Accounts payable processes can play an integral part in the success of a business and its overall efficiency. Developing supplier relationships and maintaining efficient and consistent bill payment practices are necessary responsibilities, but as businesses grow, manually completing accounts payable processes can get difficult and time consuming. Human error may creep in, and even the best accounts payable employees could struggle to tackle certain processes in a desirable time frame as tasks increase in size.
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To counter the unnecessary time and effort associated with many manual accounts payable processes, businesses like AvidXchange have created automated solutions to handle things instead. Online automation through AvidXchange can create an all-encompassing, automated accounts payable experience that can automate several different steps of accounts payable, while also offering customization features for businesses and their vendors.
One of the more important steps in bill payment can be the payment approval process. While there may be more time-consuming aspects of accounts payable, the end of the bill payment process ends with the final payment approval, meaning it can act as the final opportunity to stop fraud or other unintended errors. Payment approval can also be a complex aspect of accounts payable, depending on the business. Certain businesses may have a long line of communication for payment approval, including multiple decision-makers, so the flow of communication can lag and delay payment.
All of these aspects of payment approval may create opportunities for automated processes to optimize accounts payable. Automation through AvidXchange can provide businesses the tools they need to optimize their current payment approval process, with features customized to each business. Online scanning software can cut down on paper used for invoices or other printed communication, automatic notifications can streamline communication, and an online dashboard can create extra visibility for accounts payable team members. Plus, thanks to the customization options given to vendors in their 700,000+ supplier network, AvidXchange can help businesses manage suppliers and their preferred payment options, without having to directly communicate with vendors or suppliers themselves.
Automated software can offer businesses solutions for their accounts payable, but understanding their own specific accounts payable flowchart and processes can help them choose the best software solution for their situation. Not all automated software will offer the same features to businesses, so businesses with a complex payment approval process flowchart may see more success with using software meant for complex processes. Missing a crucial step in a business’s accounts payable process steps can have consequences, so using software capable of covering each accounts payable step may be necessary for transitioning to automated payment approval software.
AvidXchange offers businesses software with features customizable to their accounts payable flowcharts, as well as an informative online dashboard to provide more insight into the performance of their accounts payable. This includes tracking details of a business’s invoice approval process flowchart and accounts payable invoice processing flowchart so their accounts payable teams can analyze the efficiency of their accounts payable details. AvidXchange also offers customization options to businesses with complex payment approval processes, so businesses shouldn’t have to worry about transitioning their accounts payable to online automation. However, AvidXchange shouldn’t complicate accounts payable processes for businesses with simpler payment approval preferences.
AvidXchange has a variety of features to help deal with a multitude of accounts payable procedures. Manual completion of certain tasks, like the check approval process, can be difficult or unnecessarily time consuming, and automation can even improve certain aspects of payment, like payment security. Physical checks can be misplaced or altered, but the secure, cloud-based AvidXchange software can help keep accounts payable teams up to date on their bill payment processes. Accessibility of information can further help with potential security and fraud issues.
There are many aspects of accounts payable and payment approval that can be automated through AvidXchange, including steps to the vendor payment process. Businesses and their suppliers can both have access to preferential features through AvidXchange, to help speed up communication between the parties and potentially streamline bill payment. AvidXchange has a supplier network of over 700,000 suppliers, each of whom have entered their payment preferences to help automatically complete these bill payments for businesses who utilize AvidXchange’s suppliers. Alternatively, businesses who have outside suppliers can still control how and when they complete those bill payments. AvidXchange can provide businesses with a simpler bill payment process for those that utilize their supplier network, while allowing other supplier payments to be completed through their platform.
For businesses worrying about how to ask for invoice approval through AvidXchange or other automated platforms, invoice approval software can offer multiple online avenues for approving invoices outside of just invoice approval email. Some automated software services may provide a simple copy-and-paste invoice approval email template that can apply to all business invoices and be sent automatically to the correct parties. There may be more options available for more efficient payment approval, however. Email can be a quick form of automatic communication, but not everyone will be able to respond immediately to an approval for payment email.
AvidXchange also offers an invoice app where businesses and their accounts payable employees can track and approve invoices in real time, so an invoice approval doesn’t have to wait in someone’s inbox. The online, cloud-based technology can give multiple parties access to the proper invoice information to deal with invoice approvals and potentially make invoice approvals in time-specific scenarios where an email would be less efficient. It may seem small, but a consistent practice of invoice approval through the application can help ensure invoices don’t get lost or delayed, both of which can cause serious consequences. Automation through AvidXchange can help provide security for accounts payable processes, helping further optimize accounts payable practices.
While internal communication can be important for businesses to sustain, many instances of communication can be sources of inefficiencies and possible automation. When optimizing the invoice approval workflow, employees shouldn’t worry about contacting the person who should approve invoices for payment. Intricacies of invoice approval policy can force accounts payable responsibilities to rely on a payment approval letter and wait for the recipient’s acceptance. Those who utilize invoice approval best practices may find ways to consolidate the communication, while still maintaining secure protocols for invoice approval.
Software automation through AvidXchange can change the entire process of invoice approval for businesses. Rather than relying on person-to-person communication through slower channels like email, invoice approval through AvidXchange can rely specifically on invoice visibility and real-time accessibility. Those who have access to a business’s AvidXchange app can view, access, and approve invoices for the business in real-time, so individual requests can be centralized into one system. Businesses and their accounts payable teams can quickly consolidate the flow of information into one platform that can help handle invoice approval whenever it’s necessary. Otherwise, the speed and reliability of email could determine the success of businesses’ accounts payable practices.
AvidXchange isn’t focused entirely on one aspect of the invoice approval process. Instead, it can help streamline different steps on the way to gaining approval for payment. Scanning software technology can help initialize the invoicing process by scanning invoices into the system and beginning the quick flow of automated information. This already creates a precedent for optimization by helping cut hard costs that may be spent printing excess paperwork. Then, the accessibility of information can allow accounts payable teams to view organized invoicing and payment information in an online application setting, so the invoices can be approved in real-time, almost anywhere. This can help enable offices to utilize remote workspaces in today’s office environment without sacrificing efficiency of bill payments and invoice communication. AvidXchange’s payment approval software can help take steps to optimize multiple parts of the accounts payable process.
For businesses that need to fulfill consistent supplier payments, the invoice review and approval process can leave room for optimization and improvements through automation software like AvidXchange. AvidXchange has created software that can tackle multiple accounts payable processes with customization options that can help businesses on a case-by-case basis.
Many businesses may already utilize software or services to track accounts payable information or for accounting purposes. Automated software that is involved in those processes, then, may need to be able to support that software and allow for integration in order to get the best of both products. AvidXchange offers integration with a variety of payment approval and accounting softwares, including QuickBooks. AvidXchange can help QuickBooks users with their QuickBooks desktop approval workflow by automating their QuickBooks payment approval process through integrated features. QuickBooks users can still utilize their services for other features, but they will no longer have to worry about how to process invoices in QuickBooks or how to enable an approval workflow in QuickBooks. Instead, AvidXchange can enable QuickBooks users to automate their invoice approval and bill payments.
AvidXchange is built to integrate with outside software and help better enable businesses to complete their goals, regardless of their choice of service. AvidXchange’s QuickBooks integration is just one example of how the software can work with other parties to help users.