs. AvidXchange offers a suite of tools that can help a finance team improve its efficiency and save their company money. A typical accounts payable process may be able to see an improvement as soon as they replace your manual AP. Our software may typically follow specific accounts payable process steps.
More specifically, AvidXchange could automate the AP process. This could include data entry, approvals, and reporting. These processes may be managed via our online platform. AvidXchange can also allow businesses to pay their suppliers with flexible, managed payment options like Mastercard or AvidPay Direct (our Enhanced Direct Deposit option), all of which take suppliers’ payment needs into account. Of course, paying bills with paper checks is still an option.
Finally, these accounts payable automation tools may allow companies to improve their productivity. These tools can automatically complete bill payments to suppliers, potentially eliminating human errors and time spent on invoices. A company that takes steps to streamline their accounts payable process might also be able to improve their finances. Employing this solution could potentially lead to an accounts payable process improvement.
Accounts Payable Automation Best Practices
One meaningful strategy that accounts payable teams should consider is to optimize their accounts payable internal controls best practices. Proper internal controls can increase the security and minimize financial and data losses for AP data. A company’s internal controls for purchases and payables should include having a record of every invoice sent to the business.
AvidXchange lets users customize their invoice approval process based on their accounts payable controls. Users can stick to their own approval rules. This is just one way a finance department can control their automated invoice processing.
There’s potentially a lower chance of a company paying a vendor twice or late with AP software. AvidXchange can help companies keep their invoices organized. The software’s machine learning, how the software uses algorithms to analyze data, helps to ensure complete accuracy.
If a vendor claims they weren’t paid, finance staff can use the platform to pull up the invoice in question. They won’t have to search through countless paper files to find what they need. They can solve their problem with just a few clicks.
AvidXchange could help improve the accounts payable process with internal controls that strive to closely adhere to accounts payable automation best practices. By automating the process, businesses might make fewer mistakes because more people would be able to review the payment and invoice data. As a result, it may be less time-consuming to catch mistakes. Accounts payable teams may find themselves not making as many inaccurate or duplicate payments and other costly mistakes.
AP Automation Workflow
AP workflow software could potentially make a difference in how accounts payable are handled. From start to finish, the complete streamlining of the process could possibly save both time and money while also granting the accounts payable team the reassurance that all may have been processed properly.
AvidXchange’s AP automation workflow can be a simple process. It starts when invoices are scanned into the software. The platform can automatically code the invoice for you to quickly and easily begin the approval process. You can even use the platform to help you with invoice matching to ensure that they match up with the information printed on the receipt or purchase order.
This AP workflow could result in faster invoice processing. For example, on average, an accounts payable team can manually process 5 invoices an hour. With AvidXchange, that same employee could possibly increase their work rate 6 times faster.
The reduction in paperwork could also mean that there are fewer forms to be potentially misplaced or stolen, including paper checks. A survey published on our own website discovered that paper checks tend to be most vulnerable to cases of fraud. That may be because a company’s account and routing numbers are often found on checks. This is data that scammers need in order to access a company’s bank account. With AP automation, payments are electronically processed, possibly cutting down a company’s fraud risk.
Invoice Approval Software
Invoice approval software should offer the most user-friendly, flexible experience possible. Business is often fast-paced, requiring agility and expertise. An accounts payable team could possibly carry out numerous accounts payable functions using AvidXchange’s online payment software, all from their computer. Therefore, there are some key features that companies may take into account when deciding to purchase invoice approval software.
Invoice approval software that offers cloud-based functionality can be safer than the manual invoicing process flow. With a paperless invoice approval system, the chances of essential invoicing information being lost may be reduced.
An electronic approval of invoices system could also reduce the time and manpower needed for invoice management. Once an invoice is scanned into the platform, an AI is used to automatically code the invoices per your specifications. The AI will search an invoice for data that will be used to determine the next recipient.
This digital invoice approval process can reduce human errors, time spent on accounts payable, and physical resources. It’s difficult for an invoice to get lost if it’s been entered into invoice approval software. Managers don’t have to be physically tracked down for their signatures. With a few clicks from one easy-to-use dashboard, an invoice can be pushed through with the speed a company demands.
As long as the user has a working internet connection, they can use AvidXchange to maintain their accounts payable workflow. This may ensure your vendors promptly get paid the correct amount.
AP Software Solutions
AvidXchange has over 210 software integrations, including Quickbooks and a Sage AP automation option. A company can continue accounting with Sage, but use AP automation to improve their workflow. AvidXchange’s invoice approval software works with QuickBooks, which is already one of the most-used accounting programs on the market today. Invoice approval software Quickbooks integrations could help streamline the accounts payable process.
AvidXchange’s numerous integrations could be attractive to different industries with complex accounts payable processes or industry specific accounting software. Banking is one such industry. Some banks may find that implementing AP software solutions streamlines their accounts payable process while also potentially reducing the risk of severe security breaches.
In addition to providing accounts payable software for banks, AvidXchange could be compatible with companies in the following industries:
- Real estate
- Software and tech
Among AP software companies, an internet search may place AvidXchange as an industry leader. With thousands of existing clients, AvidXchange could help more businesses simplify the accounts payable workflow with our suite of solutions.