MineralTree

DECEMBER 15, 2022

In any organization, the accounts payable (AP) department is responsible for handling and processing payments. What is Compliance in Accounts Payable? Compliance in accounts payable refers to the practice of following laws, regulations, and standards related to handling payments. Let’s take a closer look.

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Accounts Payable Accounts Payable AP Accounting 52

AvidXchange

JULY 21, 2021

As a controller or accounts payable (AP) manager, you can use more than a dozen key accounts payable performance indicators (KPIs) to track the performance of your AP systems. What are Accounts Payable Metrics? We’re going to dive in to these three accounts payable KPIs in more detail.

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Accounts Payable Accounts Payable AP Invoicing 52

Nanonets

AUGUST 17, 2023

Every business must deal with purchase orders, bills, invoices, and payments to an array of vendors, who provide everything from basic supplies to high-value equipment and services needed for all the operations of the company. per invoice for the highest process maturity level. per invoice for the highest process maturity level.

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Accounts Payable Accounts Payable AP Purchase Order 52

AvidXchange

FEBRUARY 11, 2022

The advertising industry was hit hard by the pandemic, down more than $20 billion in 2020 , according to Statista. As ad spending continues to climb and media buying and advertising agencies take on more work, what does it mean for staff that handles the invoicing and payments? A lot of work.

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Accounts Payable Accounts Payable AP Accounting 52

Nanonets

MAY 11, 2023

Invoice processing or bill processing is the whole gamut of operations associated with the business-end (pun unintended) of purchasing products/services from a vendor. It encompasses all the steps right from receiving a vendor’s invoice to recording the payment made after appropriate checks & approvals.

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Invoice Processing Invoicing AP Accounts Payable 52

AvidXchange

FEBRUARY 7, 2022

The industry recovered well from the 2020 recession and is more readily embracing technology to enhance productivity and provide a competitive advantage. When construction firms come to us, they are often trying to resolve issues around the management of invoices.

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Accounts Payable Accounts Payable AP Invoicing 52

Nanonets

JANUARY 1, 2024

A billing scheme is a fraudulent disbursement scheme in which a person causes their employer to issue payment by submitting invoices for fictitious goods or services, inflated invoices, or invoices for personal purchases.  What is an Accounts Payable Audit?    What is an Invoice Audit?

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AvidXchange

JULY 14, 2022

James McHale, CFO of LAFCU, Shares How AvidXchange Helped Create Efficiencies from Purchase to Pay Since 2020, James McHale has served as LAFCU’s Chief Financial Officer. hours each week going through check registers, comparing checks to invoices. The credit union’s senior accountant was spending 60-75% of her time managing AP.

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Accounts Payable Accounts Payable AP Financial Services 52

AvidXchange

SEPTEMBER 29, 2021

You may not expect mythology to have any relevance in the numbers-driven, here-and-now world of accounts payable software and services. More than 80 percent of organizations reported being targets of an attempted or actual payments fraud attack in 2020, the second highest percentage on record since 2009.

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Accounts Payable Accounts Payable AP Accounting 52

AvidXchange

FEBRUARY 9, 2022

The pandemic fundamentally shook accounts payable (AP) departments in real estate — forcing remote work and, in turn, accelerating the adoption of AP automation. Many real estate stalwarts have an “if ain’t broke, don’t fix it” mentality when it comes to invoices and payments. That’s up 45 percent from the previous year.

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Accounts Payable Accounts Payable AP Accounting 52

AvidXchange

DECEMBER 15, 2020

Historians will undoubtedly look back on 2020 as a turning point in world history. 2020 will also be remembered by business historians, and finance professionals such as yourself, as a turning point in the fintech industry. The survey also found 74 percent used an automated AP software system in 2020.

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AP Invoicing Financial Services Invoice Processing 40

AvidXchange

MARCH 6, 2018

Accounts payable fraud is a major problem. They’re taking advantage of the Digital Era’s easy access to private accounts and information in malicious ways that are easily overlooked. But as technology evolves, accounts payable automation (AP automation) is making it hard to crack the code to fraudulent AP attempts.

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Accounts Payable Accounts Payable Accounting Accounting 40

AvidXchange

FEBRUARY 11, 2022

Banks’ accounts payable (AP) departments are starting to look a lot different. We’re taking a look at the current state of AP in banks and how key financial services industry trends are predicted to impact the way they manage their invoicing and payments to better serve their business in 2022 and beyond.

