An important part of growing businesses can be consolidating simple tasks to cut costs and run more efficiently. When looking at ways to consolidate these tasks, automated online software can provide ways to simplify the workspace and lighten the responsibilities of certain business teams. For businesses that deal with consistent bill payments to vendors and suppliers, the accounts payable process may have ample room for optimization through online automation.
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Utilizing an online and automated bill paying system could automate unnecessarily complex tasks, as well as simplify other accounts payable processes that require physical employees. After all, the goal of automated online bill payment software like AvidXchange isn’t to automate the entire accounts payable process; rather, it’s to make bill payment and accounts payable duties easier and more streamlined.
Outside of automating simple tasks, one of the clear advantages online payment software can give is increased visibility of information. Rather than shuffle through filing cabinets during time-sensitive business situations, the online, cloud-based interface offered through AvidXchange can provide necessary organizational assistance for bill and invoice information. This instant access to key information can also help facilitate remote work situations, offering businesses a flexible work environment that can fit their office standards. More importantly, though, businesses’ security is not sacrificed, as AvidXchange is PCI certified, meaning businesses have access to safe and secure bill payment. AvidXchange can offer services that make the workspace more flexible without sacrificing information security.
AvidXchange also offers services for suppliers, which allows businesses to accommodate their needs without forcing them into constant communication with their suppliers. With over 700,000 suppliers in their supplier network, they have access to preference settings to decide their preferred payment terms.
Since these suppliers have already selected their preferences, businesses can focus on the actual payment. This way, AvidXchange can help facilitate better business-to-supplier relationships without taking the businesses’ time, so they can continue to run more efficiently.
When scanning through the variety of bill payment services on the internet, it can be important to pick the best bill pay service based on the needs of each business. Even two bill payment services advertised similarly will likely not offer the same bill pay service features. Some may be developed to handle large-scale activities and large volumes of bill payments, while others are tailored towards small businesses. Recognizing and identifying the goals of each bill pay service can be beneficial when choosing which one is best suited for each business.
With AvidXchange, businesses are offered an automatic bill pay service designed for mid-market companies and companies with complex accounts payable processes. AvidXchange is built with flexibility in mind, so it can automate 100% of businesses’ bill payments. This includes utility payments as well as supplier payments, so businesses don’t have to worry about utilizing a wide array of software to cover their accounts payable needs. They also recognize the importance of supporting different payment processes, including some of the best ACH payment processing, so businesses can meet the needs of their suppliers, even when given specific preferences. AvidXchange aims to give businesses the flexibility they need to customize and optimize their accounts payable processes depending on the needs of their business and their suppliers.
Businesses who have utilized physical accounts payable strategies in the past may be wondering, “How does online bill pay work?” Online bill payment is just the act of paying bills via the internet, and can be as simple as buying something from an online store. Online bill pay services can offer a quicker route to paying bills to suppliers, especially when using more traditional strategies like mail or fax is too slow or inefficient. Instead, online electronic bill pay services allow businesses to pay bills to suppliers almost instantly, without mailing cash or paper checks. For those who are new to automated online bill pay services and need to know how to pay bills online with credit card processing software, AvidXchange has a variety of outside resources, including FAQ pages, to help make the transition easier.
When the actual payment process becomes simpler, accounts payable teams that utilize AvidXchange can begin to focus on large-scale accounts payable issues and solutions. As daily responsibilities become simpler and easier, important decision-making can be prioritized so businesses can continue to strategize towards further improvement. AvidXchange’s online bill payment software can automate these simple accounts payable tasks, which may help businesses run more efficiently.
For payment software companies like AvidXchange, providing businesses payment software that’s intuitive can be a crucial step in improving accounts payable solutions. Dealing with complex invoices and invoice workflows can slow the speed of accounts payable processes, so the best invoice billing software will likely be simple invoice software. Simplified and optimized invoicing systems are likely to run more efficiently, and when many of the invoice tasks are automated, overall workflow can proceed more smoothly than before.
Businesses that utilize AvidXchange may have fewer invoicing responsibilities, as the software automates a majority of the processes, so businesses can simply approve or reject invoices and bill payments. Importantly, AvidXchange can be customized and optimized for each business’s workflow, so many of their current accounts payable practices can stay the same, if desired. The software automatically encodes and categorizes this invoice information, assigns the invoice to the appropriate workflow, and routes it for approval. At that point, the business has the option to approve the invoice. When approved, the invoice is sent directly to the business’s accounting system, while the payment is sent directly to the supplier.
Companies continue to integrate online processes into their business practices; as such, when finding the best ways to tackle business bill pay, paper check processing via mail may no longer be the best solution for everyone. Instead, online and cloud-based software could provide the best way to pay bills. Online automated software can be more reliable than physical processes, but it can also provide more flexible payment options for businesses and their suppliers. Being able to pay bills online with bank-account information, credit-card information, or other means can provide suppliers with multiple options to fit their needs, potentially strengthening businesses’ relationships with their suppliers.
The most secure way to pay bills online may be provided by companies with a strong supplier network and PCI certification. PCI standards were crafted with safety of payment information in mind, so businesses and others can quickly and safely pay bills online. AvidXchange is PCI certified, but it also has access to a network of over 700,000 suppliers, each of whom has already selected their payment preferences and other AvidXchange customization options. Businesses that utilize AvidXchange gain increased information about these suppliers, as well as automated processes to meet their needs, without having to make major changes about how they conduct business.
Looking across the extent of online payment apps available currently, the best payment app will likely also be the best app to pay bills online. As online bill payments become increasingly popular, ensuring businesses can utilize these payment processes can be important. It can also be important, however, to keep in mind how applications and software will interact with businesses—whether that means integrating seamlessly with existing systems or forcing massive business practice changes. The best online bill payment app for each business will likely be built to suit their needs already, if not customizable.
AvidXchange provides businesses an app to pay bills that keeps in mind individual business workflows and outside software integration. AvidXchange is built to integrate with a variety of accounting software, so that they can provide the best bill pay app for each business. Instead of relying on standard settings, AvidXchange helps ensure businesses have multiple customization options to optimize the software to their workflow. As a result, AvidXchange can provide solid bill payment services across multiple workflows and business settings.
Online payment processing may offer inherent advantages over traditional payment processing strategies, as it can cut down on certain unnecessary resources and thus save on overall business expenses. The best online bill pay service, however, will likely leverage the online status of their bill payment service to the fullest effect by adding other online features to help aid with different accounts payable processes. Bill payment can be much more than ensuring payments go through smoothly. With organization playing a large role in accounts payable responsibilities, the best online payment system and the best payment system for online business could provide solutions to accounts payable organization and workflow.
AvidXchange provides an online, cloud-based platform that can help track accounts payable information as well as automate the bill payment process. While this can help alleviate simple costs like printing and paper, it can also provide quicker access to certain accounts payable solutions, with its ability to track accounts payable information, and decrease the risk of fraud or error. Online automation can cut down on human error with some of these processes, but importantly, bill payment and invoice approval can ensure businesses are both aware of their current accounts payable situation and able to stop any fraudulent bill payments. AvidXchange provides businesses increased visibility to help with their accounts payable needs.