Businesses with solid and consistent supplier relationships are likely to have a multitude of business invoices that need to be processed. Rather than take the time to manually scan or print them out, an automated paperless invoicing system can lighten employee responsibilities for accounts payable teams and help streamline the entire process. Plus, software for businesses’ invoice and payment processing can offer certain benefits that printed invoices cannot, helping cut the aforementioned costs.
The traditional methods of managing and processing invoices could not only be prone to error, they could also require excessive amounts of resources like envelopes, postage, and check printing. Instead, added software features through a solid paperless invoicing system can provide additional guidance in handling accounts payable invoices. To help keep track of business invoices, AvidXchange supports real-time access to paperless invoices via their digital platform, which could allow accounts payable teams to view the statuses of their invoices at any time. This cloud-based system can also help with general organization by giving access to invoice information whenever necessary, without having to shuffle through filing cabinets or manage a high volume of paperwork.
For businesses that would prefer to maintain tight control over invoices and other accounts payable processes, AvidXchange could also allow accounts payable teams to customize workflows according to their specific needs. Businesses can help design custom invoice approval processes to best work with the information flow of their current system. With AvidXchange, businesses could have access to a streamlined paperless invoicing system that can be tailored toward their specific needs. Paperless invoicing systems like AvidXchange can help turn invoice and accounts payable processes from a consistent chore into a well-managed process through an accessible and flexible paperless invoicing system.
Paperless Invoice Processing
Thanks to modern digital platforms, paperless invoice processing software could allow us to better address questions such as these: what is meant by invoice processing, and what is AP invoice processing? Invoice processing refers to the process of managing invoices from a business’s suppliers, and it is typically handled by an accounts payable team. AP invoice processing is the process of ensuring that invoices are received, processed, and approved so that suppliers may be paid on time. With a streamlined invoicing process offered through paperless invoice processing, accounts payable teams may be able to spend less time on manual processes associated with invoice processing and instead focus on long-term growth. The changes that paperless invoice processing offers could provide extensive enhancements to the overall invoicing process, allowing for a more streamlined process.
Paperless invoice processing through software like AvidXchange could help accounts payable teams free themselves from large stacks of paper. Beyond that, simplifying the organization of invoices and how they flow through the digital platform to reach the right channel for approval could possibly help reduce overall paper usage. With less paperwork to manage, middle-market businesses may see overall costs decrease.
Additionally, the accessibility and visibility of specific invoice processing and accounts payable processes could improve the efficiency of accounts payable processes and the value of business relationships. Certain supplier relationships could improve or strengthen with the quick and consistent management of business invoices through one digital platform for managing invoice processing and approval. This real-time reporting and processing system can help aid businesses through its informative setup and cost cutting, while also improving the experience of different suppliers in terms of preferred payment methods.
While many middle-market businesses are familiar with paper invoices and what it entails to process them, paperless invoices could offer quicker communication between businesses and their suppliers. Paperless invoicing can allow accounts payable teams to send scanned invoices quickly, rather than relying on slower manual methods, making the flow of communication more efficient for businesses. Perhaps most notably, paperless invoices could help businesses to streamline invoice processing. Paperless invoice API could allow access to different accounts payable features and documents like invoices in real-time, so documents are organized and viewable whenever accounts payable teams need to access them.
With added accessibility to invoice and accounts payable information, accounts payable teams could enjoy more flexible workflows that could be customized according to their needs, both in and out of the office. AvidXchange could provide a centralized platform that can hold and organize the accounts payable information for businesses, making clutter and paperwork unnecessary. Instead, businesses could rely on the cloud-based digital platform to ease some of the burden associated with invoice processing and management. Businesses that utilize paperless invoicing systems could see improvements in their information workflow and accounts payable efficiency.
