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Paperless Billing System

The accounts payable department must tackle many different tasks on any given day. It is an ongoing job that often requires unmatched time management skills and high levels of multi-tasking. What accounts payable departments do not need is a flurry of papers taking up space on desks and in filing cabinets. When you take into account invoices, financial reports, and many other types of paperwork, these documents can accumulate quickly. That is why a paperless billing system is so essential to middle market businesses of all types.

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AvidXchange addresses this problem directly by offering paperless billing software that ensures invoices can be handled digitally, with a payment never straying from the online system.

The paperless statements meaning is simple. It means that businesses can view transactions,receipts, and money owed to vendors simply by accessing their digital dashboard. They can create a workflow that best suits their needs, as AvidXchange is designed with customization in mind. Best of all, this system of e-billing allows accounting departments to view billing information at any time, from any device they choose.

It is time to forgo those old expenses that only stall essential processes and rack up office bills across the board: think envelopes, printed checks, stamps, and more. Not to mention, so much time is wasted ensuring that checks get to their intended vendors on time and securely.

Paperless billing systems like AvidXchange allow businesses to focus on what matters to their business’ well-being. Its cloud-based capabilities also allow for efficient remote work, so that all members of the accounts payable department can remain on the same page no matter where they are working. This reduces the risk of clerical errors caused by miscommunication.

Finally, AvidXchange has a supplier network of over 700,000 suppliers paid through the AvidPay Network over the last 5 years. With such a robust network, there are options for just about any middle market business.

Paperless Billing Meaning

If you are new to adopting a paperless billing system, the good news is that the paperless billing meaning is fairly straightforward. To put it simply, paperless billing means that all of your invoices and other payment information will be handled digitally via one centralized online system, instead of the traditional method of handling payments manually and storing paper copies of invoices and receipts away in filing cabinets.

Most notably, AvidXchange offers the billing system design and architecture necessary to ensure smooth, more secure and paperless billing transactions every time. In other words, you no longer have to worry about sending off paper checks and hoping that they end up where they need to be in a timely manner.

At AvidXchange, we make paperless billing efficiency a reality for middle market companies across many different industries. Sometimes, it can be hard to picture just how complex paying vendors on time can be until you experience it firsthand or see an example of it at work. AvidXchange can find a practical billing system example from many customers using our platform. We know how the process works from start to finish, and we may be able to fit your existing accounts payable process into our platform too.

E-Invoice System

If you haven’t already, it may be time to switch to an e-invoice system. Paper invoicing and payment processing have been standard for so long, but with online tools at your disposal you may be able to find huge time and cost savings. If that is the case for you, then you should consider how AvidXchange can automate and streamline your invoicing process.

More specifically, we have implemented machine learning to help automate accounts payable and invoices processing. This technology is here to stay, especially as accounting departments begin to understand how much money they save from ditching the traditional payment method and investing in a fully digital system.

While the e-invoice implementation date may vary from one business to the next, using AI and machine learning to automate accounts payable will only continue to grow more popular and more advanced in the realm of accounts payable tech.

If you would like to receive e-invoice latest notification, you can learn more about our product and the industry by reading posts on our extensive blog! We publish regularly so that businesses just like yours can continue to learn. Using our platform, you can pay vendors seamlessly while still enjoying optimal efficiency and growth across all departments.

E-Invoice Format

Without technology to aid an APg department, the invoice approval process can be incredibly time-consuming and tedious for all parties involved. Many different people must oversee a single invoice’s processing. For example, many teams find themselves communicating back and forth via email on a daily basis. If email does not suffice, then they must convene in person and take time out of their day to attend these meetings. Even once an invoice gets to the approval phase, more work must be done.

Fortunately, AvidXchange allows businesses to handle all the steps involved with invoice processing and approval via one online system. Our software can help you eliminate lengthy email chains or superfluous in-person communication. Instead, our e-invoice format can automatically route invoices to all people involved with the invoice approval process until the entire process is completed. The software can route invoices to the correct person, because our e-invoicing system tracks who handles which part of the process.

With AvidXchange, an invoice message can be automated for simple processing. Our system ensures that the invoice moves along through the chain and reaches every person who must interact with it, which they can do directly through our e-invoicing system.

Paperless Billing Benefits

The paperless billing benefits are virtually boundless. While convenience may rank at the very top for many accounts payable departments, there are other things encouraging customers to go paperless as well. For example, it is not just a matter of making the process smooth, transparent, and efficient for all involved. It is also a matter of reducing the number of resources consumed to complete these traditionally manual accounts payable tasks.

As such, the cost benefits of paperless billing are especially notable. With so many invoices to process, paper costs can pile up quickly. With paper processing comes paper filing and sometimes paper records too. With a paperless invoice process, you can eliminate paper filing and manual processing.

It’s not just the invoice process that has a cost benefit of going paperless. With paperless billing, you can eliminate the paper costs of mailing checks through the mail to pay vendors, and you can eliminate the paper costs of printing and filing away receipts if you digitally file your receipts with AvidXchange.

Fortunately, AvidXchange offers a sound solution to these problems. You can eliminate paper and the many complications it causes altogether simply by investing in a completely digital invoice processing system.

It is not just more efficient, it is also more secure. Think about how many hands exchange the typical paper check. While you want to trust people with your company’s banking information, the reality is that fraud can happen. Paperless billing helps reduce that uncertainty altogether when you complete invoice processing and bill payments online with AvidXchange.

Electronic Billing System

Businesses have so many expenses to account for every day. Sometimes it is easy to overlook the expenses that keep a business heated, well lit, and flowing with clean water: the utilities. What’s more, many businesses may be spending more on utilities than they even realize; it may be hard to track such numbers without sitting down with all utility bills and crunching the numbers.

AvidXchange makes paying the utilities and tracking expenses more manageable than ever.

According to our own sources, roughly 52% of all utility bills are paid electronically. Even so, keeping track of all these bills is a time-consuming process, and your accounting team may simply not have the time to parse all these bills.

Our AvidUtility electronic billing system allows you to track your utility payment invoices, their statuses, and how much you spend on utilities overall. This makes creating budgets and managing said budgets a much less daunting task. Our electricity billing system will even make note of any inconsistencies in consumption and alert you so that you know when numbers are higher or lower than usual. This applies to water bills as well, of course. Our water billing system can analyze your numbers carefully to ensure that all meter reads are accurate and consistent.

Paperless Billing Message

While most businesses would like to believe that they can forget about a bill once it has been paid, that is sometimes simply not the reality. You may need to refer to past bills for any number of reasons, be that to better gauge your budget, to oversee taxes, and many other situations. Managing paper invoices in such cases can be incredibly time-consuming and confusing. You may mix up bills or overlook important details altogether.

With AvidPay, AvidXchange users can manage their paperless bills with ease. That’s because the AvidPay software can automatically complete bill payments to suppliers and handle the billing system documentation completely digitally. That way, you can access your statements whenever you need to.

AvidXchange allows you to get your paperless billing message whenever you need it most. Best of all, you do not have to worry about filing away paper invoices somewhere safe and hope that no one misplaces them. All you have to do is login to your AvidXchange account to access a billing statement.

To put it simply, AvidXchange makes paying your vendors more effortless than ever. You never even have to process a single piece of paper. The software can handle it all. All you have to do is click a few buttons, and you can reap the benefits both long-term and short-term.

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