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Resources   /   Glossary

Payment Approval Software

Our accounts payable automation platform, including payment approval software, can offer flexibility and meet the needs of an accounts payable team at middle-market companies. For your middle-market business, this means improved efficiency. You likely want to save on processing costs, scale for growth, and upgrade your security.

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In the accounts payable process, bill payment approval is the last step. If a single step is incorrect, the entire process can face delays and costly errors. And when that happens, it typically means late bill payments, upset suppliers, and even more upset leadership.

AvidXchange offers accounts payable software so that you can make sure there are no mistakes along the way. While there are various accounts payable solutions available in today’s market, at AvidXchange, we work hard to provide what some might deem the best bill payment processing software.

By automating your accounts payable, you can simplify how you operate your business.

AvidXchange’s payment approval software lets you save money and scale for growth, and it is perfect for medium-to-large-sized companies that have large annual revenues.

With our services, you will gain access to a digital application suite. This suite is fully customizable to your company’s needs and pre-established workflow.

Another benefit to automating your bill payment process is that AvidXchange has plenty of useful software integrations.

If your accounts payable team already uses convenient accounting software like QuickBooks, you don’t have to worry about losing access to it.

AvidXchange streamlines the payment process for QuickBooks users, while improving upon security. Moreover, AvidXchange provides 24/7 remote access, so whenever you wonder whether a bill is getting approved on time, you can easily check.

Invoice Payment Approval Software

Traditionally, the invoice approval process has been rather time consuming. A company has to wait for many different people to handle an invoice before it can be officially and properly processed. When companies choose AvidXchange for their AP automation process, they can cut costs by around sixty percent on invoicing and bill payment processes. As a result, they save a significant amount of time that can be spent on more pressing financial matters.

Invoice approval is a key input when it comes to payment. If you search the web, you may find that some see AvidXchange’s invoice approval software as the best paperless invoice approval system.

Obviously, the invoice must be correct prior to payment approval. Otherwise, sorting through so many mistakes can quickly become a time-consuming endeavor. AvidXchange lets you seamlessly integrate invoice approval and payment approval. It includes full integration with an incredibly convenient list of partners, including the invoice approval software QuickBooks and management software like NetSuite.

At AvidXchange, our goal is to offer the best invoice approval software. That is why we believe a crucial part of any AP team’s process is the ability to adhere to invoice approval best practices. AvidXchange can make this more manageable, especially thanks to invoice approval workflow Quickbooks.

Digital Invoice Approval

Digital invoice approval is essential for ensuring an efficient payment process.

With AvidXchange, how is an invoice approved for payment? Basically, it routes each invoice and email automatically to exactly where it needs to go. After each step has been approved, AvidXchange automatically sends it to the next person who needs to be in the loop.

Finally, when everything has been approved and properly validated, AvidXchange can even make the bill payment for you directly to the suppliers. A network of around 700,000 suppliers rely on AvidPay. We also oversee billions of dollars in transactions every year.

For large businesses that want to make B2B payments securely and quickly, AvidXchange may be a viable solution. Plus, AvidXchange’s cloud-based accounts payable solutions can bring your team much-needed convenience and control.

Because AvidXchange is entirely cloud-based, as long as you have an internet connection, you can access the invoice processing software at any time. It does not matter if it is early in the morning or during standard work hours; AvidXchange allows you to access the information you need when you need it. You do not have to wait until you are working in the office to enact certain changes or complete specific transactions.

Accounts Payable Software

While you can find free accounts payable software online, these options are often not a safe choice.

The potential malware, security issues, and other risks that come with free accounts payable software may make them more costly in the long run, especially when it concerns the security of B2B payments. Even if you can recover lost money, the delays alone can lead to costly problems both in the short and long term.

Instead of relying on invoice software free, your accounts payable team might consider investing in an accounts payable software like AvidXchange.

With the AvidXchange, you can scale for growth, reduce fraud, and work remotely. The paperless capabilities of our accounts payable software also ensure that you do not have to process large amounts of physical paperwork.

Our industry-leading app allows you to make lightning-fast bill payments to suppliers. It also helps you automate your entire bill approval process—all paperless and very convenient.

