By utilizing accounts payable software for your business, you will be able to stay on top of invoices and payments, while creating little to no hassle and freeing up time for the accounts payable team. In sum, the right software can make billing easier.
What is billing software? Billing software encompasses the entire process of a business paying its bills electronically––from the moment an invoice is issued to the moment that it is finally approved. Using billing software can convert your bill payments process into a paperless billing system.
AvidXchange is essentially a payment processing system that also improves your visibility of the company’s finances. All of your invoice and payments data is stored in a cloud hub that’s accessible 24/7. You don’t have to be at the office to track your accounts payable process.
Along with that, by removing paperwork, audits become quicker and easier. The accounts payable automation software keeps detailed records of each invoice and payment that was made by the company. Anyone who needs access can create reports and review audit trails at any time. In addition to that, by using AP software you make your company’s information more secure and less susceptible to dishonest parties.
By creating a more efficient payment process and helping reduce costs, AvidXchange primes your company for growth. It’s hard to think about the company’s development when your teams are constantly buried in paperwork and manual tasks. And this software can help shift the workload to an automated system. The software can handle plenty of clerical work, while employees handle more strategic tasks.
Invoice Processing Flowchart
AvidXchange has an automated invoice management software called AvidInvoice. It takes your company’s current accounts payable invoice processing flowchart and helps automate your workflow. You can create an invoice processing flowchart if you want to better understand the workflow for invoice processing. Otherwise, you can use software to receive, track, and approve invoices, following your pre-defined workflow and it does so without the need of manual labor or superfluous paperwork. Along with that changes can be implemented to the invoice processing process flow quickly, so the business doesn’t waste valuable time.
If your company currently uses an invoice process flowchart, then you can understand how to make your process more efficient or which part of the process is the biggest pain point for your team.
Thanks to OCR technology, the members of the AP team no longer have to spend too much time entering data, which both lowers the number of mistakes that can occur and also saves the time of your employees.
AvidInvoice ensures that you have access to all your company’s invoices at any time. As already mentioned, data is kept on a cloud hub that can be reached anywhere. Of course, that is not to say that there’s any compromise for security — your business’s information can be seen only by people who have the right permissions to do so.
Invoice Approval Process Flowchart
If your business handles a large volume of invoices, then it can be challenging to track all of them and to know at which stage of the process workflow they’re currently at. This is especially true if this process happens manually. Additionally, invoices can sometimes have complicated approval flows and your payable management team may not be able to stay on top of them at all times. Thanks to AvidXchange, you can use software to help automate your existing workflows that already suit your business’s needs.
Along with the workflows, you also get an accounts payable dashboard that allows your team to see all of the invoices that are pending approvals. This ensures that your employees won’t have to spend their time trying to track down specific invoices, as you can track them from a dashboard on the AvidXchange platform. From there each invoice can be viewed in detail, if anything needs to be adjusted or if the approval workflow happens to be incorrect. This helps save your company time, as you will know that every time there’s an issue with the approval of a particular invoice, the AP team can troubleshoot quickly by viewing the invoice digitally. It will also ensure that there is less risk for human error, as the software will help you track each and every invoice that’s in the system. In the long run, that can help you save time.
Besides the dashboard, you can also view numerous other real-time reports that showcase different statistics related to your business’s accounts. Those can be especially effective when you want to impress the leadership team, by showing large amounts of data quickly and being able to back up statements that you’re making in regards to the company’s financial situation.
Billing Process Steps
AvidXchange can help you automate your billing and invoicing process. You may already know the different ways that software can help you with invoice processing. Software can also help you automate the purchase order and bill payment processes.
AvidXchange offers a software that automates your company’s purchase order process, thus helping you cut down on costs and reduce the number of unwanted purchases. It does so by integrating your business’s current billing process steps, however, it goes a step further as it helps determine purchase patterns so that you can gain financial efficiency. AvidXchange does that by eliminating multiple purchasers for similar products.
If you want to ensure a smooth transition from a manual purchase process to a digital system, you may want to create a billing process flow chart that can help you transition into automatic workflows within the software.
Another valuable element with AvidXchange is that you can combine the purchase order software and the invoice automation system to create a seamless process, whenever data needs to be exported to your accounting system. If you already have an existing purchase order invoice process flow chart, then it may help you understand how automating purchase orders can lead seamlessly into automation invoice processing. To put it simply, whenever the supplier sends an invoice, signaling that the order has been processed, the software can help match it to the purchase order automatically.
AvidXchange also allows you to create and see reports in real-time. Thus, it can be of help whenever you’re looking to improve your processes or you want to see the company’s most used purchasing patterns.
Overall, our software will ensure that you cut down on unneeded spending, reduce unnecessary delays. All that while making your purchase order process much more streamlined and integrated with the invoicing process.
Accounts Payable Process Steps
If asked about the company’s accounts payable process, you may lament that your process is complex, contains many steps and often takes a long time for the whole AP cycle to be completed. That’s one of the main reasons why automation is such a valuable option.
However, in order for your company to be able to use an automatic accounts payable system, you first need to understand all of your accounts payable process steps. It’s best to do that by using an online payment process flow chart that outlines each step and the action that should follow it. A key to remember is to include the whole payment cycle and to outline each step: the initial invoice data capture, the approval process, the coding with the correct account and cost center, and in the end the matching with the purchase order and posting for payments.
By doing so, you will ensure that you already have a working process and you are ready to use a software solution for accounts payable. If you feel there are any problems with the process prior to implementation, then it’s a good thing to consider what can be done to improve it.
Invoicing Process Steps
Processing invoices is something that your team understands very well. There are a lot of repetitive tasks in the invoice processing procedure, and there are also plenty of obstacles in the way of simple invoice processing.
The invoicing process steps can be automated using software, and this includes the bill payment process. To understand how this is done, it is helpful to use an invoice process flow chart template for making the process more clear. Thus, if there are any gaps in it or improvements that can be made, it will be easier for you and your team to address them.
However, the whole invoice process can take a really long time and loads of effort when done manually. It is a good idea to use an automated accounts payable system, as it gets the job done more efficiently and with less chance of error.