Automation adds significant value to accounts payable, including real-time visibility into performance and financial status, increased accuracy, and better compliance. Simply put, if an organization is still receiving paper bills or paying bills with paper checks, they are not capitalizing on today’s best practices.
AvidXchange is an innovative end-to-end accounts payable solution built to streamline your current payables processes. AvidXchange can optimize your payables mix while benefiting your suppliers with additional payment options and enhanced data.
How Does Accounts Payable Automation Work?
1. Invoice Application
AvidXchange makes it easy for suppliers to submit 100% of their invoices through a variety of methods, so that we can deliver them electronically to you.
- Standardized invoice format
- Suppliers can submit invoices by mail, email or fax
- Manual data entry is eliminated, reducing errors
2. Customizable Workflows
AvidXchange’s solution mimics the approval process that you have in place today while adding another level of control. By gaining an electronic audit trail, you can hold approvers accountable and provide visibility into exactly where invoices are in the process.
- Streamlined invoice approvals
- Complete audit history
- Easy invoice search features
- Approvers receive email notifications
3. Payment Application
The Payment Application enables companies to pay suppliers electronically while maintaining their current banking relationships and approval workflows.
- Suppliers can choose to be paid via check, virtual card, or enhanced ACH
- 24/7 visibility into payment status & approvals
- Customizable payment approval workflows
4. Supplier Services
AvidXchange has a team of over 200 people that create a great experience for suppliers receiving payments through our network. What services do they provide that benefit you?
- Supplier Data Management
- Supplier Enrollment into Programs
- Conversion of Suppliers to Electronic Methods
- Perform Due Diligence on Any Outstanding Payments
- Supplier Education
Accounting teams are always looking for ways to save. From cost per invoice to employee salaries, every part of your workflow has a price tag. Embracing AP automation saves dollars and days, but exactly how much? Check out AvidXchange’s ROI Calculator to see how much time and money you could get back annually for trusting us with your AP workflows.