Invoice Processing in Accounts Payable

As an accounts payable team member, the billing and invoicing process can be long and exhausting. When your team manually processes and approves bills due to suppliers, you risk running into numerous struggles that interrupt the invoicing process flow and make your work more complicated. Because of this, your team may find it helpful to look at software geared toward middle-market companies that allows you to automate accounts payable, meaning that everything can run efficiently.

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Accounts Payable Automation Software

Unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions and say goodbye to filing cabinets and lost invoices. Accounts payable process automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button.

Reduce Costs of Accounts Payable

Reduce Costs

Reduce Costs

No more wasted efforts signing, stuffing, stamping and sending stacks of paper checks. Review, code and approve payments with a few clicks.
Scale For Business Growth

Scale For Growth

Scale For Growth

Savings from eliminating the hard costs associated with paper payments allow your current team to keep up with a growing workload.
Remote Accounts Payable

Work Remotely

Work Remotely

Our cloud based accounts payable platform provides online access 24 hours a day, seven days a week so you have flexibility when you need it.
Reduce Payment Fraud

Reduce Fraud

Reduce Fraud

Enhance your financial security by leveraging e-payment adoption, while providing your vendors with flexible payment options.

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When done manually, invoice processing in accounts payable requires your team to pay close attention to the entire invoicing cycle, which has numerous steps that are easy to overlook by accident. There are plenty of invoice processing steps that end up being inefficient, slowing your team down and causing work to keep piling up. Due to all of the invoice processing steps in SAP, you may have noticed a decline in efficiency in your accounts payable team. There are many benefits to simplifying your company by taking steps to automate your accounts payable. Following a vendor invoice processing checklist is essential but challenging for a middle-market company. Overcoming the challenges that you typically face when invoice processing in accounts payable can be done by using accounts payable software that will automate invoice processing.

Accessible online software such as AvidXchange offers accounts payable teams the ability to improve the invoice process by streamlining the invoicing process flow. Once you begin taking advantage of software like AvidXchange, you will find that your company and accounts managing team can function better and get more work done. It is essential that you shift your attention to how smoothly your invoice processing in accounts payable is running and that you address any errors you notice. This can be quickly done by automation software like AvidXchange’s AvidInvoice software, meaning less stress and confusion for you and your coworkers.

Accounts Payable Invoice Processing Flowchart

 

Because the accounts payable end-to-end process is often confusing, you or someone on your accounts payable team has likely missed some steps in the past. Manually going through the accounts payable process steps means you are leaving more room for error that could potentially harm your company. Because of this, it is wise for you to look at an accounts payable invoice processing flowchart and create a payment process flow chart sample that your accounts payable team can use in the future. Paired with automation software, creating an accounts payable process flow chart means the invoicing process is much simpler.

When you are developing an accounts payable process flow chart in SAP, there are some steps that you should be sure to include. The best accounts payable invoice processing flowchart will include processing steps such as a purchase order, invoice, bill payment, and all other secondary approval and processing steps that your team usually takes. As you are figuring out an accounts payable process flow chart for your company, make sure that you use all of the benefits of automation software. Doing so will help ensure that your accounts payable team stays on track and does business effectively.

Invoice Processing Journal Entry

 

Making an invoice processing journal entry with automation software is another crucial aspect for platforms like AvidXchange. Once the initial invoice processing cycle is completed, an accounts payable journal entry in SAP is created. Having accounts payable and receivable journal entries can be considered one of the most critical aspects of the invoice cycle, primarily because of the need for effective P2P journal entries to keep your business on track for success.

Looking at an accounts payable journal entry example can be helpful for those who are unsure of what constitutes high-quality journal entries examples and what trends should be monitored. Ultimately, a journal entry for invoice received from vendor is essential to keep accurate records of your company’s past invoicing processes. Using an invoice journal entry example while automating your invoice processing cycle can significantly help your accounts payable team. Software like AvidXchange reduces the risk of any accounts payable journal entries general ledger errors, meaning that your team has an extra layer of protection. Because of this, it is vital that you begin seriously considering how automating your accounts payable can help your company in all aspects of the invoicing process, including recording and tracking errors, to ensure that your business is booming.

