![]() ![]() What is AP invoice processing software? AP invoicing software, like AvidXchange’s AvidInvoice, can help to streamline your entire invoice billing process. 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. 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. ![]() 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. 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. These benefits came as a direct result of eliminating paperwork and streamlining the accounts payable process. 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. Payment processing companies list a series of benefits that businesses that continue to use paper payment methods fail to receive. In the past year, AvidXchange has processed around 58 million transactions, and they processed over $145 billion in spend management in 2020. 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. 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. Top digital payment companies for middle-market businesses often have many traits in common. 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. 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. Streamlining your accounts payable processing and payment method can help to prevent many common problems. When trying to keep up with the invoice processing cycle, employing tools such as AvidInvoice can prove helpful. With paperless invoice processing, your AP team can then easily continue to receive, track, and approve incoming invoices in a digital workflow. AvidXchange software implements optical character recognition (OCR) technology to scan your paper invoices and convert them into a paperless invoice format. 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. Paperless Invoice ProcessingĪvidInvoice, the AvidXchange invoice processing software, can take your current paper invoice process and transition it into a paperless process. 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. 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. With the increased visibility digital payment solutions can provide, your AP team can better manage your company’s accounts payable bills. 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.īy 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. Paperless payment software can help to increase the efficiency of your accounts payable team by removing the paperwork that can slow down your business. 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.
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