To save time and money, many middle-market companies are choosing to automate as much of their accounts payable process as possible. But even though much of the world has evolved technologically, some accounts payable teams may still manage their accounts payable procedures manually. Unfortunately, managing such processes manually is not only tedious, it could also be costing businesses time and money.
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Companies that haven’t switched over to online payment software could enjoy a more streamlined method of ensuring that their bills to suppliers are paid on time. They could even do so without sacrificing their current workflow or systems for managing the accounts payable process that includes invoice management and bill payments.
AvidXchange can help companies that still pay their bills through a traditional and manual process by automating their accounts payable workflow. Serving over 7,000 middle-market businesses, AvidXchange helps middle-market businesses across many different industries manage their payments to suppliers more easily. Moreover, automating payment processing for business with a software like AvidXchange can help make sure suppliers receive their payment as they desire to be paid. By providing different payment options, AvidXchange can help pay suppliers the way they want to be paid. A list of payment methods include Mastercard, AvidPay Direct (direct deposit), and checks.
Another valuable benefit a company can enjoy when they automate their accounts payable workflow is the ease of access to all of the invoices that have been scanned into the system. Any employee can be designated to access the online approval system from anywhere with an internet connection on any device. Invoices can even be checked from home or other remote office. This access is available twenty-four hours a day, seven days a week.
Accessibility and flexibility are two features that accounts payable teams can leverage when they apply an electronic solution to their accounts payable functions.
Throughout recent years, payment methods have become more numerous, perhaps thanks to advancements in technology. As such, businesses can pay their suppliers via many different online payment methods, according to their preferences. They may trust online payment apps and all of the mobile payment options that come with them. Enjoying safe and fast payments is just one perk that comes with a more digitized way of handling the accounts payable process.
With a software solution like AvidXchange, invoices could be scanned and then coded. Scanned invoices can also be accessed anytime if they need to be tracked. The invoices could then be sent to the person in charge of approving invoices. From there, suppliers may be paid. The accounts payable team could then check on the status of invoices at any point via the centralized dashboard.
AvidXchange offers accounts payable teams automated bill payment software that lets them electronically make their bill payments. Unlike physical methods of payment, electronic payments can be digitally routed from one bank account to another. This could reduce the manual labor and risk of handling them by hand.
Additionally, AvidXchange is backed by a network of over 700,000 suppliers. Not all suppliers have the same payment preferences, but our robust network could ensure that your suppliers get paid via the methods that they prefer.
The top digital payment companies could offer solutions for paying bills to suppliers that help ensure they are paid with greater security and efficiency in mind. Performing accounts payable processing with digital payment software like AvidXchange can potentially save time, money, and physical resources as well as reduce fraud risk. Digital payment software, however, may not just be more secure—thanks to the controls in place to manage suppliers’ information—it could also be more efficient. This is because AvidXchange can help middle-market companies eliminate paperwork and all of its associated costs. More specifically, the system does not require accounts payable teams to ensure that they have the budget for postage, envelopes, and check printing, the costs of which can add up quickly. Beyond that, accounts payable teams could avoid the hassle and costs associated with ensuring that paper checks are cashed.
By providing digital payment software, AvidXchange could offer a completely digital platform for accounts payable departments to use to manage their accounts payable processes in a way that makes sense for their company as a whole. AvidXchange enjoys a network of over 700,000 suppliers, which could allow middle-market companies to feel assured that their suppliers will be paid according to their needs and preferences.
While many businesses must face the reality of paying their supplier bills, some industries have more complicated invoicing processes than others. Some of these industries might include health care or real estate. AvidXchange could help address the needs of the medium-to-large-sized companies in these industries by offering an online payment management system that could allow businesses to customize their workflows to meet their specific accounts payable needs. In other words, these companies do not necessarily have to abandon their current processes to make use of AvidXchange’s features. Rather, AvidXchange can be implemented with their existing systems.
A company that uses what they find to be the best online payment system can not only reduce risk and overhead expenses, but they could also increase the likelihood that their suppliers will be paid on time, regardless of their payment method preferences. The best payment system for business could also reduce human errors and time spent on accounts payable.
An online system should offer payment options such as access to the best ACH payment processing. ACH stands for Automated Clearing House. ACH is a method of payment where money is digitally transferred from one bank account to another. This offers a company with a large volume of invoices to quickly process each bill so they can move on to the next.
An effective payment management app could improve middle-market companies’ relationships with their suppliers by enabling prompt and precise payments. Moreover, a payment management system that employs practical payment management solutions could ensure that suppliers get paid according to their preferences, while also being paid promptly.
It might also help to mention the payment management system definition. To put it simply in the context of software used to pay suppliers, a payment management system can be defined as any system that an accounts payable team uses to ensure that suppliers are paid. A payment management system could be either very simple or very complex. That said, in the case of AvidXchange’s payment management system and payment management system project, accounts payable teams could see a more streamlined method of paying suppliers on time.
More specifically, AvidXchange can automate purchase orders to suppliers, including invoice processing and coding, as well as automatically sending processed invoices to an approval dashboard for the accounts payable team to approve. In addition, AvidXchange can then automate bill payment with vendors after invoices are approved. Thanks to AvidXchange’s cloud-based platform, the accounts payable team could then keep track of all payment statuses via a centralized dashboard.
The best online payment methods offer businesses access to a variety of ways to pay their suppliers. Not every supplier accepts the same form of payment, and some vendors can only accept or prefer a particular form of payment. A successful payment management system can provide a number of the most popular online payment methods so vendors don’t have to be concerned with how they receive payments. Rather than just a select few payment options, there may be a comprehensive list of online payment methods.
Moreover, a good online payment software may help address common questions such as how to receive payments online. AvidXchange has over 700,000 suppliers paid in the past five years via their supplier network. This means that over 700,000 bill payment preferences are integrated into AvidXchange’s automation platform. As a result, accounts payable teams could possibly worry less about whether or not their suppliers will be paid on time and also be able to be paid according to their specific instructions. Their bill payment preferences could be implemented into the AvidXchange software. That way, accounts payable teams will not have to attempt to balance so many different payment preferences on their own. They could also feel certain that AvidXchange could ensure that their bills are paid on time.
Businesses that seek to automate their vendor and utilities payments may look for the best digital payment companies to satisfy their needs. AvidXchange offers a suite of tools that can help a finance team improve its efficiency and save their company money.
Some of the largest payment processing companies boast a long roster of clients, and it’s easy to see why. A typical accounts payable department may be able to see a reduction in costs and time as soon as they replace their manual AP process with AP automation. Cutting their AP costs can help lower operational expenses, which can help when it’s time to draw up next year’s budget. Payment processing companies list the time and money they can help companies save as the primary reason to switch to online payment software.
AvidXchange has positioned themselves as one of the best middle-market payment processing companies. They can help finance departments across multiple industries automate time-consuming paperwork and other routine accounts payable tasks with their software. In terms of online payment software development, AvidXchange could help middle-market businesses reduce costs by cutting down on excessive volumes of paperwork and by helping ensure that suppliers get paid faster.
Payment software companies can offer companies and their vendors security that traditional accounts payable methods sometimes can’t provide. Sometimes, data entry mistakes occur. Checks get misplaced or accounts payable teams may struggle to process so many invoices at one time. Digital payment software companies like AvidXchange could help alleviate some of this confusion.