AvidXchange

DECEMBER 14, 2020

Erin Jaskiewicz, the accounts payable (AP) manager with Campus Apartments , was aware of the problems in her department that were preventing her company from achieving its growth goals. Luckily, AvidXchange’s AvidPay AP software helped set the company on a more efficient path to success. AvidPay changed all of that.”

AP

AvidXchange

OCTOBER 12, 2021

Automating your accounts payable (AP) processes can have a big impact on your bottom line. There are several ways to measure the cost savings of AP automation. While the costs can vary, Goldman Sachs estimates total costs (processing and labor costs) for AP staff involved in manually processing a single invoice equaled $16.00

AP

AvidXchange

AUGUST 19, 2022

You may be familiar with well-known basic benefits of accounts payable (AP) automation solutions: less paper, lower costs, more time for strategic work, etc. We’ve boiled the key differentiators of truly impactful AP automation down to three key characteristics. It’s also important for your AP automation solution to offer 24/7 access.

AP

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. 5 Myths About Vendor Payments & AP Automation 1. And of course, if you see advantages in automating payments via credit card or direct deposit, we can do that, too.

AP

MineralTree

DECEMBER 7, 2023

For accounts payable (AP) teams, vendor payments are the cornerstone of business relationships. Governed by the National Automated Clearing House Association (NACHA), these payments can facilitate direct deposits, direct payments, and electronic checks. Electronic payments enable greater security, ease of use, and cost savings.

AP

AvidXchange

MARCH 1, 2024

Wondering, “What is AP automation?” Need an AP Automation 101 course? In this article we’re going back to basics, explaining what AP automation is, how it differs from manual AP processes and what benefits AP departments can expect from automating. No time to read? You’ve come to the right place. No problem.

AP

MineralTree

JANUARY 19, 2023

Why AP Automation is Key to a Strong Year Most finance predictions for 2023 focus on business process improvements and cost savings, as opposed to ground-breaking new innovations. 6 AP Automation Trends for 2023 Preparing for trends in Accounts Payable (AP) can help teams build resilience and brace for a recession.

Accounts Payable

MineralTree

FEBRUARY 1, 2024

It’s almost four years since COVID first appeared, and AP teams are still pressured to get more done despite fewer resources and persistent challenges. Yet, it also underscored the critical role that AP plays in enabling prompt vendor payments and strengthening relationships to keep goods and services flowing during supply chain volatility.

Accounts Payable

AvidXchange

JULY 14, 2023

AvidXchange provides accounts payable (AP) automation Software as a Service (SaaS) to mid-size companies. We help AP departments work more efficiently and assist in getting their suppliers paid on time. We help AP departments work more efficiently and assist in getting their suppliers paid on time.

Deposits

Nanonets

APRIL 18, 2023

However, managing ACH payments can be a challenging task for AP teams, especially when dealing with multiple vendors and payment preferences. The ACH network checks the transaction and sends it to the receiver's bank for deposit. Looking to automate your manual AP process ? Card fees typically vary from 2.5%

AP

MineralTree

MAY 18, 2023

It often involves faking vendor information to redirect payments from the accounts payable (AP) team to a fraudster’s account. In some cases, the fraudster may also intercept a check and then deposit it into their own account before it reaches the intended recipient.

AP

Nanonets

MARCH 20, 2023

This payment method is widely used for direct deposit of payroll, payment of bills, and business-to-business payments. Looking to automate your manual AP process ? Book a 30-min live demo to see how Nanonets can help your team implement end-to-end AP automation. These deposits will then be refunded to you.

Deposits

AvidXchange

APRIL 23, 2020

Because manual, paper-based accounts payable (AP) processes that rely on in-office workflows, printers, and mailing services are no longer dependable, businesses are looking for more reliable and accessible ways to handle their mission critical processes , like paying bills and receiving payments. This applies to AP and finance teams, too.

Invoicing

Nanonets

APRIL 13, 2023

It's a sophisticated system that many of us have benefited from, whether by using online bill pay or receiving direct deposit paychecks. This payment method is widely used for direct deposit of payroll, payment of bills, and business-to-business payments. Looking to automate your manual AP process ? financial system.

Deposits

AvidXchange

OCTOBER 14, 2022

Those costs are what you could otherwise be doing with the funds if you weren’t waiting for them to arrive, clear and be deposited. AvidPay Direct payments eliminate the need to deposit a check or run a card. Despite the benefits, paper checks can get lost, are highly susceptible to fraud and present missed opportunity costs.

Deposits

AvidXchange

MARCH 28, 2024

Timely payments also build trust with suppliers, enhance the company’s creditworthiness and impact its access to resources. Automated payments offer a solution for businesses, increasing the efficiency of their accounts payable (AP) departments.

AP

AvidXchange

AUGUST 5, 2022

When apartments turn over at the beginning and end of each school year, we may process more than one hundred checks in a single day, manually entering, reconciling and depositing them for payment,” said Clark. The company’s credit card transactions were equally cumbersome and time consuming, not to mention costly due to high transaction fees.

