A company’s manual invoicing process can sometimes be a tedious and time-consuming affair. Invoice processing encompasses all the steps a company must take to pay a vendor for furnished products or services. From when a company receives an invoice until the invoice is paid, accounts payable departments in several industries must complete this undertaking every time a bill needs to be paid.
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.
Join the 8000+ Businesses Enjoying AP Automation with AvidXchange
Watch our 4-minute demo of AvidXchange’s AP automation solutions. We’ll show you step-by-step how our solutions can digitally transform your entire invoice-to-pay process.
Technology has advanced, but some accounts payable departments still manually process their company’s invoices. Although this traditional method can work to ensure that suppliers are paid, the process itself can take some time. Accounts payable staff members must manage invoices, enter invoice information into their system, and physically handle payment approval. They also have to correct any mistakes that might arise at any step of the invoicing process.
Manually processing accounts payable can cost a department and ultimately a company excessive time and money. Also of note, manual processing can create issues like late payments or erroneous invoices. People sometimes make mistakes. One error can delay a company’s invoice payment process. One delay can result in lost time and money. A company could also suffer the loss of a vendor if an invoice isn’t paid on time or at all.
Automating the process can reduce expenses, minimize the amount of errors, and bolster a company’s relationships with their vendors. An invoice template can possibly expedite the process, but invoicing software can offer accounts payable departments a better and more efficient way to process their company’s invoices. Invoice software like AvidXchange can convert invoices into digital formats that can then be easily routed and paid. Automating the invoicing process can reduce costs, eliminate invoice errors, and allow companies to run more efficiently. Accounts payable departments can also potentially focus on generating revenue for their company instead of worrying about how to manage it.
The best invoice software can mitigate the number of data-entry errors, reduce the time spent on accounts payable, and minimize all of the valuable resources associated with the process, such as paper and file storage. These costs may seem minor on the surface; however, they can add up and eat away at a company’s budget in the long term. Since invoice automation can reduce manual processes and paperwork, a company can possibly reduce its expenses.
The best invoice software could provide a central repository for all of a company’s invoices. Automated invoice processing software should also integrate with a company’s existing accounting system. A company doesn’t have to change the entire way they handle their finances. The best automated invoice processing software should be as user friendly and accessible as possible. The goal of simple invoice software should be to streamline the invoicing process from start to finish. Companies that invest in and purchase invoice processing software can expect to have their bill payments facilitated to their suppliers with ease. They could also expect to track all payment processing stages via the electronic, cloud-based payment system. AvidXchange can offer all of these features to companies seeking to automate their invoicing procedures.
A simple invoice manager can probably perform basic functions. A simple invoice app might not be enough to keep up with a company’s invoicing demands, however. Workload demands aside, accessibility is a key feature that shouldn’t be ignored. Sometimes staff members can’t be in the office for whatever reason when they are needed to approve invoices or resolve payment issues. The best invoice app should allow its users the option to access their invoice information anyplace at any time.
An invoice approval app can do more than be accessible and save a company money. Accounts payable departments that use an invoice app can potentially increase their productivity enough that they can focus on generating revenue for their company and not simply manage it. Using automation software might result in a reduced chance of a company paying a vendor late. AvidXchange can help accounts payable departments keep their invoices organized. If a vendor has any trouble receiving payments or otherwise has questions about the process, the accounts payable team could easily access invoice information via the digital platform.
AvidXchange is a cloud-based system, which means accounts payable teams can access invoice information at any time from any location. All they need is a device and an internet connection in order to enjoy the benefits of enhanced accessibility. That way, accounts payable teams do not have to manage so much different information manually.
Some industries will have more trouble than others processing invoices even if they use billing software. Some of this trouble stems from the sheer number of invoices a company might have to manage. These industries include but aren’t limited to:
AvidXchange has made its software specifically with these industries in mind. Their target customers are mid-to-large companies with complex accounts payable systems.
Simple billing software and billing system software in general can help beleaguered companies streamline their workflow. If vendors can use the best billing software, then companies can use equally powerful software to pay them. AvidXchange can offer companies the tools to make a positive change in the way they process and pay their invoices. In addition, AvidXchange provides various integrations that can assist companies with transitioning to invoice automation. Adopting electronic invoicing might seem intimidating, but allowing companies to keep their core accounting systems can possibly make the change less stressful.
The best invoice approval software can not only help an accounts payable team perform their job better so they can focus on other tasks, but it can also save a company money. The accounts payable approval process can cost a company $22 from start to finish. Twenty-two dollars to approve a vendor invoice might not seem like a lot, but that’s the amount it costs for only one invoice. Multiple invoices might tax a company’s bottom line. Postage, physical supplies, and check printing can all add up and put a strain on an already tight budget.
The electronic approval of invoices can possibly eliminate a fair portion of that total. With AvidXchange, companies could save about 60 percent in payment processing costs by using accounts payable automation rather than manual processes. Supplier invoice approval software can also help maximize cost savings by reducing all of the manual tasks that are associated with invoice receipt and capture.
A company still using manual accounts payable methods has to deal with enough expenses when they pay a supplier invoice. Approval software can help reduce those expenses so a company can redirect their concerns towards improving their business.
A notable feature of invoice software is flexibility. Every company has their own way of doing business. The best invoice software can seamlessly combine with a company’s existing accounting system. Integrations can improve a program’s flexibility and result in a more user-friendly experience. Employees might actually want to process invoices with an effective integration at their disposal.
QuickBooks is a popular program that can work alongside an automated invoice approval workflow. QuickBooks users can streamline invoice automation and bill payments with an integration with AvidXchange. Using AvidXchange’s invoice software, QuickBooks, and their own accounts payable controls, a company can enjoy the functionality and transparency to keep their accounts payable department running smoothly. Integrating with AvidXchange’s invoice approval, QuickBooks Desktop can help on the accounting side of things and possibly improve invoice processing performance, resulting in higher productivity. With QuickBooks Desktop, invoice approval workflow practices can shift a company’s fortunes and improve financial outlooks as both workflows and expenses will have been optimized for success. A smoother invoice approval, QuickBooks integration, and superior visibility can be three factors for choosing AvidXchange.
AvidXchange offers over 210 additional software integrations for an even more robust level of accessibility. Companies in several industries can adopt invoice software without having to uproot their entire accounting system and practices.
AvidXchange’s invoice software helps its users process invoices and pay them electronically. AvidXchange’s payment approval process flowchart can be easy to follow:
Bill approval software can help curtail excess paper usage, which could help middle-market companies save both money and time. Payment approval software can also streamline the invoicing process while providing 24/7 visibility into the status of invoices, approvals, and payments. Users can access their invoicing information at any time of day and from anywhere with an internet connection. The payment approval process can be monitored for irregularities. This visibility can reduce the number of missed and erroneous payments. Taking these measures is possible without requiring an accounts payable team to completely overhaul existing workflows.
Moreover, with a network of over 700,000 vendors at their disposal, AvidXchange can speed up invoice payments by already having vendor payment information available and ready for use. Their invoice software can be quite invaluable for a company that wishes to save money, guarantee payments, and generate more revenue.