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AvidXchange

MARCH 3, 2021

However, thousands of companies still use overly complex manual accounts payable processes. Those facts are the key findings from IDC and PYMNTS.com surveys focused on the accounts payable (AP) market. Read more: Is Paperless Accounts Payable Right for Your Business? What do all these stats mean?

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Accounts Payable Accounts Payable AP Accounting 40

MineralTree

APRIL 20, 2023

Since becoming a MineralTree customer back in 2020, MTB has grown from eight to 12 locations and deployed MineralTree’s TotalAP platform across all of its 12 Taco Bell quick-service restaurants (QSRs). Serving Up a Digital AP Workflow MTB uses MineralTree’s TotalAP solution to automate its entire invoice-to-pay process.

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AP QuickBooks Vendor Management Invoicing 77

AvidXchange

JANUARY 1, 2021

As the new year kicks off, many of us feel a renewed sense of optimism and anticipation for the possibility of what lies ahead as we leave behind a tumultuous 2020 and start fresh in 2021. Automating accounts payable processes and payments can help you gain more efficiency, visibility and control over your cashflows.

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AP Accounts Payable Accounts Payable Data Entry 52

AvidXchange

AUGUST 31, 2020

From a financial standpoint, they have been deciding on important matters such as how to make adjustments to control cash flows, payments and invoices. Misconception One: Making a decision on paperless accounts payable automation isn’t urgent If there has ever been a year when business decisions have been urgent, this is the one.

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Accounts Payable Accounts Payable AP Invoicing 40

AvidXchange

MARCH 30, 2023

Products Used: AvidInvoice and AvidPay Industry: Real Estate Year Joined: 2020 Accounting System: Yardi Voyager 7s Customer Name: David Bennett Bio: David Bennett is the senior accounts payable manager at Remedy. Several hours a day were spent opening mail, scanning invoices and filing and stuffing checks into envelopes.

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AP Accounts Payable Accounts Payable Data Entry 52

AvidXchange

MARCH 15, 2022

Your customers might be hiring automated accounts payable (AP) software providers, for example, to handle your invoices and payments for them. You won’t be able to track payment status If a client of yours uses AvidXchange, you won’t be in the dark about what’s going on with your invoices and payments.

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AP Accounts Payable Accounts Payable Deposits 52

Nanonets

APRIL 16, 2023

PO Matching is the process of connecting a purchase order (PO) issued by a client indicating types, quantities, and agreed prices for products/services to the invoice issued by a vendor for it's delivery. The goal of PO matching is to ensure timely vendor payments, correct accounting of costs and easy detection of fraudulent practices.

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Purchase Order Accounts Payable Accounts Payable Invoicing 52

AvidXchange

JANUARY 11, 2023

Hampton Golf chief financial officer (CFO) shares how AvidStrongroom and AvidPay for QuickBooks Enterprise modernize accounts payable Dede Franklin joined Hampton Golf as the CFO in 2020. Prior to experiencing AvidStrongroom and AvidPay, Franklin spent her days managing the arduous work of manual accounts payable (AP).

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AP Purchase Order QuickBooks Accounts Payable 52

AvidXchange

OCTOBER 11, 2022

The challenge: High turnover rate and long approval process The accounts payable (AP) department of Saban Community Clinic struggled to retain qualified healthcare AP workers, making it difficult to maintain business continuity and process invoices and payments on time. Then, I still had to send out the payments.

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AP Accounts Payable Accounts Payable Invoicing 52

AvidXchange

OCTOBER 1, 2024

AvidXchange allowed Speedway Motorsports to make its accounts payable (AP) process more efficient across locations. • Creating an environment where your team can give constructive and respectful feedback can help you grow as a leader. And just prior to COVID was when we were looking at the accounts payable process.

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Accounts Payable Accounts Payable Accruals Payroll 59

AvidXchange

OCTOBER 16, 2023

Though he works with a bookkeeper who handles his finances, outstanding invoices sometimes weigh heavy on his mind. Though he works with a bookkeeper who handles his finances, outstanding invoices sometimes weigh heavy on his mind. “In In 2023, I’m getting paid for services rendered in 2020 and 2021.

