AvidXchange

OCTOBER 11, 2017

With the advent of computers and electronic filing, the filing cabinet has become a cobwebbed crypt for lost invoices and forgotten files. You slice open the envelope and let the invoice out, and it immediately sets out on a path to chew up as many resources as possible. AP automation helps solve this problem and works for you.

Invoicing 52

Invoicing AP General Ledger Purchase Order 52

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. 3 Ways AP Automation Helps Protect Your Business 1. Often, employees fall for the scam.

AP 52

AP Invoicing Computation Billing 52

AvidXchange

JANUARY 21, 2021

So, it’s understandable to be concerned about losing control and taking on more risk by using accounts payable (AP) software and trusting automation. This blog highlights five ways automating your AP will help give you more control over your payment processes. But the exact opposite is true. Catching mistakes will happen faster.

AP 52

AP Invoicing Invoice Processing Computation 52

AvidXchange

MAY 16, 2024

As the workplace evolves, the shift towards electronic invoicing represents more than a technological upgrade; electronic invoicing and payments transform how businesses manage their financial processes. Electronic invoices are transmitted securely via the internet to the recipient.

Invoicing 52

Invoicing AP Invoice Processing Accounts Payable 52

Invoicera

APRIL 28, 2024

So, this blog post will be discussing the common mistakes you are making while managing your AP and the tips to improve them. Accounts Payable Process Receiving Invoices/Bills Vendors send invoices when they deliver goods or services. The invoices list what the company purchased, the quantities, costs, and due dates for payment.

Accounts Payable 52

Accounts Payable Accounts Payable AP Invoicing 52

AvidXchange

MAY 11, 2021

You’ve probably heard about accounts payable (AP) automation solutions. Table of Contents What are AP automation solutions? Table of Contents What are AP automation solutions? AP automation solutions use software to speed up processing of invoices and payments reliably from a centralized computer database.

AP 52

AP Data Entry Purchase Order Invoicing 52

AvidXchange

APRIL 24, 2018

It’s sad but true – most businesses are still stuck in the past with piles of printed invoices scattered throughout departments. Despite major fintech advancements, finance departments are still manually processing invoices. The Purchase Order is the First AP Priority Every day, the AP department reviews dozens of invoices.

Invoice Processing 52

Invoice Processing Invoicing Purchase Order AP 52

Nanonets

DECEMBER 11, 2023

Your accounts payable team – whose main function is to ensure funds are disbursed properly to vendors, business partners, and sometimes customers – processes an exorbitant number of invoices every single week. When done manually, processing an invoice can take days.   Top 10 Invoice Processing Solutions in 2024 1.

Invoice Processing 52

Invoice Processing Invoicing AP Accounts Payable 52

Nanonets

MAY 31, 2023

Automated invoice processing is the process of seamlessly extracting data from invoices entering your system and pushing it into your ERP so that processing a payment can be done in just a few clicks. In this blog we talk about what an ideal automated invoice processing system looks like and what are the pros and cons of such a system.

Invoice Processing 52

Invoice Processing Invoicing Data Entry AP 52

Nanonets

MAY 1, 2024

Invoicing and managing accounts payable digitally are a fact of life for business owners today, whether a small, local mom-and-pop or an eCommerce juggernaut selling thousands of dollars worth of inventory daily.  To get started, navigate to your Invoicing or Sales section of the dashboard, then click Create Invoice.

QuickBooks 52

QuickBooks Invoicing Accounts Payable Accounts Payable 52

AvidXchange

FEBRUARY 15, 2021

Do you want to learn more about invoice processing software? When your company buys a product such as a new computer for your accounts payable (AP) department, you usually receive an invoice from that computer manufacturer requesting payment. What does invoice processing mean? Why is this important?

Invoice Processing 40

Invoice Processing Invoicing Purchase Order AP 40

AvidXchange

AUGUST 31, 2023

She opened invoices with a letter opener, dealt with paper jams in the check printer and oversaw two employees whose full-time role was filing. “What are you saving because you’re still opening the paper and entering everything in yourselves and scanning [invoices] in? It’s because of that fear, you know, the risk.

