Accounts payable teams can use accounts payable processing software to automate their payment processing. Automation can replace many of the manual tasks that unnecessarily take up a lot of the accounts payable team’s time. After switching to an electronic system that can automate the accounts payable workflow, accounts payable workers might discover that they have more time to spend on important tasks that are a better use of their time, talents, and energy.
Accounts payable teams that use accounts payable processing software to process payments could find themselves able to work much more efficiently. Another benefit they might encounter is the ability to exercise greater control over their accounts payable process. AvidXchange’s cloud-based accounts payable processing software allows accounts payable teams to access accounts payable information from anywhere they happen to be and at any time they need access. All they need is a device that is capable of connecting to the internet and the proper authorization to log in to the AvidXchange platform. This can allow accounts payable teams to work together remotely or check on the status of an invoice even when they are not in the office.
Another significant benefit to using accounts payable processing software to provide accounts payable automation is a reduction in accounts payable expenses. Electronic payments can be automatically processed by accounts payable software in a more cost-effective manner than a manual, paper-based system could allow. With an automated, digital system of payment processing, the money that would usually be spent on paper products like stamps, envelopes, and paper checks could be reallocated elsewhere. Electronic payments are also faster and more secure than sending checks through the mail.
Best Accounts Payable Software
There are many options when it comes to selecting the best invoice processing software or best accounts payable software on the accounts payable software market. Accounts payable teams should weigh their options carefully before deciding which solution is the best fit for them. The best invoice processing software is the software that provides the most effective solution for the specific team or individual who is implementing it.
There are some features of accounts payable software that should be taken into consideration when attempting to determine the best automated invoice processing software. An automated accounts payable system can help accounts payable teams manage their accounts payable workflow from start to finish, beginning when the invoice is received from the supplier and ending when the supplier has been paid. Accounts payable teams can also maintain total visibility into the status of invoices and the path they are taking through the system. The automation can match an accounts payable team’s existing workflow so that it routes invoices in the same way that they were already being routed manually, only in a more efficient, electronic format.
The best invoice processing software has many additional benefits to offer accounts payable teams. The ability for accounts payable automation software to match and automate an existing workflow is just one example of the ways in which accounts payable software can assist an accounts payable team by increasing efficiency.
Accounts Payable Department
One of the advantages of using accounts payable software is that it can allow an accounts payable team to remotely access payment processing information. With AvidXchange’s automated accounts payable platform, the accounts payable department can enjoy the flexibility of working from anywhere at any time. Payment data can be viewed and accounts payable functions can be performed from any device with an internet connection. This feature does not necessarily create a security risk, though, because accounts payable workers will still need to enter their credentials in order to access accounts payable information remotely.
Using a cloud-based accounts payable automation system that enables remote access can help accounts payable teams work in a flexible manner without needing to physically be in the office in order to access the tools and information they need. Remote access also makes the automated process completely transparent by allowing 24/7 visibility into the status of invoices. Implementing accounts payable automation could potentially change an accounts payable department definition of productivity by enabling invoices to be processed much more quickly and efficiently than was possible before.
AvidXchange’s convenient, cloud-based dashboard can serve as a central hub from which accounts payable workers can access payment data at any time, no matter where they are. This could be an effective solution for accounts payable teams that need more flexibility to work remotely.
Accounts Payable Solutions
Accounts payable solution providers can offer a lot of useful features to accounts payable teams. The best accounting software for accounts payable management and automation can provide some of the following benefits:
- Faster and more efficient payment processing: Accounts payable automation software can speed up an accounts payable process by converting paper invoices into digital form and processing them automatically. Adding automated accounts payable solutions to an accounts payable workflow can eliminate time-wasting steps like tracking down colleagues for approvals or waiting for payments to be delivered through the mail.
- Better visibility into invoice status and other accounts payable automation: AvidXchange’s cloud-based accounts payable platform can allow accounts payable teams to access live payment data through a central dashboard. This dashboard can be accessed from anywhere at any time, as long as the user has a device that is capable of connecting to the internet and the necessary authorization.
- More secure payment processing: Automated invoice management software that utilizes digital invoices is a secure method of processing payments that could reduce the risk of data theft and fraud.
- Greater scalability: Limited resources and other constraints of running a business can make growth difficult. Using accounts payable automation may be one way for a business to enable itself to grow. With an automated system of processing invoices and delivering payments, the accounts payable team can process even very large volumes of invoices without needing to increase their resources.
Accounts Payable Automation Solutions
Besides the previous examples, there are additional benefits that the best accounts payable automation software can provide. Automated invoice processing software can help accounts payable teams reduce some of the costs associated with manual invoice processing. Invoice automation is one way for accounts payable teams to reduce the amount of paper products they use, as well as the money that would normally be spent for that purpose. The money that is saved could be reallocated more strategically to provide the maximum possible benefit to the company. Accounts payable automation software can also make it easier to follow accounts payable automation best practices and implement effective invoice automation.
Another example of the accounts payable automation solutions offered by AP automation companies is the ability to easily pay suppliers according to their preferred methods. Suppliers can conveniently enroll in AvidXchange’s supplier network, and the AP automation workflow can automatically remember their preferences and send payments to them according to their preferred method. AvidXchange’s supplier network already includes over 700,000 vendors, and if an AvidXchange user needs to send payments to a supplier that is not already part of the AvidXchange network, they can easily be enrolled at no extra cost or effort to the user or the supplier.
Accounts Payable Organization
One of the ways in which an AP automation provider like AvidXchange can help an accounts payable team is by improving accounts payable organization. Growing companies that are looking for ways to keep up with the organizational demands of a growing supplier list could turn to an automated accounts payable solution. An automated accounts payable cycle has the ability to adapt to any number of suppliers without slowing down or becoming disorganized like a traditional, manual process might.
Accounts payable outsourcing companies or other services that can provide lifetime accounting software are examples of the ways a growing business might try to adapt to increasing demands. Automated accounts payable software is a solution that could provide businesses with the scalability they need to grow unhindered. An automated system can process as many invoices as needed, even as a company’s supplier list grows, so a new system would not need to be implemented again later on.
Cloud-Based Accounts Payable Solutions
AvidXchange provides accounts payable software for large business. Accounts payable teams can use invoice processing software to streamline their invoicing and bill payment workflows with automation. AvidXchange’s cloud-based accounts payable solutions can enable an accounts payable team to automate every part of their invoicing process. By using invoice processing software, accounts payable teams could process accounts payable invoices more quickly and efficiently.
Cloud-based accounts payable solutions can provide accounts payable teams with the flexibility to remotely access accounts payable data at any time. This is one way that accounts payable team members can exercise improved control over accounts payable processes by using invoice processing software. Additionally, converting paper invoices to digital format enables them to be processed and routed for approval electronically, which results in greater efficiency and security.
