A major challenge faced by those using their current accounts payable process is that they end up with late payments. Sooner or later, an email gets lost in someone’s inbox, and you have to troubleshoot where something went wrong. Emails can be overlooked, misrouted, or you might forget to add someone into the loop. All of this takes time.
With AvidXchange’s invoice approval workflow software, you can easily go paperless, keep control, and stay organized. You can avoid basic mistakes while handling the whole invoice process.
On top of all that, you can boost team morale with the increased visibility the purchase invoice approval software allows. That’s because AvidXchange lets you provide real-time reporting on accounts, as well as give clear growth and performance updates.
Another issue that too many accounts payable teams face is fraud. Fraudulent billing can be especially common among companies that rely on manual invoice approval processes. By choosing to purchase invoice approval software, you can reduce the risks of fraudulent billing.
Paperless Invoice Approval System
AvidXchange helps you eliminate the hassle of paperwork from the invoice approval process. With AvidXchange, you simply set up a paperless invoice approval system that you know you can count on.
AvidInvoice streamlines paperless invoice processing for you so you don’t have to worry about paperwork piling up in the literal sense.
You also worry less about potential mistakes. That is because having everything organized so cleanly with paperless accounting software means you can more frequently catch problems.
You can receive, track and approve invoices all using AvidXchange’s platform, so you never lose anything in your current workflow.
The problem with filing paperwork to keep track of your invoices is not just that it’s tiring, it can also cause confusion even if just small mistakes occur.
When you use paperless accounting software payable best practices, you can reduce your risk of human error. In the end, you save a lot of time and minimize potential mistakes by letting this paperless accounting software track invoices for you.
These days, it’s just a good practice to streamline everything digitally. You can count on AvidXchange for all of your paperless invoicing needs, from approval of the initial invoice to the payment of the bill.
Invoice Approval Best Practices
There are often several steps to manually approve an invoice for payment. It can be too easy to make a mistake somewhere along the way.
Even if you are extremely meticulous, it’s always possible that somewhere along the line of rerouting emails or paper invoices, someone else who is supposed to manage the payment approval process loses the email in their flooded inbox.
Just one mistake in the whole chain can cause confusion, which ultimately can lead to late payments and a big headache. If your business has late payments, you may accrue costly payment penalties. Not to mention, being regularly late to pay your bills can quickly sour vendor relationships.
Implement invoice approval best practices by choosing AvidXchange. With AvidXchange, the entire invoice approval process is streamlined and automated. You can always clearly see on your dashboard what stage you are at in terms of the invoice approval process, and who is supposed to be approving something at that moment.
AvidXchange is a cloud-based invoice management system that allows you to get any invoice information you need with ease. You can go paperless, which saves a lot of time, and save time so that you and your staff members can complete other more pressing tasks.
There are many types of work that actually drive business growth and value. Having an efficient invoice approval software helps you do all of that without worrying about invoice management issues.
Invoice Approval Software
How is an invoice approved for payment?
Typically, this involves many steps where people in the accounts payable department have to review and approve supplier invoices before any purchase can actually happen.
Because there are often so many different people involved in the invoice approval process, that can raise the risk of confusion and mistakes. Even small mistakes can add up, ultimately ending up in a late payment.
By using AvidXchange’s best invoice approval software, you can simplify the entire invoice approval process and organize all invoices properly.
With AvidXchange’s invoice approval software, even if something goes wrong, you know when it happened and where the invoice got stuck in the approval process. You can show your team members real-time updates and be able to answer any questions they may have.
Additionally, a great part about having reliable invoice automation that is clearly viewable on your dashboard is that you gain more control. You can streamline workflows conveniently and clearly.
No matter what invoice approval system you are currently using, it’s quick and easy to bring that workflow into AvidXchange’s platform.
With AvidInvoice, you can also use templates to design custom invoice approval processes. Whatever your business’ needs are, the software is backed with machine learning that is more than able to handle them.
