The benefits of AP automation range from cost savings to time savings, and everything in between. In the past, businesses had no choice but to rely on manual sorting and processing, dealing entirely with paper and sending out payments via checks through the mail. Today, however, there are a vast number of new and emerging technologies to help companies manage their accounts payable processes in a way that doesn’t require hands-on support at all hours of the day. Automation frees up time that teams can spend addressing other issues and carrying out more time-sensitive business operations. It’s also great news for suppliers, who are always pleased to find that they’re getting paid more quickly and efficiently.
As the world becomes increasingly digitized, it may become increasingly important for businesses to find ways to automate their accounts payable processes. AP automation is one such solution that can simplify the process by employing specialized software. AvidXchange is an AP automation software solution that improves visibility into the AP process, makes it more efficient, helps reduce costs and scale for growth, and makes payments more secure. AvidXchange builds accounts payable software solutions and dedicated service teams that help automate your AP and payment process, replacing manual AP with a digital application suite that provides you with 24/7, on-demand, remote access.
Best Accounts Payable Software
There are many different AP software solutions and accounts payable solution providers available on the market today. Finding the best accounts payable software is no easy task, in part because there is no one-size-fits-all solution when it comes to AP. Different businesses of different sizes in different industries have different accounts payable needs, and what may work for one company isn’t necessarily going to be compatible with another.
When choosing payment approval software, it is important to consider the many unique facets of your business. Depending on how many vendors you work with, you may require an incredibly extensive system, or you might not need much in the way of automation at all. Naturally, the more vendors you are responsible for paying, the greater the need for an efficient payment system, and this is where cloud-based accounts payable solutions may prove to be valuable. Cloud-based solutions are especially useful for remote workers, as they can be accessed from anywhere in the world.
The best AP software companies often prioritize efficiency. AvidXchange offers middle-market companies a complete solution for AP automation, payment services, and invoice acceleration that can increase efficiency. AvidXchange’s platform could also reduce processing costs and paper usage while providing additional visibility and control over cash flow.
Best Accounts Payable Automation Software
Finding the best accounts payable automation software for your organization can be challenging. There are so many different factors to consider when shopping around, and, of course, you must keep in mind your ultimate goal for an AP software platform. What are you hoping to accomplish by automating your workflows? Is there a specific target or benchmark you plan on hitting in terms of payments or invoices processed? Outlining these expectations beforehand can give you a much better sense of what you may be seeking for your company.
With this in mind, there is no clear cut answer as to what is the best AP automation software—so much just depends on your business needs and goals. That said, when it comes to AP automation software, AvidXchange could be an ideal solution for many middle-market companies. AvidXchange processes over 53 million transactions annually worth $145 billion. With the expertise required to work within industries with complex AP processes, such as banking, AvidXchange remains a smart choice for any company looking for a better way to manage their accounts payable processes. While AP is never easy, the process can be made simpler by utilizing quality AP automation software like AvidXchange to help maximize productivity and keep things organized.
AvidXchange can also be integrated with other popular systems. For example, for those interested in Sage 100 AP automation, AvidXchange could help Sage users ensure that invoices are processed securely and efficiently and that their suppliers are paid on time.
AP Automation Workflow
There is no question that automating your AP process can save you time and money in the long run. In fact, with AvidXchange, your business can save up to 60 percent in payment processing costs by using accounts payable automation rather than a traditional manual process. AvidXchange helps maximize cost savings by cutting back on the manual efforts associated with invoice receipt and capture.
Converting your existing workflow into an AP automation workflow can make your life easier in many ways. Automated invoice processing software is ideal for processing large numbers of invoices, but it can also be great for smaller businesses that are otherwise pressed for time and need help keeping up with their accounting operations. By implementing finance process automation tools into your business, you can better manage your finances across the board.
When dealing in the realm of AP automation, you might also ask the question, “What is consolidation in accounts payable?” Simply put, consolidation refers to the combining of all assets, liabilities, and other financial elements of two or more entities into one. AP automation software is extremely useful when consolidating financial items in accounts payable, as it allows businesses to get a centralized, summarized look at how much they owe their vendors in total.
Invoice Approval Software
Companies use invoice approval software to quickly approve multiple invoices over a short period of time. Businesses managing several different invoices from a host of different vendors can particularly benefit from having invoice processing software in place, or at least some type of e-invoicing software system to help them manage their incoming and outgoing items. You might look around for the best invoice processing software and best invoice approval software for your specific business and industry. You could also set up an invoice approval software QuickBooks system for a more richly integrated experience.
Using an invoice management software like AvidXchange, companies can track the status of any invoice at any given time. They can analyze critical metrics such as approval cycle times and month-end accruals. Additionally, they can see what invoices still need approval, how they are coded, and the dollars outstanding with the click of a button. AvidInvoice is AvidXchange’s automated invoice management software that streamlines your entire invoice process while matching your current approval workflows. With this paperless invoicing processing solution, you no longer have to worry about the inefficiencies and time constraints that are part and parcel of traditional invoice workflows.
Invoice Payment Automation
The invoice approval process isn’t the only aspect of AP that can be optimized via automated technology. Businesses can also use invoice payment automation software to convert paper invoices into a digital, electronic format. From there, the software determines which corporate leaders should approve which invoices and automatically routes them based on the company’s policies and procedures. This software can even pay the supplier automatically upon approval.
A paperless invoice approval system can reduce much of the clutter and confusion caused by paper-based systems. AvidXchange’s automated invoice processing Oracle integration is one such solution that has developed an easier, faster, and more secure way to process invoices and make electronic payments. AvidXchange also offers Oracle PeopleSoft users payment solutions that help them discover how to transform their payables department into a profit center through a new type of rebate program. The AvidXchange-Oracle integration helps eliminate paper, provides 24/7 remote access to users, and enables them to send fast, secure payments.
AP Automation Companies
The best AP automation companies are often flexible and can help ensure that your suppliers are paid on time. AvidXchange’s platform is capable of automating your AP processes and integrating with your existing systems so you don’t have to change your workflow. AvidXchange also has a large network of over 700,000 suppliers so that your own vendors may be paid according to their preferences.
Of course, considering the vast number of AP software companies out there today, it’s imperative for you to carefully examine your company’s needs in order to pair with the appropriate software or platform for your unique goals and objectives surrounding accounts payable. Ideally, AP automation companies should scale with your growth, granting you access to a large pool of resources as your needs expand, and allowing you to step back during times where there is less urgency in terms of AP processing and invoice approvals.
As technological advancements in AP processes continue, it could help to be on the lookout for emerging AP automation platforms and technologies to help automate your accounts payable process. This can help free up time for you to spend on other things and cut back on the hassle involved with mailing and receiving large quantities of paper checks. Storing your AP data via a cloud-based platform could also provide an extra layer of security that a paperwork-heavy process may not be able to offer.
