Get More AP Automation Benefits with Today's AP Solutions

Does Your AP Department Party Like It's 1982? 

Ah, the good old days, when hair was big, and so were desktop computers. When Nintendo 64 was new and exciting, and so was—get this—email. Like, life couldn’t get any better, right? Especially in the AP department, where the photocopier was your best friend. I mean, who needs people? The thrill of manual data entry and filing paper copies made the weeks fly by. And if you made a few errors or a few late payments? Well, good thing you had nice vendors. Thankfully, technology has come a long way, and so have AP automation benefits.

The 12 ancient steps of accounts payable

Whether you started your job on an abacus or an adding machine, AP tasks typically follow the same manual 12-step process—from receiving an invoice to entering it into the accounting system to cutting a check. It’s a time-consuming, mistake-prone method that leaves you drowning in paper and spending more time in the file room than at your desk. And on the executive side, CFOs and controllers struggle with cash flow management and little to no insight into the overall financial health of their company.

Even if you’ve advanced to e-payments via Automated Clearing House (ACH) or electronic funds transfer (EFT), chances are good you’re still licking stamps, stuffing envelopes, and sending most payments snail mail. It’s safer that way…just in case, you know, the Internet breaks down.

Help from the cloud: AP solutions for today’s companies

It’s time to move boldly forward, to a time where paper is passé and the photocopier makes a nice plant stand—to a time where the accounts payable process has been revolutionized by AP and payment automation solutions.

Thanks to innovative SaaS (software-as-a-service) solutions like AvidXchange that time is now. Instead of nursing paper cuts and fixing errors, you can enjoy automated payments and increased visibility and control. You’ll get reporting and analytics capabilities, too.

Enjoy automated payments and increased visibility and control All this is possible because settlement is done electronically through VCN (virtual card number). The electronic, VCN-based system automatically routes the payment, quickly forwards it to the appropriate approval sources, and records it within the general ledger, eliminating more than half the steps that traditionally delay payment flow. (Remember the 12 ancient steps?) According to the Aberdeen Group, a technology and services company, automation can transform your company’s AP department into a profit center by decreasing processing time from an average of 28 to 2.7 days.

Sounds pretty great, huh?

To the future—and beyond!

Admit it. It’s time to retire the photocopier and filing cabinets and seize the day with AvidXchange and Arxis Technology. Together, we’ll deliver an AP solution that automates your payables and create unheard-of efficiencies for your AP team. 

By Arxis Technology, an Intacct Premier Partner and Adaptive Insights Partner