Invoice Processing Procedure

 

Understanding the invoice processing procedure requires you to understand how to analyze invoice data. Though analyzing this data may seem complicated given all of the invoicing policy and procedures, software like AvidXchange can help your company understand the standard operating procedure for invoice processing. A standard operating procedure for sales invoice policies can be understood on a deeper level when you look at a sample vendor invoice.

Your records and flowchart for invoicing can be a huge help when you identify the order of analyzing the invoice in your invoice processing procedure. Because automation makes recording your invoices simpler and neater, you will find that other aspects of your invoice processing procedure improve. Through creating an invoicing procedure template that best suits your company, you can gain significant insight into the best overall practices for your company and accounts payable invoicing. While the invoice processing procedure may sound difficult to you as you learn more about accounts payable invoicing, you should remember that you do not have to figure out the invoice processing procedure for your company alone. Automation software is a great help when you are going through the invoice processing procedure, and it can guide you along the path of creating the best invoicing procedure template for your business.

Invoice Processing Definition

 

Regardless of whether your company uses invoicing processing system automation software or not, you must know the actual invoice processing definition before making any significant decisions for your company. The invoice processing cycle becomes infinitely more manageable when you take the time to grasp the concept of the invoice processing system. A simple and easy-to-understand invoice processing definition is that an invoice processing system is the total of every step of the invoice processing system cycle.

You may be asking yourself: what is coding in invoice processing, and what is invoice processing in accounts payable? Coding in invoice processing involves applying a unique code to every invoice through your accounts payable team, making organization and record-keeping much simpler. Because coding in invoice processing can be complicated for those unfamiliar with doing it manually, your company can be significantly helped through automation software like AvidXchange. Invoice processing in accounts payable can be understood through the invoice processing definition combined with an understanding of coding. As mentioned, invoice processing is, in its most basic form, a total of all of the steps that your accounts payable team goes through during the cycle of an invoice. Automating your invoice processing cycle means simplifying your business while you are cutting costs.

Accounts Payable Invoice Processing in SAP

 

When navigating accounts payable invoice processing in SAP, your company can hugely benefit from software such as AvidPay from AvidXchange. By integrating with Concur Invoice to provide a payment automation system built to help businesses eliminate inefficient payments, AvidXchange simplifies accounts payable process steps. The AvidPay software can significantly change how your business operates and how efficient your current invoice processing cycle is. By simplifying the accounts payable invoice processing in SAP, AvidPay integrated with Concur Invoice boosts your company’s efficiency.

Though the SAP accounts payable process can be complicated when the accounts payable process in SAP is being done manually, AvidPay from AvidXchange allows your company to pay bills in a much simpler and quicker way. Large conglomerates using the accounts payable configuration in SAP s/4HANA will find numerous benefits in AvidPay from AvidXchange, and accounts payable in SAP will become a less complicated and risky procedure. In addition to this, knowing various SAP accounts payable transaction codes can help your company thrive when automating the invoice processing cycle. Accounts payable invoice processing in SAP does not have to be as complicated as the title may sound. With AvidPay, you will find that your company can navigate the accounts payable invoice processing cycle in a much more productive way.

What Is Invoice Processing in SAP

 

To complete your knowledge of accounts payable invoice processing, you must be able to answer the question: what is invoice processing in SAP? SAP invoice management is essential for middle-market companies and can significantly impact how successful your business is during the vendor invoice processing in SAP. Because of the challenges that arise when your company has an overwhelming amount of invoice processing in SAP work to tackle, you and your coworkers may find that understanding invoice processing in SAP is confusing to navigate. Because of this, you may accidentally overlook essential steps in the invoice processing cycle that are causing errors in your workflow.

So what is coding in invoice processing, and what is invoice processing in SAP? Coding is one of the ways that your company can manage and track important transactions to ensure that there are not any glaring errors in this process. Knowing invoice processing in SAP Tcode, or SAP transaction code, can also help your company understand the importance of organized invoice processing in SAP. Ultimately, your company will gain valuable resources and knowledge through the use of invoice processing automation software such as that provided by AvidXchange, giving your company a surefire way of streamlining your accounts payable invoice processing.

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