An invoice automation system may offer advantages over a traditional, heavily paperwork-reliant system. These advantages include automated filing, quicker access to records, and remote access to files. Through this system, accounts payable staff can determine to whom invoices are sent for approval and how they are paid. These custom specifications can take the guesswork out of simplifying the invoice approval process. Finance staff can have access to records in just a few clicks. They can track payments and monitor invoices through all steps of the invoice approval process. Invoice automation can also involve files being stored on the cloud, where information can be more secure and possibly more manageable than a file cabinet overflowing with paperwork.
Automated invoice processing software can potentially reduce billing errors, time spent on accounts payable, and physical resources. Procure-to-pay software that offers cloud-based functionality can prove to be more secure than manual methods. A paper invoice can get lost when it’s in transit; a digital invoice, however, can be more difficult to misplace. Accounts payable staff don’t have to be physically tracked down to approve invoice payments. An invoice automation system can allow accounts payable teams to manage and track invoices via one centralized, cloud-based platform.
AvidXchange can offer companies an automated system that is designed to streamline invoice processing. AvidXchange’s tools can be a worthwhile investment for businesses looking to simplify their accounts payable system so that they can spend more time on growth and other pressing concerns.
Best Accounts Payable Automation Software
An accounts payable department usually has to ensure that their company’s payments of vendor invoices are prompt and accurate. Automating the payment approval workflow can possibly assist them in performing these duties.
The manual payment approval process traditionally meant an invoice was coded by hand, delivered to the proper designee for approval, and then delivered again for vendor payment. The manual processing before an invoice can be approved for payment can take, on average, twelve minutes. Accounts payable automation solutions can reduce that amount of time and possibly free up staff to perform other tasks. Some of the best accounts payable automation software can replace or automate the routine accounts payable tasks that an AP employee would normally have to do.
AP automation software like AvidXchange can automate this process. AvidXchange employs OCR technology to scan invoices, which could reduce the risk of data-entry errors. After invoices are scanned, they will appear on the AvidXchange dashboard. AvidXchange will then use technology to automatically code the invoices per a company’s specifications. Next, the invoices will be delivered to whomever needs to approve payment.
Once an invoice is submitted in AvidXchange, it is automatically moved through each stage of the invoice payment process. The status of each invoice can be viewed on the platform’s dashboard at every point of the process. Accounts payable departments may seek out the best automated invoice processing software to ensure transparency through every step of the process.
Accounts Payable Automation Best Practices
The average invoice is processed by hand in twelve minutes, and using a manual process costs a company $22 from start to finish. This represents the cost of processing and paying a single invoice.
Automating accounts payable can reduce a company’s expenses. AvidXchange is automated invoicing software that can help cut the average processing time down to just two minutes and possibly reduce the physical cost by 50 percent.
In addition to saving time and money, AP automation can possibly provide better visibility into the payment process. This can help ensure vendors are paid faster and more accurately as well as mitigate the number of issues that may arise like fraud and payment errors. AP automation allows AP staff to access invoice and payment information in order to improve financial security.
A company that adopts accounts payable automation best practices can save themselves time and money, stay organized, and improve visibility into their AP process. The benefits of AP automation can either be recognized immediately or throughout time. Accounts payable process improvement can result in time and cost savings. Paperless accounts payable best practices can potentially help middle-market companies boost efficiency as a result.
Invoice Processing Software
The best accounts payable software can help reduce the manual workload of accounts payable employees, letting them focus on how to facilitate growth instead of worrying that suppliers may not be paid on time. Invoice processing software like AvidXchange can change the way accounts payable departments handle invoice payment processing.
E invoicing software could allow AP staff to track pending payments via one dashboard that can be accessed anywhere at any time with a device that can access the internet. Users can accurately track the entire invoice procedure whenever they want. Monitoring the payment process from start to finish can possibly reduce any payment or fraud issues. The software’s dashboard should also show when an invoice has been approved so AP staff can promptly send their payment to a vendor in a variety of payment methods.
Invoice automation on the AvidXchange platform can help make certain that a company’s bills are paid on time without the worry of late fees and payment penalties. Online invoice payments can allow AP teams to be free of invoice redundancies and tedious data-entry tasks so they can focus on how to financially grow their business.
AP Automation Workflow
One of the most effective ways a company could possibly save time and money is by automating much of their accounts payable process. Companies that haven’t switched over to online payment software may be spending too much time and money on paying their vendors. Companies that have already automated their AP workflow might be saving money that can be directed towards improving other areas of their business. The savings include the price of physical supplies and all the labor costs that may be involved in the process.
Key performance indicators (KPIs) measure how well a company performs a certain task. Automated accounts payable can possibly help companies reach an accounts payable KPI benchmark.
Accounts payable software can help companies track the invoices that are being processed. Software can also help AP teams measure their KPIs to help them track their performance. They can strengthen the areas where they are weak as well as maintain what they are doing well. Automating an AP workflow can possibly raise their KPIs and even allow them to focus on other tasks, raising KPIs in those areas too. Looking at accounts payable analytics examples can indicate the type of information AP automation workflow software might provide.
Sage AP Automation
Sage AP flow can integrate with AvidXchange. As a result, AvidXchange has integrations for Sage 100 Contractor, Sage Intacct, and Sage 300 CRE. Sage integrations are primarily meant to help customers in the construction or real estate industries.
AvidXchange can help Sage users with a streamlined and more secure way to process invoices and make payments. AvidXchange offers multiple payment methods that can possibly help users earn more predictable e-payment incentives. For users of Sage Intacct, AvidXchange’s integration supports a touchless process with configurable two- and three-way PO matching that provides flexible approval workflows with enhanced internal controls. Sage AP automation can be facilitated with AvidXchange for flexibility. Sage 100 AP automation is another example of AvidXchange’s integration features.
With the seamless integration of AvidXchange, a company’s accounts payable functions may be managed more efficiently. Companies can possibly reduce fraud risk with this effective solution, as the centralized digital platform might decrease the need for paperwork and printed checks. Companies can improve their financial success by forgoing paper invoices and checks while managing accounts payable functions. The cloud-based digital platform allows accounts payable teams to view the statuses of invoices at any time.
Accounts Payable Solutions
Cloud-based accounts payable solutions can allow accounts payable functions to be performed either in an office, at home, or anywhere an internet connection exists. This accessibility can help businesses that are run from home. Accounts payable solution providers like AvidXchange can allow AP departments to access their invoices from anywhere at any time.
A user-friendly interface is just one more feature AvidXchange offers accounts payable departments. An effective interface can help promote a streamlined AP flow. AP departments no longer need to physically track down that one manager who is never in his office to get their approval for payment. AvidXchange digitally sends that person the invoice, potentially speeding up the payment approval process. Approvals can be made from any location with an internet connection at any time. AP staff can receive, track, and approve from one dashboard twenty-four hours a day, seven days a week as needed.
Accounts payable best practices may entail ensuring that accounts payable teams can access the system with ease. That way, the AP team can review invoices and monitor their statuses to ensure that suppliers are being paid promptly and according to their preferences. Accounts payable solutions offered by AvidXchange can help make sure a company’s bills are paid on time.
