Not only does paperless payment processing make interactions with other companies easier, but it also helps to streamline and organize your own company’s bills. Paperless payment software can help to increase the efficiency of your accounts payable team by removing the paperwork that can slow down your business. Employing a paperless billing system can also help to reduce your company’s expenses by eliminating many of the costs associated with traditional paper invoices, such as mailing checks and printing and filing receipts from previous payments.
By transitioning to a digital invoice and payment processing solution, your AP team can keep better track of invoices and ensure that they are paid on time. With the increased visibility digital payment solutions can provide, your AP team can better manage your company’s accounts payable bills. Using AvidXchange’s cloud-based invoice and payment management system, your AP team can access any invoice information they need from any device at any time, provided that they are connected to the internet. This increased access can not only help your AP team to keep incoming invoices organized, but it can also help to catch any errors and reduce duplicate payments.
Paperless Invoice Processing
AvidInvoice, the AvidXchange invoice processing software, can take your current paper invoice process and transition it into a paperless process. Because your AvidXchange account can be easily customized to fit your company’s specific needs, it can fit easily into the current accounts payable system that you already have, including any current invoice processing flowchart your company uses to process its accounts payable. AvidXchange software implements optical character recognition (OCR) technology to scan your paper invoices and convert them into a paperless invoice format. With paperless invoice processing, your AP team can then easily continue to receive, track, and approve incoming invoices in a digital workflow.
When trying to keep up with the invoice processing cycle, employing tools such as AvidInvoice can prove helpful. Streamlining your accounts payable processing and payment method can help to prevent many common problems. Problems such as duplicate payments and payment-amount errors can be easily prevented because digital invoices can be monitored by more than just one individual, so your AP department can more easily spot any mistakes and correct them quickly. Software like this can also help to maintain a more organized workflow, which can help your AP team to track and approve invoices without misplacing or counting an invoice twice.
Digital Payment Companies
Top digital payment companies for middle-market businesses often have many traits in common. Because of the recent push towards digitization in our society, there are many new digital payment companies that market ways to streamline the accounts payable process for businesses. With over 700,000 suppliers trusting the AvidPay Network over the last five years, AvidXchange has emerged as one of the top payment as a service companies today.
In the past year, AvidXchange has processed around 58 million transactions, and they processed over $145 billion in spend management in 2020. Payment processing companies list a series of benefits that businesses that continue to use paper payment methods fail to receive. The over 7,000 North American businesses that have switched to AvidXchange’s digitized accounts payable processing system have cut costs, improved visibility, and increased efficiency. These benefits came as a direct result of eliminating paperwork and streamlining the accounts payable process. Digital payment companies can help transform how companies pay bills and eliminate paperwork so that their AP teams can more easily and efficiently perform their jobs.
Invoice Billing Process
What if you have an existing accounts payable invoice processing flowchart that works well for your business’s needs but you want to go paperless? AvidXchange can make this transition easy by integrating with your existing systems. AvidXchange offers integrations with more than 210 widely used accounting software systems to make implementing their software in your current environment as easy as possible. This means that instead of having to completely replace your current processes that work for your business, you can simply implement AvidXchange’s software to help you streamline your existing process with workflows and AP invoice approval processing software that are customized to your needs.
What is AP invoice processing software? AP invoicing software, like AvidXchange’s AvidInvoice, can help to streamline your entire invoice billing process. This software can help your AP department to better receive, track, and approve invoices through an organized system that is customized to suit your business’s workflow—all without the inefficiencies of using paper invoices. Additionally, because of AvidXchange’s paperless invoice processing system, you can easily check any invoice’s status from anywhere with internet access.
Paperless Invoice Approval System
Implementing a paperless billing and invoicing process can not only eliminate the inefficiencies of paper billing processes but also help to provide more efficient organization and control over your business’s invoicing process. A paperless invoice approval system allows better access to current and archived invoices through a more efficient organization system, as well as more easily accessible invoice information. Because invoice approval software works by first digitizing your invoices to help rid you of the paper clutter associated with paper billing, your company’s invoices are stored and organized digitally.
This means that you can access information about any invoice at any time from anywhere with internet access. Having more easily accessible invoices can help your AP team to better receive, track, and approve invoices without making errors. Cloud-based systems like AvidInvoice can not only help your AP department to access information from any location, but it can also mean that multiple people can access the same invoice information at one time. Invoice payment automation software that uses cloud-based systems like AvidXchange can help to streamline your accounts payable process while also helping to reduce errors by providing 24/7 access to your company’s invoice information.
Paperless Accounts Payable Best Practices
Automated platforms like AvidXchange can help to improve the overall invoicing process flow of a business. Because the entire invoicing process can be done on the online invoicing platform, it can help to streamline and organize the accounts payable process. Using an automated invoice processing software can help to save your AP department time that would otherwise have to be spent manually managing your company’s invoices. This not only allows your AP department to focus their time on other tasks that are more valuable, but it can also help to reduce the number of errors made by manually entering invoices into your company’s system.
With an accounts payable system like AvidXchange, your AP team can still be in complete control of the invoicing process and can easily customize the rules and conditions so that new invoices are properly categorized and assigned to the right workflows. AvidXchange’s dashboard allows your business to customize your invoice process flow to best fit your business’s workflow. This not only can help you to establish a more efficient invoice processing system, but it also can help to save your business valuable time when handling your accounts payable.
Vendor Billing Process
With so many online methods of payment today, it can be difficult to keep track of which vendors take which methods of payment. While many companies will take one of the more common methods—credit card, bank transfer, or paper checks—many vendors have a preferred method of payment or a very specific vendor billing process, and keeping track of that can be difficult. AvidXchange has a network of over 700,000 suppliers, which can help to streamline your invoice processing procedure. All of the vendors registered in AvidXchange’s AvidPay network can have automatic payment preferences applied on their behalf so that you do not have to keep track of which vendors prefer which payment methods.
Vendor preferences can also be applied to any other vendors who enroll in the AvidPay network to help manage your business’s payment methods. This helps to ensure that your business is paying your vendors in the timeframe and method that they prefer. Using AvidXchange’s AvidPay software, you can easily make payments that follow any vendor invoice processing checklist without having to worry about how to pay each vendor. Eliminating this extra concern by having vendor preferences already stored in your system not only makes paying your business’s bills easier, but it also can help your AP workflow to move more quickly and efficiently.
With an automated system like AvidXchange, all records of accounts payable invoices are kept digitally and can be referred to at any time. This makes keeping track of previous payments to vendors easy and can help to keep your AP team organized.
