Furthermore, mail delays can cause late payments and relationships with vendors to deteriorate, leading to further business harm. All of this doesn’t even factor in the additional costs of stamps, envelopes, printing, ink, and all the time your teams spend searching for missing documents or following up on uncashed checks. The tedium of these processes has been responsible for many team members leaving organizations for different jobs. Organizations cannot afford to continue to allow accounts payable to be nothing more than a cost center and a drag on the lives of their employees.
This is why many organizations are searching for some kind of invoice payment processing system (IPPS). A payment system like this can help you and your team automate your accounts payable processes so that your team has more time to focus on value-generating activities that can grow your business. Paperless accounting software allows you to automatically scan invoices into a system and then rapidly pay them using your preferred payment method.
Your suppliers and vendors will appreciate your newfound efficiency, and your relationships with them will be reinforced. There are many other benefits that come from implementing a computerized payment workflow, such as reduced financial risk and greater remote-work support. Plus, your employees will be grateful to be freed from their manual tasks and experience higher levels of motivation, resulting in a more productive work environment.
Invoice Billing Software
You may be surprised to hear that paper checks are a bigger security risk than electronic payments. Despite what you may hear from the sensational stories in the media, it is actually far harder to hack a secured payment system than to simply forge a signature on a check. At the end of the day, statistics demonstrate that fraud occurs at a dramatically higher rate on paper-based payments. That’s why it makes sense to implement an invoice billing software like AvidXchange that can help you process your invoices faster and pay them with more security. AvidPay from AvidXchange allows you to automate your bill payment so that you can save time and money in your payment processing.
AvidXchange doesn’t replace your existing accounting system but comes alongside it to increase your ability to rapidly process and pay invoices out to vendors. We have built over 225 integrations for our accounting and invoicing software. Whatever system you use for your accounting, there’s a good chance we’ve already got the integration waiting for you. That means faster implementation on day 1.
Our invoicing software was designed with the needs of middle-market organizations in mind so that you have the features and functionality you need to get those invoices paid faster and with more security. Opting for a simple invoice software like AvidXchange also means that you won’t need to spend a lot of money and time training your employees to learn a new platform. On the contrary, our intuitive solution is easy to learn and use, leaving your team free to focus on more important things.
Top Invoicing Software
Another advantage that top invoicing software can bring to your team is scalability. As a middle-market enterprise, you’re constantly on the lookout for new opportunities to grow your business. One of the key elements of business growth is the procure-to-pay cycle, which involves ordering products, materials, and services from suppliers and then paying for those orders through your accounts payable department. The problem occurs when your AP team is so overwhelmed by the new invoices that they can’t keep up. We have seen this repeatedly occur at businesses that continued to rely on paper-based processes.
The invoices and other associated paperwork just get piled up on your teams’ desks, and payments become delayed. This is also when errors can be introduced as your overworked employees start to make mistakes in the payment processing. However, with an automated solution, all of these scalability issues can be avoided. The best invoice software allows you to rapidly scale up or down your invoice processing capabilities, depending on the current needs of your organization. Opting for easy invoicing software like AvidXchange means that you can streamline your invoice processing and payment without losing control. If you have custom approval workflows already implemented, you don’t need to sacrifice them in order to embrace automation. With AvidXchange, you can easily keep or create new custom workflows to ensure that your data is accurate.
Automated Invoicing Software
Ordinarily, it often takes up to around 10 or even 15 minutes for a professional to accurately process, code, and pay an invoice. This may not be a problem if you only have a few invoices, but times like this can add up to hours lost as you attempt to process more invoices manually. By contrast, automated invoicing software can allow you to review, code, and approve payments with just a few clicks. This means enormous increases in efficiency in your accounts payable.
This efficiency translates into savings on labor costs and can reduce the risk of errors and security breaches. Automated invoice processing software allows you to leave behind the problems associated with manual processes and enable you and your team to focus on tasks that will generate value for your business. This is how you can turn your accounts payable department into a profit producer instead of just a cost consumer. Furthermore, with an automated payment solution such as AvidPay, you get access to our supplier network of over 825,000 different vendors, all of whom are supported by our full-service team members. AvidXchange is also cloud-based, which enables you to get instant visibility into your accounts payable processes anywhere in the world.
Invoice To Pay Process
A key cycle that is crucial to the success of your business is the invoice-to-pay processing cycle. The full picture of this process begins with the buying organization purchasing goods from a supplier. The supplier then generates an invoice recording those goods and sends that to the buying organization’s accounts payable department. It is that department’s responsibility to read and process those invoices as well as secure their approval so that they can be sent to the accounting system and paid. This is one of the most important cycles in your entire organization and must be done efficiently.
To improve the speed and success of the invoice-to-pay process, some businesses even hire invoice processing companies to process invoices for them. This is one solution to the payment processing challenge but also presents its own downsides. For instance, you will need to completely trust the invoice processing company, as they will be managing such an integral part of your business. Maintaining security would be very important in that case. A better option would probably be to simply utilize an accounting and invoice process software like AvidXchange that allows you to maintain complete control over your processes.
Vendor Invoice Management System
A vendor invoice management system is a software solution that can help you organize and store invoices as they come into your organization. It can also help you pay invoices faster electronically. One of the key components of any paperless invoice software is OCR technology. OCR stands for optical character recognition and describes a computer’s ability to scan a paper or PDF file and automatically extract the important data from within. This important feature can help make it faster and easier to get the data from the paper invoices into your electronic system. Plus, a vendor invoicing process system like AvidXchange provides one centralized place to access and track the invoices coming into your organization. You can even easily review past invoices for auditing or records purposes.
Payment Approval Software
From all this, it should be clear that a payment approval software such as AvidPay from AvidXchange can give you access to serious benefits. Ideally, the solution you choose should provide both an online and offline billing software so that you can still access your processes, even in the event of a problem with your Internet access. From the increases in efficiency to the greater security, moving to an invoice management software just makes sense. The time has come to free your team members from the daily drudgery of manual invoice processing and payment. With AvidXchange, it’s easy to automate the process so that your team can focus on the activities that matter most to your organization. Because automation shouldn’t mean a loss of control, AvidXchange lets you keep your current approval workflows or create new ones as and when you need them.