Without having a smooth and speedy process for buying and paying for supplies, you won’t be able to scale your company. At the heart of the procure-to-pay cycle is accounts payable, the department in which a business processes invoices and makes payments to suppliers for goods or services rendered. Unfortunately, the vast majority of invoices are processed manually, with employees copying and pasting information from one system to another.
This is what is holding back so many organizations all over the world. Research shows that the majority of businesses continue to rely on manual processes, even though many of them recognize its inherent inefficiencies. Many accounts payable teams wind up overwhelmed with mountains of paperwork on their desks and not enough time in their days. This can lead to important documents getting lost, unnecessary delays, and demotivated employees. Additionally, traditional, paper-based workflows create additional security risks.
In the confusion of the average accounts payable office, it wouldn’t be tough to falsify a signature on a single document or change the value on an invoice. Human error is also an issue that accounts payable teams must contend with. No one is perfect, and demotivated employees who are tired of performing the same tedious task are even more likely to err. All of these issues are why many businesses are looking for a better way to pay their suppliers. The answer is simple: automation in the form of a PMS (payment management system).
Payment management solutions enable you to pay your suppliers electronically. This means that you can eliminate the costs and inefficiencies associated with paper checks as well as reduce the potential for fraud in your accounts payable department. The best payment management services streamline your payment processing and can provide significant savings. One example of a PMS management system is AvidPay from AvidXchange. AvidPay offers a host of features that you can use to make paying your suppliers simple and fast.
Payment Management System
Different payment management services will have other features and functionalities. However, the general framework will remain the same. The primary purpose of a payment management system is to organize and streamline the payment processes of your business. Paper checks are prone to fraud, while electronic payments are far safer. The B2C world has embraced the flexibility and security of electronic payments for some time now as consumers have become accustomed to payment methods like PayPal. The time has come for the B2B market to follow and take advantage of all the benefits of payment management system software. What are the benefits of the best payment management systems?
Firstly there are the lowered operational costs. Savings are created by the fact that employees no longer have to spend time finding lost checks or dealing with printing, envelopes, postage, and time spent following up on checks. Bills can be paid in seconds rather than days. This results in a more rapid payment process in your businesses but also means that your suppliers will be paid faster. This means you can build a stronger relationship with your suppliers, who will appreciate being paid much sooner than they can traditionally expect. Many suppliers will even offer discounts to their buyers for immediate electronic payments.
Payment Management System Login
Whether you rely on cloud-based payment management services or a hardware-based payment management system project, you most likely need to create a PMS account to utilize the system. Requiring users to log in can allow you to define specific privileges regarding invoicing approval and processing. A payment management system login requirement also increases the security of your payment information. Although a business may prefer a hardware-based system, it must be said that a cloud-based solution can provide more benefits to your business.
For example, a cloud-based service can be accessed from anywhere and at any time, giving you 24/7 visibility and access to your accounts payable processes. Furthermore, with the advent of COVID-19 and the consequential rise in remote working, cloud-based solutions provide the remote support you need to ensure that all of your team members can collaborate, no matter where they are. If your team preferred (or was required to) move to a remote setting, all your employees would need to do is use their payment management system login information to access their accounts and manage your company’s payments to suppliers.
Payment Management System Help Desk
Once you’ve made the decision to invest in payment management services, you may still run into issues as you and your team are getting used to the new electronic payment workflows. If you have any questions on how you make the system better suit your needs, contacting the payment management system help desk can be a great way to get answers. AvidXchange, for example, provides a beautiful online help desk with frequently asked questions, articles, guides, and anything else you may need to know. If you still can’t find what you’re looking for, there is a handy contact form so that you can reach out to an AvidXchange team member who will be able to help.
One of the other organizations providing a payment management service is Google. The payment management Google solution provides a speedy and efficient way to make payments for both consumers and businesses. However, Google Pay is primarily designed to provide electronic payment support in the B2C space. A payment management app such as AvidPay can give you more than just faster payment options. A cloud-based payment system can give you a more accurate and dependable way to track your payments and can provide all kinds of analytical information that can help you improve your processes.
Payment Management System Access Request
You may have heard of a payment management system access request form. This is actually a form designed to help you create an account for the Payment Management System (PMS). This is a tool managed by the Department of Health and Human Services and makes it easier for grant recipients to draw down funds. This is an important distinction. The kind of payment management system we have been discussing refers to a solution for making B2B payments easier, not for accessing grant funds. A payment management system access request form and HHS payment management system transaction codes are not relevant to the systems we have in mind.
Although, even the official PMS is still very similar to the kind of tool we have been explaining. The purpose of a B2B payment system is to provide a way to pay your bills faster and with more efficiency. AvidPay is a solution you can trust. Thousands of different organizations have already utilized our platform, and our AvidPay Network consists of more than 825,000 suppliers. Plus, because automation should never mean a loss of control, we have designed AvidXchange to give you the ability to create custom workflows in our cloud-based platform.
Payment Management System Training
Have you considered payment management system training? Implementing a new system may bring all kinds of benefits to your accounts payable workflow, but only if your employees understand how to utilize that system to the best possible extent. This is where payment management system training comes in. It’s essential to ensure that your employees and staff know how to use the new solutions you’ve invested in.
AvidXchange understands this and has set up the AvidXchange Academy to help make training easier. Instead of trying to memorize all kinds of complicated payment management system transaction codes, your team can quickly get answers to their questions and learn how to become experts with our PMS management solution. At the end of the day, what is payment management? Fundamentally, it is the practice of tracking and studying your payment processes to identify ways to make the whole process more efficient.
Payment Management System User Guide
Outside of training, reviewing the payment management system user guide for your particular platform is another excellent way to become more familiar with how the system works. PMS management solutions can help your business pay your suppliers faster and with more accuracy. It can also enable you to go completely paperless, which can make it far easier to scale. Instead of your teams being overwhelmed by paperwork, they can use a payment management system (PMS) to rapidly pay invoices with just a few clicks. Also, a payment system like AvidPay gives you complete control while also helping you to reduce security risks and lower the cost of operating. These are just a few of the many reasons companies are choosing solutions such as AvidPay to help improve their processes and streamline their workflows.