Automated Invoice Processing Software
AvidXchange’s automated invoice processing software helps you manage invoices efficiently and more securely. The software leverages reliable machine learning, which is what makes it one of the best accounts payable automation software solutions for the middle market.
Whenever you scan an invoice into the AvidXchange platform, those invoices will automatically be coded and delivered to the first person who is in your invoice approval process.
After each person in the chain completes their stage of the approval process, that invoice will automatically be routed to the next person in line. This invoice management software simplifies the whole process of invoice approval.
Finally, AvidXchange will even automatically complete the bill payment to your suppliers for you so you don’t need to worry about that, either.
Over 6,000 companies have virtually solved their invoice processing problems with AvidXchange’s trustworthy software. It is easy to use no matter if you’re working remotely or inside an office environment.
The software is able to handle the process no matter how many steps you add to it. Everything is routed electronically and paperlessly so that you have everything organized, documented and assigned as soon as something has been approved.
Every second saved is important, and AvidXchange can save you a significant amount.
Invoice Approval Workflow
It’s important to understand what goes into an invoice approval workflow. It can vary from business to business. Fortunately, AvidXchange is prepared for that.
Creating the invoicing process flow usually begins with some brainstorming: you should decide the process you want to go with and who handles what.
A smaller business would usually only have one person handling all of the invoices, whereas a bigger enterprise might have an entire accounts payable department that deals with the paperwork.
The invoice approval process flowchart begins at the start with invoice verification.
After invoice verification usually comes the step where you should define any exceptions and manage errors in your payment approval process flowchart. That means if there is missing info and the invoice fails the verification process, it needs to be routed to the proper people who can amend the errors.
Once the invoice is fully validated, it goes through the approval part of the approval workflow. Relevant people involved will usually be emailed with the information, and it’s up to them to approve the invoice.
Finally, once everything has been approved, the invoice’s payment is free to be processed. The invoice will be closed after that.
AvidXchange’s software helps you organize the workflow so you always know the status of each invoice. You do not have to worry about tracking each of these steps, because AvidXchange manages them automatically.
Invoice Approval App
An invoice approval app can be useful for those who manage their invoice process from their mobile device. Digital invoice approval is advantageous for many reasons, including greater visibility and improved accuracy, and a payment approval app can help you complete all aspects of the approval process, whether you’re working from the office, home, or anywhere else. Your invoice approval system can be set up in a number of ways, but it can be particularly useful to enable mobile access.
Similarly, a document approval application can be optimized for mobile. This can make it easy for your AP team to approve documents on the go. Some approval applications are capable of managing large workflows, while others are better suited for smaller numbers of invoices, so you should determine what kind of app capabilities your business requires for maximum efficiency.
AvidXchange is a cloud-based invoice management system that enables companies to streamline and process invoices and payments securely. Businesses and their accounts payable teams can track and approve invoices in real time using AvidXchange’s invoice approval app. For reporting and easy retrieval, digital invoices can be kept for up to seven years on AvidXchange’s e-invoicing platform. Using a cloud-based system such as AvidXchange that integrates with existing enterprise resource planning and accounting systems allows for easy adoption of AP automation and digital invoice processing.
Invoice Approval Email
AvidXchange simplifies the entire process of sending email upon email for approval of an invoice.
Typically, you would need to send a chain of invoice approval emails back and forth between coworkers to make sure every stage of the approval process is done well.
At times, you would even have to loop in purchasing managers into email chains if you had any questions about whatever was being purchased.
With AvidXchange, you can choose to have all of your invoices appear on one single dashboard. That also means you no longer need to draft an approval for payment email by hand. The software automates the entire process, so there’s no need to keep your old invoice approval email template anymore.
AvidXchange works by automatically moving invoices from one person to the next in a chain. Each step of the invoice approval process is completed sequentially without needing to send additional invoice approval request emails.
You can save time, effort and potential confusion from sending an invoice approval email, not just for you, but everyone who would have been involved in the invoice approval process. AvidXchange helps you never miss someone and ensures that you never send a request to the wrong person.
