An electronic payment system can not only help you make your payments to your suppliers more quickly, but it can also help to reduce errors that are commonly found in traditional paper payment systems. For example, the electronic payment system that accompanies an accounts payable automation software like AvidXchange can provide you with a digital record of all incoming invoices and outgoing payments. That way, you can reduce the number of duplicate payments. Additionally, these digital records can be accessed from anywhere at any time if your company is using software that offers a cloud-based accounts payable solution. A good AP automation system can also help your company to join today’s electronic-centric mode of payment while also potentially reducing the inefficiencies of a manual AP process. An automated AP software can help to reduce the number of errors and mistakes made by manual data entry as well as provide your company with more visibility of your accounts payable, which can allow you to spend your valuable time tending to other areas of your business.
The top AP automation solutions could make it easier for middle-market businesses to transition to an invoice processing system that may not depend so heavily on paperwork. Not only can AvidXchange provide your company with the means to transition any current traditional paper system you may be using into an electronic one, but this accounts payable automation software can also offer a clear market guide for accounts payable invoice automation solutions. Cloud-based accounts payable solutions also allow AP teams to view invoices from anywhere via a centralized platform.
Invoice Automation
Invoice automation can allow you to easily receive, track, and approve your company’s incoming invoices according to the workflow you follow. With AvidInvoice’s invoice processing software, there is no need to alter your middle-market business’s workflow; you can simply optimize your company’s invoicing process by eliminating the inefficiencies of paper. AvidInvoice invoicing software uses optical character recognition (OCR) technology to help you transition your traditional paper invoices into an electronic format. This technology helps to reduce any mistakes or errors made during manual data entry, which can help to not only improve the efficiency of the transition process but also save valuable time for your AP team.
This means that your AP team can spend more of their time working on other more pressing tasks with the help of automated invoicing software. Invoice automation software, like AvidInvoice, can also help to streamline your accounts payable process and provide better visibility to your invoices. With a cloud-based system, this invoice processing software can allow your AP team to control and check on your company’s invoice statuses at any time from anywhere with internet access. This added visibility can not only help to keep your invoice processing system more organized and efficient, but it can also help to reduce the number of errors such as duplicate invoices.
Accounts Payable Automation Solutions
With an AP and AR automation software like AvidXchange, your company can gain better control over your finances while still being able to devote your valuable time to other areas of your business. With a customizable AP automation workflow made to fit your company’s current workflow, AvidXchange’s software can help streamline your entire AP process, without disrupting your existing bank relationships and workflows. With accounts payable automation solutions for each aspect of the AP process, AvidXchange provides your company with a complete, automated optimization solution for your AP process that can help you to stay on top of your finances more efficiently.
AP automation can free your AP team from the time-consuming manual tasks that are unnecessarily slowing down your business. Instead, with an automated AP system, your AP team can focus that time on finding and correcting any errors quickly. With an automated AP invoice and payment processing system, your AP team can have 24/7 visibility of your company’s invoice information, which can help you to ensure accuracy. An automated AP software like AvidXchange can also help your company reduce the cost of your AP processing system. Without having to pay for traditional paper billing supplies like checks, stamps, and envelopes, your company can reduce the overall expenses of your AP process.
Accounts Payable Solution Providers
When it comes to accounts payable solution providers, many may agree that AvidXchange sits among the more experienced AP solution providers for middle-market businesses, offering their services and providing more efficient methods for over 7,000 North American companies to process invoices and make payments. AvidXchange processes over 58 million transactions per year that are annually worth over $145 billion. Moreover, invoice solution providers like AvidXchange can often help streamline the accounts payable process for companies that occupy industries with more complex invoicing structures.
Top accounts payable outsourcing companies could help middle-market companies free up their AP process from the inefficiencies of paperwork. AvidXchange’s AP automation software is designed to scale with your business so that you can be sure you are getting the best services tailored to your company’s current—and future—workflow. With customizable AP processing software, your company can greatly increase the efficiency of your accounts payable process and eliminate the unnecessary paper costs associated with traditional paper billing systems.
Best Accounts Payable Software
So exactly what does accounts payable software do, and what does the best accounts payable software offer? AP software companies, like AvidXchange, help businesses to streamline and organize their accounts payable processes so that the business can spend its time working on other value-added activities. This essentially means that accounts payable and accounts receivable software offers businesses the opportunity to simplify and optimize AP and AR processes so that they can spend less time focusing on them. By reducing many of the manual steps and costs of a company’s invoice processing and payment systems—such as opening and sorting invoices, approving them physically, filing them, and then finding them again for audits—AP software can help to save time and reduce errors such as lost invoices or duplicate payments. Utilizing an automated payment system can also provide opportunities for you to earn rebates electronically, as opposed to rebate-less checks, when paying suppliers.
AP software companies tend to provide meaningful solutions for the accounts payable process without disrupting existing workflows. Because they offer accounts payable software for banks and other organizations that have a high number of invoices or complex AP processing systems, AvidXchange could be an ideal choice for middle-market businesses looking to automate their AP processes. Moreover, the best OCR software for accounts payable could help your business transition from a paper-heavy invoicing process to a more streamlined digital one. This can not only help to reduce the number of errors associated with largely manual processes, but it can also help to streamline the AP process as a whole.
Accounts Payable Solutions
AvidXchange provides many features to help your company streamline your entire AP processing system. With accounts payable solutions to match specific aspects of your business’s AP process—AvidInvoice for automated invoice processing, AvidPay for automated bill payments, and AvidBuy for automated purchase orders—AvidXchange offers a complete solution to your company’s accounts payable organization and optimization needs. AvidInvoice, a paperless invoice processing solution for middle-market businesses, allows you to receive, track, and approve your invoices according to your current workflow but without the inefficiencies of traditional paperwork. To help transition your company into a paperless AP process, AvidInvoice uses OCR technology to digitize your paper invoices, which can help to reduce manual data-entry errors. Additionally, AvidInvoice provides 24/7 visibility to your company’s invoice information from anywhere with an internet connection so that your AP team can ensure that they are in control of your invoices at all times.
AvidXchange provides your company with the accounts payable systems that give you the control and visibility to determine which invoices you want to pay to best suit your workflow and which payments you might want to send. The automated payment processing solution AvidPay gives your company the ability to quickly and securely make payments to your vendors with 24/7 visibility into bill payment status. Additionally, AvidPay offers your company the ability to pay your vendors in their preferred payment method because of AvidXchange’s trusted supplier network of over 700,000 businesses. AvidBuy allows your company to create effective purchase patterns that help to reduce inefficiencies.
AP Automation Companies
AP automation companies ideally provide middle-market companies with practical solutions for managing their accounts payable more efficiently. AvidXchange provides a complete solution for AP processes in one single platform. With a combination of the three critical business processes—AP automation, payment services, and invoice acceleration—the complete AP automation software solution offered by AvidXchange can help your company employ more accounts payable automation best practices in a simple and effective way.
The best accounts payable automation software is often adaptable. For this reason, the customizable AP automation system offered by AvidXchange makes it easy to transition from whatever current AP processing system you currently use. Utilizing the AP automation software to optimize your AP processing system can help to reduce the unnecessary paper costs associated with the AP process while also helping to improve the efficiency of your AP team. This could also give you more visibility and control over your company’s cash flow.