Paperless Invoice Approval System
Having streamlining software like invoice processing software tackle consistent and important business processes can seem somewhat unusual to accounts payable teams who are used to handling such processes by hand. Some may worry that such software could be challenging to learn and navigate. However, invoice payment automation does not necessarily have to completely uproot a business’s existing systems. Instead, with features such as a paperless invoice approval system, businesses and their accounts payable teams can continue to manage the invoice payment process. The software can be simplified and automated to their preferences for ease of use.
With the ability to track, receive, and approve invoices via AvidXchange, middle-market businesses can maintain control over the overall billing and invoice process of their business. AvidXchange could help simplify the billing and invoicing process without forcing accounts payable teams to abandon procedures to which they have grown accustomed. Its invoice approval software is built to offer flexible and accessible tools for businesses to utilize. Businesses can customize the invoice approval process to meet their needs with specialized tools to fit their workflow and help make the transition to AvidXchange as seamless as possible. When they shift to AvidXchange for a paperless invoicing system, businesses can continue to customize their invoice approval system without having to abandon any systems with which they are familiar.
Document Management Software
While paperless invoice processing software can be effective at handling accounts payable processes, paperless invoice processing software like AvidXchange can also act as document management software. Types of document management systems intend to aid with document management, with certain organization and storage features that can help simplify businesses’ current document management strategies. As mentioned above, paperless invoicing systems like AvidXchange can potentially save money and space on paper for invoices, but some of the best document management software can offer more than just saving space on filing cabinets.
With AvidXchange, accounts payable records will be documented using a digital system, as opposed to a paper filing system. AvidXchange also offers automated filing with faster and remote access to documentation. Physical records can go missing or be left at the office, whereas streamlined document management through AvidXchange can allow businesses to access their accounts payable records remotely if they cannot commute to the office for any reason. Even when accounts payable teams do have access to physical records, shuffling through files can get tedious. Efficiency can be important, and the flexibility of a digital system for document management can influence the efficiency of the accounts payable process and of organizing important documents as a whole.
Paperless Accounts Payable Best Practices
Ensuring a smooth invoicing process flow could help better ensure that your suppliers are paid on time and according to their specific needs. Invoice processing software can provide improvements to accounts payable processes and allow you to streamline these processes. That said, some accounts payable teams may wonder if such software would require them to abandon any present systems in place.
When it comes to employing paperless accounts payable best practices with AvidXchange, you could customize workflows to meet the needs of your team. At the same time, AvidXchange uses OCR technology to help ensure that information from invoices can be put into the system with minimal risk of data-entry errors. This could also reduce the time your AP team spends on such manual practices, freeing them up to focus on other matters.
Other practices to help ensure paperless invoice efficiency could include consistent invoice checking on automated online platforms. Staying up to date with invoice information may be important to your accounts payable team. Fortunately, AvidXchange offers a cloud-based digital platform where accounts payable teams may monitor the statuses of their invoices whenever they desire. This system could also allow accounts payable teams to track, receive, and approve invoices from the platform without having to manage excessive amounts of paperwork.
Vendor Billing Process
The vendor billing process could be a process that your accounts payable team depends on to run smoothly to ensure that suppliers are paid on time. Utilizing old invoice and billing practices that depend heavily on paperwork can slow things down for all parties involved. As such, ensuring an easy and customizable billing experience so that suppliers can be paid on time may be ideal. The strength of business-vendor relationships are important, and the compatibility of specific business practices can play a pivotal role in the development of these relationships. Maintaining flexible billing options can help manage multiple vendors with separate preferences.
AvidXchange could also allow suppliers to be paid according to their preferences. Presently, AvidXchange enjoys a network of over 700,000 suppliers. Through a vendor invoice processing checklist, accounts payable teams could ensure that their suppliers get paid as they specify.
Perhaps most notably, AvidXchange allows accounts payable teams to access the digital platform at any time, provided that they have access to the internet. That way, they could track, receive, and approve invoices while also monitoring the statuses of their invoices whenever the need arises.