Wouldn’t it be great to integrate a bit more AP automation into your business? Here’s we welcome a guest post from the team at AvidXchange. AvidXchange has helped DataQuest clients reduce manual data entry, get invoices approved faster, and spend more time on other things.
What is AP Automation – and what is Payment Automation?
AP and payment automation refers to technology and services that streamline manual accounts payable processes. This starts by automating invoice intake to eliminate manual data entry. These automations also include establishing approval routing workflows so organizations retain control over expenses.
AP and payment automation technology is complementary to the use of an accounting/ERP system and ensures that AP invoice transactions are captured via integration.
Once invoices are approved for payment, payment automation provides convenient ways for your payments to be securely transacted via electronic and/or check payment methods. This enables organizations to gain efficiencies by eliminating manual, paper-based processes and enhances their visibility and control all the way through the payment process.
What is the expected ROI for AP Automation and Payment Automation solutions?
The Return on Investment for AP automation lies in the combination of technology and services that accurately extract and capture invoice data that previously relied on manual entry. Instead of focusing on entry, automated workflows enable staff to review and approve invoices from any location, including via mobile devices.
This provides better visibility into upcoming payments while also offering savings in labor costs. Organizations often see a 60%+ gain in efficiency by deploying AP automation for invoices.
What are the benefits of automating supplier payments by utilizing the AvidPay Network?
Many providers only offer AP automation for invoices and don’t deliver value through the final supplier payment process. AvidXchange is an industry leader in payment automation because of its ability to provide additional benefits including secure supplier payments, complimentary supplier enrollment, and cash back rebate potential from electronic AP spend.
AvidXchange connects buyers with an industry leading network of more than 500,000 suppliers to provide secure B2B payments based upon the supplier’s preferred payment method.
This creates a powerful network effect where typically 30%+ of an organization’s suppliers are already enrolled in the AvidPay Network from Day 1, many of whom accept electronic payment methods.
Does AvidXchange work with Sage 300 ERP and Acumatica?
Yes, AvidXchange integrates with both Sage 300 ERP and Acumatica. The technology is complementary to both solutions and ensures they remain as the system of final record for AP invoice transactions.
To see more about AvidXchange, check out our webinar recording.