As a result of excessive paperwork, some middle-market companies and their accounts payable teams may find themselves balancing clerical errors, tedious data entry, and hours of wasted time to accomplish redundant tasks and fix mistakes. Innovations like the AvidXchange invoice automation platform can make businesses think differently about accounts payable solutions.
Unleash your team’s efficiency with AvidXchange’s suite of accounts payable 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.
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Companies can seek solutions that promote business growth possibly with the help of online invoice payment processing software. Such systems could help them track, receive, and approve invoices via one centralized, cloud-based system. Moreover, online invoice payment processing could ensure that invoices are scanned and coded before being sent to the proper channels for approval. From there, payments to suppliers could be authorized.
The best invoice payment solutions could allow businesses and accounts payable teams to reap the potential benefits of streamlining the AP process. Some possible perks may include time and money saved from a decrease in paperwork, reduction of overhead costs, elimination of workflow redundancies, and avoidance of mistakes that affect a company’s bottom line.
Companies can possibly streamline accounts payable processes by embracing an invoice automation platform. The invoice payment definition entails all the steps that must occur for an invoice to be properly processed and paid. For accounting teams across multiple industries, this invoice payment meaning weighs heavily on them as they work hard to balance the many sophisticated mechanisms of accounts payable with the practicality of completing meaningful work in a timely manner.
AvidXchange could help by offering an invoice processing software designed to help increase accounts payable efficiency and cut company costs. No matter how many suppliers a company must pay on time, online invoice payment processing with AvidXchange could help them be paid promptly and according to their preferences. AvidXchange is backed by a network of suppliers consisting of over 700,000 suppliers, which could allow for suppliers to be paid as they requested.
The best online invoice payment processing software can lighten the schedules of the employees in an accounts payable department. They could then focus on how to save their company money instead of simply managing how it is spent. As of now, some accounts payable departments may spend a large portion of their workday on manual invoice tasks like inputting invoice data into the system.
Innovative invoice processing can possibly save a business time and money. AvidXchange can provide companies with a practical invoice payment method example in the way they handle online invoice payment processing. AvidXchange allows users the option to track an invoice payment pending via one dashboard that can be accessed anywhere at any time with a device with a working internet connection. As a result, users can track the entire invoice procedure from a received invoice to a paid invoice, meaning users can monitor the payment process from start to finish. The dashboard shows when an invoice has been approved so an accounts payable team can promptly send their payment to a supplier in a variety of payment methods.
By automating invoice processing on the AvidXchange platform, invoices can be coded, assigned for review to the right people, then electronically sent for approval to the designated person before the payment is sent to the suppliers. This can ensure a company’s bills are paid on time with a potentially reduced risk of payment penalties. Online invoice payments can allow an accounts payable team to be free of invoice redundancies and data-entry duties so they can focus on how to financially grow their business.
For accounts payable teams that deal with a number of invoices, they may not have much time to spare on menial, manual tasks. In an effort to ease their workload, they may seek out an invoice pay company that can guide them through every step of the process. Some of the best accounts payable automation software could potentially save employees time that they would have otherwise spent on manual accounts payable tasks. Accounts payable process improvement begins with specialized automation tools that help eliminate data entry and manual invoice processing.
Online invoice payment processing begins when invoices are scanned into the system. Artificial intelligence (AI) automatically codes the invoices per the accounts payable department’s preferences. After the invoices are coded, they are delivered to the person responsible for approvals.
A scanned invoice provides data that the platform will use to send a particular invoice to a certain person, as well as identify vendors. This feature can expedite invoice processing by automatically pushing the invoice to the next person in the chain and gathering payment preferences.
Mastering how to pay an invoice accurately and promptly can take considerable effort. Online invoice payment processing gives businesses the tools to accomplish their accounts payable duties. These tools can be essential for middle-market companies to sustain their revenue.
Not all suppliers desire to be paid in the same manner. Some prefer physical checks, while others prefer electronic payments. AvidXchange can work with a network of over 700,000 suppliers to help provide numerous invoice payment options so that companies can adhere to their suppliers’ preferences.
Knowing how to pay an invoice online can potentially expedite the process, which is why companies may seek out an invoices app. If an accounts payable team knows what to expect, they can use that knowledge to further streamline their workflow.
AvidXchange’s software allows users to customize their approval process. They can set the internal controls to mirror their company’s current approval process or create an entirely new set of protocols based on the accessibility that AvidXchange offers.
Users decide who approves what type of invoice, how long they have to complete each approval, and what happens once the approval is given. AvidXchange’s online invoice payment processing includes notifications that can be adjusted based on an accounts payable team’s needs. Companies can also customize the system to meet the specific current workflow of their accounts payable team.
With the right software, paying invoices accurately and on time could be a more manageable process. Accounts payable staff do not have to manually oversee the process when they use online payment software.
When accounts payable procedures are delayed, it may keep suppliers from being paid on time. This could happen when accounts payable teams must rely on traditional methods of invoice payment processing. AvidXchange’s automated billing and invoice solution could assist in streamlining the process in this regard and help ensure that suppliers are paid according to their specifications. AvidXchange is backed by a supplier network of over 700,000. This network could ensure that suppliers could be paid via the method they desire, be it direct deposit, card, or check.
Online invoice payment processing could also allow for invoices to be scanned and coded according to the preferences of the team. Once that task is completed and all the necessary information is available, the invoice could be presented to the person tasked with approving invoices. Once the invoice is approved, payments to suppliers can be completed.
AvidXchange provides an invoice template that can help accounts payable teams set the parameters for their invoice workflow. They can customize the template to fit their company’s accounts payable needs. Because of the cloud-based platform, accounts payable team members can view the statuses of current invoices when they see fit, so long as they have a device with access to a stable internet connection.
If an accounts payable team is still manually completing the invoice payment process, then they could be spending time manually completing tasks. Additionally, some vendors might generate invoices using an invoice app. At times, invoices generated via these methods could be difficult to parse, especially manually. A solid invoice payment processing system can help streamline the process from start to finish.
A thorough invoice app review may reveal that AvidXchange’s AvidCreate-A-Check can assist in this regard. With AvidCreate-A-Check, businesses can complete an electronic payment form, which could allow for payments for your invoices online to be completed automatically.
In this case, there may be some manual input involved. This program does not employ the same level of automation as standard AvidXchange tools, which are known for paying invoices directly with a trust account. Even so, an accounts payable team can potentially save a notable amount of time and enjoy control over their company’s invoice payment processing. Users can gain a more detailed understanding of where their company’s money is going every time an invoice is processed and how long it takes for that money to end up where it belongs.
AvidXchange offers a suite of tools that can help automate invoice processing. An invoice processing process flow can seem like a challenging matter to tackle. Fortunately, with AvidXchange, an accounts payable team may keep their present system and workflow while still potentially reaping the benefits of a smoother online invoice payment processing system.
Online invoice payment processing can allow a business to run an effective and smooth invoice processing flow. In the best of situations, average invoice processing time could take several business days to be fully processed. This turnaround time is not always guaranteed. Sometimes, the process can be delayed by a full week or even more due to unforeseen circumstances.
Online processing systems can help mitigate any payment delays and reduce the invoice cycle time by eliminating paperwork and streamlining the approval process by automatically sending the invoice to the correct people in a custom approval process. An invoice processing cycle time benchmark can be achieved with software that can automatically code invoices. Knowing what is coding in invoice processing and how the process works can help accounts payable teams use the system more efficiently.
Online invoice payment processing can be a faster way for a business to grow while saving valuable time and money. By switching to a paperless invoice processing system, companies can possibly increase their security, reduce manual tasks, and use their time where it is needed most.