Through accounts payable automation, companies can track invoices and bills electronically while also streamlining workflows. This AP automation process may be very beneficial in helping companies pay their bills.
AvidXchange’s accounts payable solutions can allow companies to access a central repository at any time from anywhere. This 24/7, on-demand, remote access allows for extra control and flexibility when it comes to the accounts payable invoice automation process. AvidXchange can help companies track and manage their invoice statuses.
Automated invoice software can process all of your invoices and ensure that they are coded automatically once the proper information has been put into the system. These invoices can then be assigned to the appropriate workflow and routed electronically for approval. A benefit to using AvidXchange is that no matter how many invoices exist, they can all be routed electronically for approval.
This can save a significant amount of time, especially for middle-market and larger companies. New or small companies with few transactions and invoices, on the other hand, may not see as big an advantage with using invoice and bill payment automation software. AvidXchange may also be able to help your business reduce bill payment processing costs by eliminating check printing, envelopes, postage, and time spent following up on uncashed checks.
Accounts Payable Automation Best Practices
By implementing accounts payable automation best practices, your business could save about 60 percent in payment processing costs by using an AP automation workflow as opposed to manual processes. This 60-percent reduction in payment processing costs could be significant in helping your company in the long run.
Many middle-market and large-sized companies seek to implement the best practices in accounts payable process, including AP automation. It can cost up to $22 to manage the process manually from the time an invoice is received until the payment gets made. Compare this to about $10 per invoice in an automated accounts payable system. The cheaper costs of an automated accounts payable system have made AP automation software an important part of accounts payable best practices in many companies.
AvidXchange can help you receive, track, and approve invoices in the workflow you currently follow and save a significant amount of money. AvidXchange can also help you boost visibility and control over all of these AP processes, which may be important and valuable for company leadership.
In addition to saving money and time for your accounts payable team, AvidXchange can also help companies reduce errors in data entry through automated data entry with OCR technology.
Best Accounts Payable Automation Software
AvidXchange is among the best accounts payable automation software solutions because it helps you to reduce the cost of processing invoices and paying bills. It also is designed to scale for growth, so as your company gets bigger, you can keep AvidXchange as opposed to having to transition to another solution. AvidXchange can be one of the best accounts payable software options for companies that want to or expect to grow. It may be an especially good accounts payable software for large business and companies in particular.
AvidXchange also offers accounts payable software compatible with QuickBooks. This compatibility means that if your business is already using QuickBooks or wants to in the future, you can use it in tandem with AvidXchange’s AP automation software. Moreover, AvidXchange can allow for integrations with more than 210 widely used accounting systems for the middle market. This can provide your business with great convenience.
Finally, AvidXchange boasts a large supplier network of over 700,000. These suppliers are paid through the AvidPay Network, which processes billions of dollars annually. Other bill payment perks AvidXchange offers are highly secure e-payment transfers, as well as check transfers.
Accounts Payable Automation Solutions
Accounts payable automation solutions such as AvidXchange can streamline the entire invoice-to-pay process, allowing companies to pay bills faster with less work. This may be able to greatly benefit middle-market and large companies because it helps cut processing costs, as well as reduce fraud and security risks.
If you are seeking answers to the questions, “What is accounts payable automation?” and, “How does accounts payable automation work?” the process is fairly straightforward: AvidXchange helps businesses track and manage invoice and billing processes and more. All of their invoice and bill automation functions can help companies go paperless, save money, and increase accounts payable team’s efficiency and control over the AP process.
AP automation software can have many benefits and help simplify your business’s accounts payable workflow. Through OCR software, manual entry of invoices and information can be reduced. Written information can be automatically scanned into the system. This can save your accounts payable team valuable time. If you use the best OCR software for accounts payable to manage your AP process, your team may see gains in efficiency.
Cloud-Based Accounts Payable Solutions
AP software companies with cloud-based accounts payable solutions are great at providing companies with more visibility and control.
AvidXchange’s cloud-based solutions give your AP team more visibility and control through the ability to check invoice and bill payment statuses from anywhere at any time. This also means that you can access statuses from any device, which makes it even more convenient for your accounts payable team. So long as there is a stable internet connection, the cloud-based AP solution abilities of AvidXchange will let you check invoice and bill payment statuses with ease.
When looking through AP automation companies for digital accounts payable solutions, cloud-based AP solutions may possibly have an edge over non-cloud AP solutions. Cloud-based solutions can be more convenient to access and utilize.
Invoice Automation
AvidXchange’s automated invoice management software and invoice automation software, AvidInvoice, streamlines the entire invoice process while matching your current approval workflows. This kind of invoice processing software can help your business employ invoicing best practices.
With invoice automation and SAP invoice automation, the invoice approval process can be greatly simplified. Digital invoice processing also means less paper, and going paperless means your business may save a lot of money on paper-related costs, such as postage and ink.
AvidXchange’s AP invoice automation software may be able to streamline your entire invoice process while also matching your current workflow. With an automated invoice approval process, your accounts payable team may be able to work much more efficiently.
Some businesses may turn to a market guide for accounts payable invoice automation solutions. In doing so, some businesses may find that they can benefit from AvidXchange’s invoice automation software. Businesses in industries that have particularly complex invoice and bill payment processes may be able to take the most advantage of what AvidInvoice offers.
Example industries that may find AvidXchange to be greatly helpful include banking, construction, and health care. Companies working in these industries may wish to simplify their accounts payable processes and streamline their workflows.
Not only does AvidXchange offer invoice automation solutions, but it also offers bill payment automation software. AvidPay may be able to help businesses make their payments electronically, which can save additional time.
AvidPay can help businesses make secure, fast, and easy B2B bill payments to suppliers. Custom workflows can also be created, and AvidXchange can provide 24/7 status visibility of all bills. This means that bill statuses and approvals can be viewed at any time.
With AvidXchange’s cloud-based AP automation software, invoice and bill AP processes may be much more easily tracked and managed.
Accounts Payable Organization
There are various ways in which AvidXchange’s AP automation software can help your accounts payable organization become more efficient and add more value to your company. It can improve visibility into your AP data, make processing more efficient, reduce costs, and improve security in your accounts payable department.
Of course, it could help to understand the accounts payable department definition. The accounts payable department is often tasked with ensuring that a company’s bills to vendors are paid on time and that invoices are processed efficiently, although the definition of efficiency and success may vary from one accounts payable department to the next.
Beyond that, you may be wondering what is the best KPI for accounts payable teams, how to determine accounts payable KPI benchmark, and how to make use of accounts payable analytics. With the help of an AP invoicing and billing processing automation software such as AvidXchange, your accounts payable organization may see a rise in efficiency and a decrease in costs.
There are so many benefits to invoice and bill payment automation. Your business may be able to greatly boost your accounts payable workflow’s efficiency in both time and cost through AvidXchange.
If your accounts payable team already utilizes other accounts payable and related software, not to worry: AvidXchange has partnered with many other companies whose software you may already use. QuickBooks is one example of a software system that integrates with AvidXchange. AvidXchange can help make the transition from manual to automated accounts payable processes as painless and quick as possible.