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Invoicing AR Accounts Receivable Accounts Receivable 52

NextProcess

NOVEMBER 8, 2024

accounts payable, expense reporting) and data more secure by following cybersecurity best practices and using secure business software. The Verizon Business 2020 Data Breach Investigations Report showed that small businesses were the target of 28% of data breaches for that year. Lets consider, for example, accounts payable.

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Computation Accounts Payable Accounts Payable Expense Reports 52

NextProcess

MARCH 31, 2023

If the head of your accounts payable department moved on to a new position tomorrow, could anyone step in to fill their job? Keeping the finance department, including accounts payable, running smoothly is essential for overall business success.

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AP Accounts Payable Accounts Payable Invoicing 52

MineralTree

APRIL 6, 2023

They are commonly used within the finance department, including accounts payable , accounts receivable, and purchasing. They are especially critical for accounting teams; so much so that 89% of companies view them as a necessity for the department.

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AP QuickBooks Invoicing Accounts Payable 64

AvidXchange

SEPTEMBER 21, 2021

We want to help answer this question and share ideas for how you and your company can utilize accounts payable (AP) automation to come out stronger in the days and months ahead by thinking about these changes and opportunities in new ways. Given these trends, what does this mean for how your business processes invoices and pay bills?

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AvidXchange

APRIL 18, 2022

In the first quarter of 2020, spending on financial services was 6.4% above our December 2017 benchmark, which was when we started tracking middle market spending. Since early 2020, spending increased each quarter and peaked at 18% above our benchmark following Q1 2021. Then spending fell each of the next three quarters to 13.4%

Financial Services 52

Financial Services Accounts Payable Accounts Payable AP 52

AvidXchange

OCTOBER 18, 2023

When Scherer started with Security Properties Residential in 2020 as a temp, the organization managed about 30 properties. Each week, the company pays 1,500-2,000 invoices, processing hundreds of thousands of dollars’ worth of payments. It would just take hours to get through all the invoices.

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AP Invoice Processing Invoicing Accounts Payable 52

AvidXchange

JANUARY 29, 2021

One late payment leads to another late payment, and invoice processing gets delayed along the way. More than one third (37 percent) receive the bulk of their invoices and payments by snail mail instead of trusting accounts payable software or e-payment solutions. Late invoices and payments were a major theme in 2020.

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Computation AP Invoicing Invoice Processing 40

AvidXchange

APRIL 18, 2024

Payment fraud is a major concern in accounts payable (AP) departments. Invoice fraud: Fraudsters create or alter invoices to divert payments to their own accounts or fictitious entities. They may impersonate legitimate vendors or create fake invoices for goods or services never rendered.

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AP Invoicing Billing Accounts Payable 52

AvidXchange

NOVEMBER 10, 2021

Soon after the pandemic started in the United States in 2020, many businesses rapidly sent their employees to work at home. However, they realized they had to adapt quickly by starting to use easily integrated, second-layer technologies such as accounts payable (AP) automation software to keep operations going with remote workforces.

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AP Accounts Payable Accounts Payable Financial Analysis 52

AvidXchange

JUNE 16, 2022

Blair Myers from Vets Pets shares how AvidStrongroom and AvidPay integrate seamlessly with Sage Intacct Blair Myers joined Vets Pets in 2019 as a Controller, but quickly rose in the ranks to become Vice President of Finance and Accounting. We were manually cutting checks for each invoice, and I had to hand sign all of them,” said Myers. “It

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AP Invoicing Billing Accounts Payable 52

Nanonets

MAY 30, 2023

ePayments offer features like contactless payments, which have their own merits – contactless payments are increasingly being practiced since the break of the pandemic in 2020. Schedule a Demo Automation of e-Payment The Accounts Payable Network reports that replacing paper checks by ePayments would save the $5.14

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Accounts Payable Accounts Payable Purchase Order AP 52

AvidXchange

OCTOBER 26, 2020

Almost everything in the year 2020 has been – and will continue to be – about changes and abnormalities. That includes using the power of accounts payable (AP) automation software to help make your year-end process faster and easier. The technology can also reduce mistakes and the time it takes to gain invoice approvals.

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AvidXchange

MAY 26, 2022

At the start of 2020, two owners of a Florida property management company, Tracy and John, grappled with inaccurate payments. But when the business started using automated accounts payable (AP) software , it stopped incorrect payments thanks to increased visibility of data and bills. An invoice for $100.50

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