One area that middle-market companies could benefit from digitizing is their accounts payable divisions. Automating the payment approval workflow could result in faster vendor payments and less paperwork. Perhaps most notably, accounts payable departments may enjoy easier access to vendor invoices. That way, employees can be designated to access the online approval system from anywhere with an internet connection on any device. This access could be available 24 hours a day, 7 days a week.
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AvidXchange is a secure cloud-based platform that could provide companies the ability to streamline their accounts payable, including online payment approval and automated invoicing. As such, they could enjoy little to no paperwork, as the payment process occurs online. By eliminating paper invoices and moving to a cloud-based solution, accounts payable departments could ensure that bills are paid on time regardless of the device used.
Moreover, users could also be alerted when issues arise at any point during the accounts payable or payment approval process. This gives them time to focus on higher-level tasks such as developing and growing their companies professionally and financially. Accounts payable departments could also focus on verifying data for accuracy, perfecting a payment approval process flowchart, and analyzing their companies’ numbers.
Companies that have automated their invoice processing could enjoy a cost savings of nearly 50%. That could include physical supplies like paperwork and labor costs. As a best practice to save time and money, a company could ideally automate as much of their accounts payable process as possible. As much as the world has evolved, accounts payable departments may still manually manage their accounts payable systems. For some, it is the way their company has always handled AP. For others, they simply may aim to transition to a more digital system.
Serving over 6,000 middle-market businesses since the year 2000, AvidXchange could transform the way companies pay their bills. Automating the entire process may help ensure vendors get accurately paid on time.
An accounts payable department’s job is to ensure that bills to vendors are paid promptly and accurately and that invoices are processed smoothly. Automating the payment approval workflow could help them efficiently perform their duties.
The payment approval format traditionally meant an invoice is coded by hand, delivered to the proper designee for approval, and then delivered again for vendor payment. The manual processing before an invoice even reaches the designee could take on average 12 minutes. If there is an error in the invoice or the invoice gets lost anywhere along the line, then payments to vendors could be late or overlooked altogether.
AvidXchange could take this invoice approval process and automate it. Technology performs the work, potentially eliminating the chances of some issues arising during the process. AvidXchange could then ensure that the invoice automatically makes it through every step of the approval process. The invoice will be delivered to whoever needs to complete the next step of the approvals process.
Once an invoice is submitted on AvidXchange, it’s automatically moved through each stage of the invoice approval process. The status of each invoice can be viewed on the app’s dashboard at every step. Accounts payable departments might not have to deal with lost invoices or late vendor payments again.
AvidXchange keeps hands off each invoice, meaning once invoices are scanned, the system could handle moving the invoice through the motions automatically.
When it comes to communicating in business, email is often a popular method. Email is unique in that workers can check their emails from virtually anywhere they have access to a working device. However, that does not mean that email is without its limitations. For example, some accounts payable teams may find themselves struggling with email clutter, especially when it comes to payment approvals.
When you send a payment approval email, you may find yourself in a back-and-forth cycle just to ensure that a payment can get approved. AvidXchange could allow companies to track invoices and approve payments. Accounts payable staff no longer have to constantly be emailing people back and forth to get a payment through the approval process.
AvidXchange can eliminate time-consuming email clutter related to the invoice approval email. That is because the software allows accounts payable teams to view statuses of current invoices and approve payments from a single software platform, which could in turn create a system where people do not constantly have to check their emails to ensure that a payment is processed on time. Setting up such an invoice approval software could keep the invoice moving through the process without too many unforeseen delays, if any at all.
Companies may not have to worry about unread emails halting their accounts payable once they automate the approval workflow. A request for approval email example would show that the payment approval workflow can be ongoing.
Accounts payable automation software could streamline invoice approval and payments based on a supplier’s specific needs. These rules are integrated into the process, offering companies more control with their AP.
AvidXchange’s digital billing process flow chart could also be straightforward to follow. First, the invoice is scanned into the platform. Powerful artificial intelligence codes the invoice accordingly. The AI will search an invoice for data that will be used to determine the next recipient or relevant vendor. You can then check the invoice against the receipt or the purchase order. From there, the invoice can go through the motions to be approved and paid.
This billing process flow chart can serve as a billing process flow chart template for the invoice processing and approval journey. Moreover, this payment approval workflow may offer flexibility and accessibility that can help streamline an accounts payable team.
Businesses that have employed AP automation software may see improvements in spend visibility, the auditing process, and cash flow. These improvements could help them weather complicated steps and even grow to meet their next challenges. In sum, a clear payment approval process can allow businesses to ensure that suppliers are when they must be paid and that accounts payable teams may be able to function.
In the past, when accounts payable departments had to ensure that payments were approved promptly, they typically would have had to request approval for payments manually and then await a payment approval letter. Unfortunately, this could take a significant amount of time, especially if the accounts payable team had to depend on one person to approve the payment and that person did not receive the payment approval request or otherwise overlooked it in some way.
With AvidXchange, it may no longer be necessary to request payment approval by hand. Accounts payable teams may be able to forgo making the request and then awaiting the permission request letter for approval. Approval for payment may be a more intuitive process.
That is because AvidXchange could potentially streamline invoice submissions. All of the pending payments that are awaiting approval could appear on one dashboard for the accounts payable team to see. This is all handled on the dashboard so that the accounts payable team does not have to seek out another platform to oversee the approval process. The AvidXchange platform may be able to manage the entire approval process of an invoice. This could result in a more streamlined payment process as a whole.
An accounts payable team could suffer when obstacles block any part of its workflow. This is especially true when it comes to the receiving, tracking, and approval of invoices, which can be a lengthy process. That is why an invoice approval process flowchart may be able to help. That is because this process is often completely paperless.
Companies that have adopted paperless invoice processing could enjoy a cost savings of nearly 50%. Invoice approval workflow could make the invoicing process more seamless for the accounts payable team. More specifically, eliminating paper could reduce the risk of misplaced and fraudulent files. Cloud-based solutions may safely store all invoices and payment data electronically. These AP solutions include fraud protection for payments and printed checks.
Moreover, an invoice processing flowchart could also ensure that all invoices remain in one central location. Physical invoices may be more difficult to misplace if they can be viewed on one dashboard. Perhaps in just a couple clicks, an invoice can be moved through the processing steps with a sense of accuracy and efficiency.
In such cases, a clear invoice process flow chart template could potentially be valuable. With a clear process determined, accounts payable teams could receive, track, and approve invoices all on AvidXchange’s platform. This platform could be available 24 hours a day, seven days a week. All that may be required is online access. The process itself could be paperless, which could consequently improve invoicing workflow. In the long term, this could possibly reduce accounts payable costs.
An invoice approval workflow with Quickbooks could be implemented with a company’s existing system to provide a more streamlined payment approval app. If a company already makes use of Quickbooks, AvidXchange could be integrated with that company’s Quickbooks account, which could allow for a more user-friendly, flexible experience. Quickbooks payment approval process may allow for a more secure way for accounts payable teams to ensure that bills get paid on time. Moreover, Quickbooks online approval workflow can allow accounts payable teams to abide by regulations already set by the business while still enjoying access to an audit trail that can be easily tracked and recorded. In other words, accounts payable teams still hold control over the process.
With QuickBooks, the payment approval process could be fast and secure. This means that accounts payable teams could also reduce fraud risk with an effectively managed solution by transitioning to a system that is virtually paperless, allowing for an automated accounts payable system. Eliminating paper invoices and mailed checks while managing all accounts payable and payment functions could potentially improve productivity within an accounts payable department, which could in turn reduce costs and allow accounts payable to focus on other pressing matters.