AP 52

AP Accounts Payable Accounts Payable Invoicing 52

AvidXchange

SEPTEMBER 8, 2020

As a finance professional, you may believe your company needs to invest in AP automation processes. For instance, specify that your aim with automation is to cut annual payment and invoice processing costs by 50 percent. Avoid getting too deep in technology integration and AP automation software details. Be sensitive to this.

AP 40

AP Invoicing Accounting Software Accounts Payable 40

AvidXchange

JANUARY 13, 2022

During the next several years, all four technologies will be widely used in automated AP processes and payments as each makes it easier to process your invoices and payments quickly and accurately. Application programming interfaces (APIs): Enabling software conversation The importance of APIs in AP automation is hard to overstate.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

AvidXchange

APRIL 24, 2018

It’s sad but true – most businesses are still stuck in the past with piles of printed invoices scattered throughout departments. Despite major fintech advancements, finance departments are still manually processing invoices. The Purchase Order is the First AP Priority Every day, the AP department reviews dozens of invoices.

Invoicing 40

Invoicing Purchase Order Invoice Processing AP 40

MineralTree

MARCH 2, 2023

Keep reading to learn about these top challenges facing CFOs in 2023, as well as the steps leaders should take to prepare their organization and AP team for success. AP teams and finance leaders are then dealt the challenge of deciding which vendors to pay, and when. AP automation solutions are one way to simplify this process.

AP 83

AP Accounts Payable Accounts Payable AR 83

AvidXchange

FEBRUARY 4, 2021

Here’s one to consider: whether now is the right time for your company to start automating accounts payable (AP) processes. How will AP software be integrated with your accounting system ? Will you still have control of your invoice and payment processes? There are many questions to answer. Will it accelerate payments?

Accounts Payable 52

Accounts Payable Accounts Payable AP Computation 52

AvidXchange

DECEMBER 19, 2023

Computer Vision AI tools that offer computer vision are helping nonprofits of all types deliver on their mission more efficiently, utilizing fewer resources. For example, human rights organizations can use computer vision to search through large volumes of documents and images to identify evidence of abuse or human rights violations.

Computation 52

Computation AP Accounts Payable Accounts Payable 52

AvidXchange

JUNE 12, 2024

You may be wondering what types of accounts payable metrics your team can watch to help ensure your AP processes are efficient and consistently improving. This article will share 1 5 AP metrics that will help contribute to the overall success of your team, fostering a performance-oriented culture. 1. Divide that by two.

Accounts Payable 52

Accounts Payable Accounts Payable AP Invoice Processing 52

NextProcess

MAY 24, 2024

5 Tips for Managing High-Volume Accounts Payable with BPA Software How many invoices does your company receive each month? If you’re processing hundreds or even thousands of invoices each month, then your company is managing high-volume accounts payable. Each month, you pay based on the number of invoices processed.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

NextProcess

MAY 24, 2024

How many invoices does your company receive each month? If you’re processing hundreds or even thousands of invoices each month, then your company is managing high-volume accounts payable. For example, if you’re a small company that’s suddenly growing, the jump from handling 10 invoices a month to handling 50+ can seem overwhelming.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

Nanonets

JANUARY 5, 2024

That will elevate the status of an often-neglected area of finance – accounts payable (AP). Traditionally focused on paying the bills, the AP function is on the cusp of its own breakthrough. Already, forward-thinking organizations have automated invoice and payment processing , but that’s just the start.

AP 52

AP Invoice Processing Purchase Order Data Entry 52

AvidXchange

JULY 14, 2023

For more than a century, finance teams, including accounts payable (AP) staff, have used paper-based systems including ledgers, checks and mailed invoices. These platforms integrated with other financial systems, such as enterprise resource planning (ERP) software, to provide a comprehensive solution for managing AP.

AP 52

AP Computation Accounts Payable Accounts Payable 52

AvidXchange

SEPTEMBER 29, 2020

When you think of important corporate assets, you might picture physical things such as office buildings, computers and printers. You have a creative opportunity to use all the payment, invoice, cash flow, customer and other types of data to generate more valuable insights. It’s called data.

