Any errors in the process or checks that are lost in the mail will delay payment, souring your company’s reputation with vendors and utilities providers alike.
Bill approval occurs just before payment. It’s the final check that can result in either a prompt and accurate payment or one that’s late, possibly incurring fees–which a business doesn’t need during these uncertain economic times. The best invoice tracking software should support each stage of the accounts payable process, including reliably tracking invoices.
An accounts payable team’s need for the most efficient billing software cannot be downplayed. Whether you’re in banking, health care, or real estate, AvidXchange will spare you the delayed payments and copious amount of paperwork.
At AvidXchange, we have been dedicated to crafting the perfect accounts payable bill approval system for over twenty years. A quick search of the web may reveal that we offer one of the best invoice app for accounts payable. With over 6,000 North American clients, we have created a simple billing solution that allows middle-market companies to pay their bills without delay or error.
Payment Approval Process
How is an invoice approved for payment?
AvidXchange simplifies the answer. Automating the payment approval process decreases the number of steps down to barely a handful. The invoice is:
- scanned into AvidXchange
- automatically sent to the designated approver
- approved
- paid
With just a few clicks, the invoice is successfully processed. Streamlining the process is among invoice approval’s best practices, but it’s not the only one.
A company must determine who should approve invoices for payment. This is extremely important because it reduces misunderstandings and the risk of fraud. For example, if a suspicious invoice is sent to a company without a designated approver, whoever looks over the invoice might assume the invoice is legitimate and approve it for payment. Not having a designated approver could also result in an incomplete audit trail, as well as late or skipped payments.
Using a digital invoice approval system like AvidXchange reduces the chances of all of the above from happening. Clear oversight is just one feature that will benefit companies who use our invoice approval app, as AvidXchange is specially designed with invoice approval best practices in mind.
Bill Approval Workflow
The average accounts payable clerk can manually process one invoice every twelve minutes. Errors can tack on precious minutes to that total, as can the time it takes to physically track down the next person in the chain of approval. AvidXchange automates the billing approval process, cutting down that twelve minutes to an average of just two.
Reducing the time and manpower needed for invoice management is a major benefit your company can enjoy that will change the way you do business. Once you witness bill approval’s best practices at work, there’ll be no turning back. Your company will be well on its way to lower expenses and higher revenue. Companies that have automated their bill approval workflow have enjoyed a fifty-percent cost savings.
Physical invoices are much more unlikely to get lost if they exist on a secure management platform. Moreover, managers do not have to be tracked down for their signatures. Invoices can be pushed through with the speed and accuracy your company demands. AvidXchange’s bill approval system ensures bill approval best practices are in place throughout every step of the process.
Paperless Accounts Payable Best Practices
When your company embraces paperless invoice processing, you don’t have to change how you do your core accounting. AvidXchange has over 210 software integrations, including Sage and QuickBooks. These integrations can aid your accounts payable team in implementing paperless accounts payable best practices. Invoice approval software Quickbooks and paperless Sage invoice approval functions allow your team to make use of programs you are already familiar with for a more convenient invoicing processing experience.
However, even if you do not use either of these programs, AvidXchange will work with your existing accounting software to automate accounts payable. You don’t have to worry about whether or not you’ll have to change your entire accounting system. You can focus on actually running your business as opposed to paying your bills.
Going paperless with Sage, QuickBooks, and accounts payable automation is easier than you would think. AvidXchange not only shows you how to use accounts payable in both apps, but it also makes the process easy to use and transparent. A key feature of paperless accounts payable best practices is flexibility. Every company has its own way of doing business. At AvidXchange, we continuously strive to improve productivity by providing the most effective paperless invoice approval system.
Benefits of letting paperless software solutions solve your AP issues include:
- saving time and money
- allowing your staff to keep up with a growing workload
- working remotely with a user-friendly dashboard
- reducing fraud
- paying your suppliers on time
Excellent invoice approval software, QuickBooks, and Sage integrations all unite forces and may lead to savings that will alleviate your budgeting woes. Paperless accounts payable Quickbooks and invoice approval workflow Quickbooks can create a bill approval system that works for your business.
Payment Approval Software
Your company can’t survive and grow with constant speed bumps slowing you down. Obstacles waste time and money, needlessly bloating your overhead.
Excessive reliance on paperwork, from paper checks to envelopes, is an expense your company’s bottom line doesn’t need. Labor and human errors also cost a lot. Automated billing software reduces your overhead. Companies can cut their accounts payable costs in half by adopting payment approval software.
Money isn’t the only thing companies can save; vendors can also get paid faster. A company’s finance team can focus on more pressing finance tasks instead of tedious and pointless paperwork. For example, healthcare providers who use accounts payable software optimize their revenue and sustain their financial health.
With AvidXchange’s payment approval app, companies have 24/7 access to their accounts payable information. They can take advantage of this access on any device with an internet connection. Managing the bill payment approval process from just about anywhere in the world any time of day is essential to keep up with the twenty-first-century business world. Vacations and sick days shouldn’t prevent your company from paying their bills. Vendors and utilities providers don’t care if someone’s out for the day—they still want their money.
AvidXchange keeps accounts payable departments thriving and moving forward in a continuously advancing world, all while adhering to a clear payment approval process flowchart.
Invoice Review And Approval Process
The invoice review and approval process is absolutely critical to getting bills paid on time. Invoices must contain accurate information; otherwise, they will have to be sent back to be processed again. Precision in the invoice approval process leads to prompt payment.
A vendor invoice management system vastly improves what is usually a routine process. It eliminates errors and fraud risk.
One of the best invoice management system features is the ability to let you customize your accounts payable controls based on how you approve invoices. You set your own approval rules. You have complete control.
Moreover, you will never pay a vendor twice or the wrong amount with our invoice approval software. AvidXchange will keep your invoices organized. The software’s machine learning—that is, how the software uses algorithms to analyze data—helps to ensure complete accuracy. You won’t ever have to worry about an electronic payment again with internal controls like these.
On the off chance a vendor claims they were never paid, you can use the platform to easily pull up the invoice in question. You won’t have to search through numerous files to find what you need. You will solve your problem with just a few clicks and discover a new optimal invoice approval workflow when you use AvidXchange.
Approval Workflow Software
The best invoice approval software works for you. For example, AvidXchange is often a practical choice for middle-market companies seeking more efficient approval workflow software. Its deep suite of tools automates and seamlessly integrates with your existing AP process to ensure bills are approved without error and on time. The platform also helps you with every step of the billing and payment process.
The best accounts payable automation software has more to offer beyond that. Since so many processes are completed electronically, you can reduce paper costs and enhance your company’s financial security by adopting an automated approval workflow software, which is what we aim to offer with AvidXchange. More importantly, AvidXchange decreases fraud risk by reducing paper checks and increasing both visibility and internal controls. You can track the payment process every step of the way, ensuring that that information never lands in unsavory hands.
Take control of your bill approval process with a demo of our invoice approval workflow software! The AvidXchange team is eager to guide you toward an accounts payable automation software that works for your business.
