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The scope and pace of running a business has rapidly changed within the past few decades; as such, automation may be a welcome feature to streamline accounts payable processes. In fact, the switch to a modern, streamlined, online billing solution may even be long overdue. This is especially true when it comes to ensuring that all a company’s bills have been paid promptly.
In the past, processing paper invoices by hand left room for human error. Checks and invoices may have gotten lost in the endless shuffle of paperwork or misplaced amongst other bills. Every company seemed to have a different way of handling and tracking their payments, further complicating the process.
Fortunately, things are changing with accounts payable technology. AvidXchange has established itself as a digital solution to the complicated and tedious world of accounts payable. By moving billing systems online and updating the process, we have created an accurate and paperless way to seamlessly handle and manage all of your invoices and payments at once.
The best billing software could save you time and spare your accounts payable team the effort of completing tedious AP tasks. This software could potentially boost productivity and save money. The level of automation we offer at AvidXchange could cut the time spent on the invoice approval process, while switching to a paperless system could save you money, since you may be able to avoid overspending on paper. In sum, a billing system online could allow accounts payable departments to transition to completely digital and paperless systems.
Understanding the billing system meaning as it relates to billing software is straightforward. To put it simply, a billing system is any program used either to collect payments from clients or pay vendors. In the case of accounts payable, of course, AvidXchange attends to the latter.
AvidXchange has a billing system that can seamlessly integrate with your current bill payment system. You can choose to customize your experience with the AvidXchange software to fit your existing bill payments process so that you do not have to replace it. If you have an existing bill payment system that works for your accounts payable team, then you may not have to change it when switching to AvidXchange. You may be able to onboard your accounts payable team for a billing system project without revamping your onboarding procedures.
In fact, we have partnered with over 210 different companies to seamlessly integrate into your existing billing system, which could mean less work and more benefits for your company.
We cover and integrate with many types of billing system, including:
AvidXchange can become an automated, easily managed online billing solution for your accounts payable team. In order to do this, AvidXchange could work with your existing billing software to easily automate tedious data entry tasks. This can be done across various systems, including digital payments and even traditional paper checks.
Finally, AvidXchange can comb through the data in your current software and flag suspicious entries. If some component of the payment process appears to be amiss, AvidXchange can tag an entry for review. Otherwise, the software can function as it was designed, potentially speeding up invoice and payment approval without sacrificing accuracy.
One of the most relevant perks of AvidXchange could be its capabilities as an online billing software, especially when it comes to meeting the needs of the modern accounts payable department. Because AvidXchange is a cloud-based platform, accounts payable teams can securely access it from anywhere, as long as they have an internet connection. Whether they are working from home or checking in from the office, AvidXchange could help them track, receive, and approve invoices from one simple dashboard. Whenever a member of the accounts payable team needs to review invoice information, they could do so simply by logging in to the system.
Online billing software could also be used to ensure that vendors receive their payments on time. AvidXchange may be able to expedite the accounts payable process by reducing the amount of time required to capture and process payment information to vendors.
Finally, an online billing software like AvidXchange could allow for more flexible payment options for vendors. With simple billing software, accounts payable teams can ensure that vendors’ bills are paid according to their specified instructions, be that via card, direct deposit, or another method. AvidXchange could also make paying bills electronically a more secure process by prioritizing security so that sensitive information can remain safe.
For the most part, middle-market companies looking to grow cannot afford to get caught up in the more minute details. This could be especially true for industries that are known for having complex invoicing processes and bill payment systems. Health-care companies and social-services organizations in particular may prove to be a billing system example of more complicated invoicing and payment processes.
Fortunately, AvidXchange may be able to help tackle some common concerns that may arise with such processes. By building upon your existing software, AvidXchange could boost your accounts payable department’s efficiency, accuracy, and productivity. That is because AvidXchange is not designed to take the place of your current billing system software but instead to streamline accounts payable processes.
More specifically, the billing system software with AvidXchange could allow accounts payable teams to match purchase orders with invoices and to ensure that invoices can be properly and promptly processed and approved. Accounts payable teams could also manage payments to vendors via one platform.
Additionally, the billing system software could be implemented with the growth aspirations of organizations in mind. When organizations grow, they may have to ensure that their systems in place can be scaled to accommodate such growth. That is why AvidXchange is designed to potentially take such factors into account while also being compatible with many common medical billing system software systems utilized by health-care companies.
One of AvidXchange’s most notable perks for the health-care and social-work industries is its ability to handle both digital and physical invoices. A signed, handwritten check is just as simple to process as a secure, fully digital payment.
At AvidXchange, our invoice software could guide in handling, processing, approving, and invoices on one digital platform. This could spare your accounts payable team time and resources that might be better spent on aiding long-term growth for a business as a whole.
AvidXchange’s invoice solutions could be particularly valuable in terms of adaptability. In other words, the software can be customized to meet your specific needs, allowing you to make use of automation tools that may promote efficiency and help refine your current invoice approval workflow, rather than revise it altogether.
To put it simply, once you find the tools that meet your needs and implement them into your current invoice processing and approval system, each invoice will adapt to the process that you set in motion, allowing users of AvidXchange to make use of an invoice template. Then, the process can be automated to follow a specific pattern that may ensure that an invoice can always make it through every step of the process as intended so that bill payments may be completed.
This system could boost the overall efficiency of an accounts payable team as a whole. To put numbers to this, up to thirty individual payments could be processed every hour by a single worker utilizing the automated invoice solution tools.
The best invoice app may allow for a level of flexibility by which vendors can choose the payment options that most closely match their needs. When it comes to simple invoicing software, AvidXchange offers a range of different payment options so that accounts payable teams can pay their suppliers on time according to their preferences. Not all suppliers have the same needs. As such, while some may wish to be paid via direct deposit, others may prefer to be paid via card. AvidXchange could take these specific preferences into account. Presently, AvidXchange has a strong network of around 700,000 suppliers.
Moreover, the best invoicing software may allow accounts payable teams to remotely track, receive, and approve invoices. AvidXchange could offer this transparency by offering accounts payable staff the opportunity to view the statuses of invoices from anywhere, so long as they can connect to the internet with a functional device.
Finally, excellent invoicing software options may not require much paperwork, if any at all. When you use AvidXchange, you could potentially reduce the amount of money you spend on paper, since the payment process may be handled digitally. As a result, you may not have to devote a large portion of the budget to printing paper checks or ensuring that paper checks are cashed.
With invoicing software, middle-market companies may be able to streamline their accounts payable systems so that suppliers may be paid on time, ideally with an emphasis on accuracy and efficiency. An invoice app could also allow accounts payable teams to make payments electronically so they could cut down on the amount of paper they use for basic functions.
Additionally, invoice billing software allows accounts payable teams to personalize the AP workflow to meet their specific needs without necessarily sacrificing any existing systems. That is because AvidXchange’s billing software can be integrated with many other systems, allowing for potentially a more intuitive user experience.
Finally, with AvidXchange’s invoice billing software, accounts payable teams may be able to access payment information whenever they need to view it, be it in the office or remotely. The system allows users to view invoice information on the dashboard 24/7. That way, accounts payable teams could stay up to date on the statuses of payments and invoice approvals whenever they want, even if it is not during standard work hours. This is because AvidXchange is a cloud-based platform that could allow for access, so long as the user can navigate to the platform via their device and a stable internet connection.