We work with a huge supplier network of over 700,000 companies. You will never have to worry about delayed payments. We process billions of transactions each year, with user satisfaction at an industry high.

When it comes to accounts payable software for large business, AP teams often need to oversee many different transactions at a time. AvidXchange makes handling all these transactions more manageable simply by eliminating the need for paperwork.

While AvidPay isn’t free, it is affordable, and you can request a demo on their website. Since you can save so much money with our software, it’s more than worth the price.

AvidXchange also allows you to personalize your bill payment process through a custom workflow creation. You can easily organize your workflow and control bill payment and invoicing all from one user-friendly platform.

We will mention, though, that AvidXchange might not be the best for you if you need accounts payable software for small business specifically.

While middle-market companies can use the full assortment of benefits that AvidXchange offers, smaller businesses in search of accounts payable software for small business may struggle to get much use out of the software. That is because larger companies tend to employ much more complicated accounts payable processes.

That said, even if AvidXchange is not the ideal choice at the moment, our team is eager to help businesses transition during periods of unprecedented growth. As your business grows and your need for an efficient payment approval software increases, we can make the transition smooth.

Payment Approval Process

At AvidXchange, we take pride in streamlining the payment approval process with our payment approval app. Because the app handles the entire payment approval process electronically and automatically, the process remains organized in a logical manner.

The software can manage virtually every task that your accounts payable team would otherwise need to complete. Instead of handling these tasks manually, your team can attend to more important work that requires their full attention.

With AvidXchange, every bill you pay goes through our secure bill payment platform. You can choose from many different payment methods, including our own AvidPay option. This feature is valuable because not every vendor wishes to be paid in the same manner.

Moreover, AvidXchange ensures that the process is entirely secure. Too often, handling accounts payable tasks manually leads to costly errors—errors that can lead to severe security risks. By adopting payable approval software, you can likely reduce fraud risks and mistakes that come with manual entry.

Plus, because we are often a top choice among all payment approval automation best practices, we offer total integration with other popular software.

If you choose AvidXchange for AP automation, you can still simultaneously use it with other solutions that help your team. We can adapt to your system so that you can use ours without much training.

Best Accounts Payable Automation Software

At this point, it is best to consider AP automation and accounts payable automation best practices. If you’re a mid-to-large business that makes large numbers of transactions annually, fraud risks and mistakes can cause delays and escalate into significant problems. AvidXchange can swiftly reduce fraud risks and mistakes, saving your company time, money, and resources.

By creating an AP automation workflow, you enhance your ability to pay bills accurately and on time. To ensure you stay on time without having to worry about security, AvidXchange strives to be among the best accounts payable automation software by handling all accounts payable matters for you digitally.

AvidXchange’s accounts payable automation software is also exceptionally user friendly. It is easy to integrate into your pre-existing workflow, and you can use it with other software solutions as well. You can easily pay bills and automate invoices with AvidXchange, on top of using other financial accounting platforms.

For example, QuickBooks is an accounting software package that is widely used. If you’re a QuickBooks user, you can streamline your invoicing process and bill payments and make them more secure.

Invoice Approval Workflow

AvidXchange’s invoice approval app has many features, including customization of the platform.

Not only do you have 24/7, full access to your digital AP suite, but you can also personalize it, depending on your workflow and needs.

You can automate the invoice approval workflow by customizing your account on the AvidXchange invoice organizer software.

The invoice approval workflow software seamlessly integrates with your existing invoice approval process.

With AvidXchange, you can automatically route invoices to the correct people. It moves the invoice automatically through the invoice review and approval process. This expedites your invoice approval and bill payment.

By helping you enforce your pre-existing business rules, you won’t waste any time adjusting to a new platform. You can set custom permissions according to how your company works. Enjoy complete access to a clear audit trail from purchase order to payment and rest knowing that your bills will be paid when they must be paid. Your accounts payable team can efficiently do all the work they need to do and even check invoicing and bill payment progress anytime, anywhere.

With AvidXchange, AP workflow can be greatly streamlined and simplified, and both your AP team and suppliers can enjoy an intuitive payment process where they do not have to wait at each step for someone to ensure that the invoice flows through the process without interruptions.

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