If an accounts payable team needs a way to streamline their disorganized and inefficient accounts payable workflow, accounts payable automation could be an effective solution.
Even if a company already has a successful accounts payable process in place, they could still benefit from implementing accounts payable automation. Whether a business’s accounts payable workflow is currently working for them or not, accounts payable automation software from AvidXchange can help minimize the manual tasks required to process payments to suppliers and reduce the amount of paper being used.
AvidXchange can be integrated with an accounts payable team’s existing accounting software so they can continue to use the accounting tools that are working for them while also adding the benefits of accounts payable automation. This could allow an accounts payable team to use accounts payable automation alongside their preferred accounting software, which could create the potential for increased productivity.
But what is accounts payable automation? Before business executives can make a decision about whether or not accounts payable automation is the right solution for their accounts payable teams, they should probably ask themselves this question. Accounts payable automation software is an accounts payable solution that can assist accounts payable teams with invoicing and bill payment processes. It can allow accounts payable teams to convert paper invoices into a digital format and then automate the process of organizing them within the system, routing them for approval, and executing the payments. Accounts payable automation software can also enable full visibility into the status of individual invoices as they move along the automated pipeline.
SAP Accounts Payable Automation
One of the benefits of AvidXchange’s accounts payable automation software is that it can be integrated with SAP Concur to reduce the amount of manual work required throughout the process, which can help create an accounts payable system that is more efficient and less prone to error. AvidXchange’s bill pay solution, AvidPay, can work in tandem with the SAP Concur app to enable businesses to pay bills using a payment automation solution. This can help businesses reduce inefficiency and risk in their bill payment processes.
If an accounts payable team is using Concur solutions like Concur Invoice to assist with their invoicing process, they can also implement AvidPay to allow for an automated bill payment process. By minimizing the need for paper supplies, AvidXchange can enable accounts payable teams to switch to a completely electronic method of processing invoices and payments. This could help businesses save money if they combine AvidXchange with their SAP Concur login.
If a business is currently using SAP Concur and also wants to implement AvidXchange to automate their accounts payable process, SAP Concur could continue to be used alongside AvidXchange. By integrating AvidXchange with SAP, accounts payable automation can be utilized without the need to abandon SAP Concur if it is already working well.
Accounts Payable Technology
AvidXchange can streamline an accounts payable team’s accounts payable process from start to finish with the help of accounts payable automation software. It can accomplish this by learning the current workflow that an accounts payable team is using and matching it with automation, which can enable a faster workflow without needing to design or learn a new workflow.
Accounts payable automation technology is able to provide accounts payable teams with complete visibility into the process and can allow them to quickly and easily locate individual invoices as they progress through the workflow automatically.
Some of the primary benefits of implementing accounts payable technology and using it to achieve best practices in accounts payable process include:
Using OCR technology, accounts payable automation software can scan invoices and convert them into a digital format. This can reduce the amount of manual data entry that must be completed, decrease the risk of errors, and save time. Once invoices have been uploaded in digital form, they can be automated to move through the rest of the process quickly and efficiently.
Accounts payable teams can have total visibility into the status of invoices as they are being processed automatically. This can allow accounts payable teams to ensure the process is adhering to best practices in accounts payable process.
Accounts payable automation software can also enable accounts payable teams to access accounts payable information, including invoices, at any time from any device that is connected to the internet.
Accounts payable technology can also allow accounts payable teams to locate invoices at any stage of the automated workflow, creating complete visibility into each of the processing stages for each invoice.
Accounts payable teams can specify exactly which invoices should be paid to which vendors and when. Even though accounts payable automation software can automate accounts payable workflows from end to end, it also enables accounts payable teams to retain full visibility and control over the whole process.
Accounts payable technology also provides accounts payable teams with the ability to easily determine suppliers’ and vendors’ preferred methods of receiving bill payments. Bills can then be paid using each vendor’s preferred payment method, whether they prefer secure paper checks or electronic payments.
These are some of the most impactful advantages of using accounts payable automation software.
AP Automation Companies
There are numerous AP automation companies for businesses to consider if they are searching for ways to optimize their accounts payable system. This list of AP automation companies contains a variety of services with differing goals and capabilities. AvidXchange is an AP automation company that is among the top companies in this list of AP automation companies.
AvidXchange reviews indicate that many businesses consider it to be an excellent solution to their accounts payable automation needs. One of the benefits of AvidXchange is that it provides users with an extensive amount of resources to help them use the accounts payable automation software to its fullest potential.
AvidXchange provides more than just a simple AvidXchange user guide; accounts payable teams that choose to utilize AvidXchange can access a wealth of resources to guide them through the various features of the accounts payable software as well as coach them on various aspects of accounts payable processing in general.
AvidXchange can use their experience working with middle-market companies to help businesses automate their accounts payable processes without the need to implement new tools or disrupt their existing workflows. AP automation companies like AvidXchange can provide an effective solution for companies that want to streamline their accounts payable workflow with automation.
Best Accounts Payable Automation Software
AvidXchange is among the best accounts payable automation software for middle-market companies. They have an extensive supplier network encompassing over 700,000 vendors. AvidXchange’s accounts payable automation software comes with all of these suppliers’ payment preferences already built into the automation’s code. This could eliminate the need for accounts payable teams to manually determine each supplier’s payment preferences. The time saved could be repurposed toward more strategically valuable tasks that are likely a more efficient use of accounts payable teams’ time.
AP automation software that includes access to a supplier network might provide access to their supplier network through a supplier portal. AvidXchange’s included supplier network integration can allow any company that uses AvidXchange’s AP automation software to pay suppliers according to their preferred method because the vendors’ payment preferences are included in the automation.
Accounts Payable Process
Accounts payable software like AvidXchange could help an accounts payable team streamline their accounts payable process. By using accounts payable automation software, accounts payable teams could automate the entire end-to-end process of accounts payable.
Accounts payable automation software can also give accounts payable teams increased visibility into their accounts payable process, enabling greater control. Accounts payable teams could find it easier to stay organized and reduce the amount of paper they use by implementing accounts payable automation software.
Some common accounts payable process interview questions that new users of accounts payable software might ask include questions about how accounts payable automation software can increase the efficiency of their accounts payable process. Accounts payable automation can automate the steps that invoices take as they travel along the accounts payable workflow, kind of like an accounts payable process flow chart.
Invoice Processing
One of the benefits of AvidXchange is its ability to automate invoice processing. Invoice management can be made easier for accounts payable teams if they use accounts payable software to automate the invoice process flow. Automated invoice management software can automatically code invoices, assign them to the relevant workflows, and electronically route them for approval. Time-consuming manual tasks like invoice reconciliation can also be handled by automation, freeing accounts payable team members to devote their time and talents where they are needed most.
When a business implements an accounts payable system that includes e-invoicing, they could find that their accounts payable process runs more efficiently. Invoice management can be streamlined and simplified with the help of automated invoicing software like AvidInvoice from AvidXchange. This type of software could improve a business’s invoice process flow by automating invoice processing so that it can be completed as quickly, efficiently, and cost-effectively as possible.
