A company’s accounts payable department typically ensures that the payments of suppliers and the processing and approval of invoices are punctual and correct. Automating the payment approval workflow could help accounts payable teams efficiently perform their duties.
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At AvidXchange, we have found that companies that have automated their invoice processing may see a cost savings of nearly 50%, depending on their specific needs and goals for simplifying the accounts payable system. Some middle-market companies may find it easy to save money and time by eliminating the need for paperwork. That is why automating the accounts payable process by implementing paperless accounts payable best practices may be able to save accounts payable teams time and save your companies money overall.
AvidXchange could show business owners and accounts payable departments how to manage accounts payable effectively via paperless invoicing. Users could receive, track, and approve invoices on AvidXchange’s secure platform. The platform is cloud-based so that accounts payable teams can monitor statuses of invoices from any location or any device. Moreover, no paperwork is required to manage accounts payable in this manner, as the software could allow the accounts payable team to view all invoices and track them via a single dashboard. This could make it more manageable to oversee multiple different invoices at one time.
Additionally, AvidXchange also allows businesses to potentially reduce their workload associated with paperwork. This could result in a reduced expense not only for the accounts payable department but for the company as a whole.
Finally, the paperless accounts payable system may allow the accounts payable teams of middle-market companies to automate the processing and approval of invoices when paying bills to suppliers. That way, they may not have to handle this process manually and can more closely focus their attention to streamlining processes and ensuring a more productive accounts payable team overall.
Invoice processing has traditionally involved an invoice to be coded by hand before being delivered to the proper designee for approval. Afterwards, the invoice is delivered again for payment. The manual processing time may typically take up to 12 minutes, which may not seem like a significant amount of time on the surface. That said, more time could be added to those 12 minutes if there is a mistake in the invoice or if the invoice gets lost anytime during the process. These errors could also result in payments arriving to suppliers late.
The traditional billing and invoicing process could consume massive amounts of time and money. This waste can hold back a company’s success and growth. For middle-market companies, implementing an automated end to end process of accounts payable may help better streamline the accounts payable system for the accounts payable team. By implementing concrete accounts payable process steps, accounts payable teams may be able to use fewer resources to process invoices and lead to their prompt approval.
Adopting a paperless invoice processing system alone could potentially reduce costs for a business and the accounts payable team. That is because automation may save time and money and allow accounts payable teams to devote resources to other areas, like aiding in overall growth of a business. The accounts payable process is one area where automation could potentially help a company’s bottom line, and investing in a paperless system could be part of that.
AvidXchange’s paperless accounting software could allow invoices to be scanned into the system where accounts payable teams can receive, track, and approve them on one platform that may be intuitive to navigate. After the invoices are scanned, they will appear on the AvidXchange dashboard. From this one location, accounts payable staff could quickly move invoices to the next step needed for processing. The invoice approval software could help expedite payments to suppliers.
Because the process is paperless, this could lead to an accounts payable process improvement. Accounts payable departments could have control and visibility into transactions. Paperless accounting software also could aid accounts payable departments used to relying on manual methods in converting accounts payable to paperless systems.
Finally, AvidXchange may replace manual purchase ordering, invoicing, and bill payment with one software automation platform. Companies could automate their accounts payable process and in turn see that they may not only save the time spent handling these processes manually but also money and resources that may be associated with accounts payable processes that are paper-heavy. Accounts payable processes that do not rely as heavily on paper may be more efficient, secure, and resourceful. In turn, the accounts payable team is more efficient overall.
The manual invoicing process flow can take more time than some accounts payable teams have to spare. In turn, accounts payable teams may find themselves scrambling to ensure that invoices are processed properly so that they may make it through the approval steps. Under traditional methods, the invoice has to be coded by hand. Then, someone in accounts payable has to ensure that the invoice arrives to the person designated to approve it. Finally, they have to generate a printed check. This check could get lost or stolen, which could present a number of security and efficiency issues.