AP 40

AP Accounts Payable Accounts Payable Invoicing 40

AvidXchange

JUNE 5, 2018

The biggest fear for most finance departments is letting one quick “go-ahead” lead to an invoice that shouldn’t be paid. Keep Clear Control of the Approval Cycle How many of your late payments are actually due to your invoice approval process? Think about where all of your invoices are stored.

Invoicing 40

Invoicing Purchase Order AP Invoice Processing 40

AvidXchange

SEPTEMBER 29, 2021

From the expansive list of industry myths, three stand out above the rest because they can be especially influential in leading you down the wrong, or right, paths in your processing of invoices and payments. Finance teams don’t have to buy and integrate expensive new hardware or computer servers. Big Myth No. Big Myth No.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Nanonets

APRIL 10, 2024

The included Sage 100 accounts receivable and accounts payable processing provides basic functionality, including recording and manually paying invoices and producing aging reports.    Include add-on AP automation software in your software budget for integrated payables through Sage 100 integration.

General Ledger 52

General Ledger Purchase Order AP Invoice Processing 52

AvidXchange

NOVEMBER 8, 2023

As an AP professional, the last thing you want to do is pay a fraudulent or inaccurate invoice. AP 3-way matching is the process of taking an invoice for the purchase of goods or services and matching it with the corresponding purchase order (PO) and receiving information (order receipt). How Does 3-Way Matching Work?

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

AvidXchange

JANUARY 10, 2024

They also manage technical equipment— from computers and servers to software and services— to ensure it operates securely and efficiently. Chasing paper and approving invoices to be paid with paper checks wasted a lot of valuable time and money. It was also costly, requiring manpower, reams of paper, postage and mailing supplies.

AP 52

AP Invoicing Invoice Processing Accounts Payable 52

Nanonets

JULY 4, 2023

The rules are modified and appended as the computer learns from existing data. Cobots: collaborative robots that work with the human in the loop for human-centric activities Chatbots: the use of OCR, AI, ML, and NLP that can help a computer hold a real-time conversation with a human using text or speech.

Purchase Order 96

Purchase Order Computation Accounts Payable Accounts Payable 96

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.

Purchase Order 52

Purchase Order Accounts Payable Accounts Payable Invoicing 52

AvidXchange

APRIL 13, 2021

It’s when you check an invoice to make sure the information aligns with the information on your purchase order or sales receipt. Mismatching means something’s off such as the amount of the purchase order doesn’t equal the invoice amount. Or the business can use AP software , which gets this done automatically using a lot less paper.

Purchase Order 52

Purchase Order Accounts Payable Accounts Payable Invoicing 52

AvidXchange

SEPTEMBER 6, 2017

When I started 17 years ago, we had 30 employees and three computers. Can you describe your company’s AP process before automation? We decided to replace and enhance our AP invoice processing and go paperless. The approver might be traveling, and we wouldn’t have any visibility into the invoice or its status.

Accounts Payable 52

Accounts Payable Accounts Payable Billing AP 52

AvidXchange

MAY 10, 2016

Computer hardware was coming down, so prices were coming down. What was the AP process like back then? committed costs’ or ‘purchasing’) wasn’t all that well developed, so the process was about entering invoices into an integrated system that connected accounts payable, job costs, and general ledger.

General Ledger 52

General Ledger AP Invoicing Budgeting 52

AvidXchange

JANUARY 10, 2022

For its part, AvidXchange uses several techniques to secure its AP automation software used by healthcare providers. And that’s often in the finance department where invoices and payments get processed. Also, make sure you consider using all the AP automation security tools we listed above.

AP 52

AP Invoicing Budgeting Computation 52

AvidXchange

JULY 29, 2021

There are several misconceptions about robotic process automation (RPA), how it works and why it’s important in the context of accounts payable (AP) automation. This workforce should be assessed based on, for example, how many invoices it can process in one day and how much time and money that saves your business.

AP 40

AP Accounts Payable Accounts Payable Invoice Processing 40

AvidXchange

OCTOBER 20, 2021

Narrower in scope, digital resiliency aims to make smaller and more pinpointed investments to your business such as adding AP automation software and integrating it with your accounting software. For example, CAM finance pros can use AP automation for more efficient, faster and more secure and reliable financial transactions.

AP 52

AP Computation Accounts Payable Accounts Payable 52