Beyond this, this counter-productive process may not leave accounts payable staff time to check the invoice for errors. A tangible accounts payable invoice processing flowchart could allow accounts payable teams to ensure that the invoice can be processed thoroughly and accurately.
AvidXchange is an invoice payment processing system that could reduce the time and manpower needed for invoice management. Once an invoice is scanned into the platform it is used to automatically code the invoices. The system will then search an invoice for a dataset that will be used to determine the next recipient. This paperless invoice approval system can reduce human errors, time spent on accounts payable, and paperwork.
When an accounts payable team employs accounts payable invoice processing best practices by opting for a paperless system for managing the processing and approval of invoices to ensure that suppliers can be paid on time, they may be able to save the company as a whole time, money, and resources.
What’s more, accounts payable internal controls best practices may allow accounts payable teams to oversee a streamlined payment system that still may still take into account many principles that may ensure a solid accounts payable process, such as security, efficiency, and resourcefulness. More specifically, a cloud-based solution such as that which we offer at AvidXchange may securely store all invoices and payment data electronically. This accounts payable solution could also include fraud protection for payments.
Beyond this, accounts payable best practices may entail a greater sense of flexibility. For example, not all suppliers want to be paid in the same manner. Some prefer to be paid via card while others opt for direct deposit. An accounts payable system that is flexible could allow you to pay in multiple ways to satisfy the needs of more suppliers.
Finally, paperless accounting office best practices could save an accounts payable team and the overall company resources. Paper is often used in excess for basic accounts payable processes, and it can be hard to quantify this until it becomes clear exactly how much it costs to consume so much paper. Adopting a paperless system could allow invoices to be processed digitally without using excess paperwork.
Since 1983, QuickBooks has allowed business owners and accounts payable departments to efficiently handle all of their needs when it comes to paying bills promptly and precisely. Quickbooks may also allow businesses to complete their accounts payable processes without using so much paperwork. For this reason, AvidXchange could be implemented with Quickbooks for a paperless accounts payable Quickbooks system that could boost efficiency and reduce waste within an accounts payable department.
When paired with AvidXchange, accounts payable reports in Quickbooks can allow for a transparent view into the invoicing process. Users could find AvidXchange’s accounts payable software compatible with Quickbooks, which could allow accounts payable teams control over their invoice information while also offering a potentially more efficient way to approve payment on one centralized payment platform.
When seeking out how to use accounts payable in Quickbooks online, the process is fairly straightforward. With the AvidXchange integration, users could experience a clear accounts payable workflow in Quickbooks where they can pay their suppliers according to their suppliers’ preferences while also overseeing a process that may be secure and streamlined.
Finally, this integration is paperless, allowing for completely electronic invoices, which could consequently save the accounts payable team time while also possibly reducing costs by eliminating the need for excessive paper.
A company’s internal controls are the rules and procedures used to maintain the integrity of financial information. When it comes to accounts payable controls in particular, a business’s internal controls for purchases and payables could ideally include having a record of every invoice sent to them.
AvidXchange could tighten internal controls, potentially ensuring improved visibility throughout the AP cycle. Companies who automate their accounts payable might be able to reduce the risk of paying a supplier twice or late with AP software. Businesses could possibly rely on AvidXchange’s automation to refine their electronic payment internal controls.
Beyond this, AvidXchange allows for automation that codes the invoices so that they may be approved by the accounts payable team. This may be more effective because AvidXchange makes use of machine learning, which could reduce the number of mistakes that may be inevitable if the accounts payable process were to take place manually. Beyond this, AvidXchange’s dashboard could be accessed by the accounts payable team from any place, so long as they have a stable internet connection and a working device. This could allow for transparency throughout the whole payment process.
In sum, AvidXchange could transform the way that middle-market companies pay their bills by offering a paperless method for processing and approving invoices. Automating the payment process could not only help ensure that suppliers get accurately paid on time but also bolster a sense of security.