AR

MineralTree

NOVEMBER 10, 2022

For AP teams, they lead to wasted time and money and strained supplier relationships. Let’s take a look at the steps AP departments can take to avoid duplicate payments and improve AP efficiencies across the organization. This type of error remains a challenge for many companies and their AP departments. Payment Scams.

AP

AvidXchange

JUNE 6, 2022

The Receivables should not be confused with Accounts Payable (AP). While AP is the debt a company owes to its suppliers or vendors, accounts receivable is the debt of the buyers to the company. Invoice Approval: An AP clerk conducts a three-way match. The invoice must be sent promptly. The payment is sent via U.S.

Accounts Receivable

MineralTree

FEBRUARY 16, 2023

This disruption created a perfect storm for fraudsters and bad actors to exploit new vulnerabilities, particularly those within AP teams, many of which still exist today. As an example, a fraudster may impersonate a vendor — often through BEC or account takeover — and contact the AP team to update payment information to a fraudulent account.

AP

AvidXchange

JUNE 6, 2022

The Receivables should not be confused with Accounts Payable (AP). While AP is the debt a company owes to its suppliers or vendors, accounts receivable is the debt of the buyers to the company. Invoice Approval: An AP clerk conducts a three-way match. The invoice must be sent promptly. The payment is sent via U.S.

Accounts Receivable

AvidXchange

MAY 16, 2024

This is generally done in accounts payable (AP) automation systems using optical character recognition (OCR) technology and machine learning algorithms. What are Electronic Payments? No longer are CFOs and controllers dependent on AP staff to chase the info they need. Multitask with our podcast. Listen Now No Time to Read?

Invoicing

Nanonets

MARCH 21, 2023

ACH is most commonly used for direct deposit of payroll, payment of bills, and business-to-business payments. Book a 30-min live demo to see how Nanonets can help your team implement end-to-end AP automation. Get the AP process right before making an ACH payment. Book a 30-min live demo now.

Deposits

Nanonets

SEPTEMBER 28, 2023

Here are some of the most common: ACH (Automated Clearing House) Transfers Wire Transfers Credit Card/ Debit Card Transactions as EFT Mobile Payments Electronic Checks (eChecks) Point-of-Sale (POS) Payments Direct Deposits Recurring Payments EFT accounts can be checking or savings. Savings accounts earn interest on the money you deposit.

Deposits

Nanonets

SEPTEMBER 28, 2023

Here are some of the most common: ACH (Automated Clearing House) Transfers Wire Transfers Credit Card/ Debit Card Transactions as EFT Mobile Payments Electronic Checks (eChecks) Point-of-Sale (POS) Payments Direct Deposits Recurring Payments EFT accounts can be checking or savings. Savings accounts earn interest on the money you deposit.

Deposits

Nanonets

DECEMBER 11, 2023

If an AP expert has to conduct three-way matching checks , route the invoice to the proper department for approval , initiate the payment process, and get another approval before sending funds, there are many potential stopping points in the process.  When done manually, processing an invoice can take days. Rossum  source: rossum.ai

Invoice Processing

Jetpack Workflow

MARCH 30, 2023

If you made a deposit or are paying in installments, this column deducts the payments from the total invoice amount. At this point, you will need an accounts payable (AP) managing tool for collaboration and digitizing the process. It also tells you the total outstanding amounts your company owes to its vendors at any moment.

Accounts Payable

AvidXchange

SEPTEMBER 17, 2020

Morgan Hay, an accounts payable (AP) clerk with Henderson Association Management, LLC, recalls her early days as an intern with the company. What I remember was how labor intensive everything was,” she said. We’d all be running around the office with printed invoices, trying to get approvals so we could cut checks.

Bank Reconciliation

AvidXchange

APRIL 5, 2022

Using STP, depositing paper checks and keying in 16-digit card numbers are a thing of the past. These are one-time-use digital cards that give your business an extra layer of security against fraudulent attacks.  In a traditional VCC transaction, you’re given the digital card from your customer or their AP software provider.

General Ledger

AvidXchange

FEBRUARY 21, 2022

For example, an ACH transfer is completed through a clearinghouse and is often used to process direct payments or deposits. These types of payments are typically used by businesses for direct deposit of employee pay. Automating your accounts payable (AP) processes can have a big impact on your bottom line. The good news?

Accounts Payable

Nanonets

SEPTEMBER 1, 2023

In Accounts Payable, the importance of vendor payment methods often goes unnoticed despite their substantial influence on the overall cash flow, efficiency of the AP team, and profit margins. Days Payable Outstanding:  All AP teams must balance paying off invoices and keeping enough cash in the business.

Accounts Payable

AvidXchange

JULY 13, 2023

It’s not like a traditional bank account where you deposit money but instead more of a relationship with a merchant account provider that serves as a bridge between your customer’s credit account and your business bank account. In total, the time from payment to deposit is about 1-2 days with a merchant account.

Accounting

Nanonets

MARCH 24, 2023

This payment method is widely used for direct deposit of payroll, payment of bills, and business-to-business payments. Book a 30-min live demo to see how Nanonets can help your team implement end-to-end AP automation. Wire transfers are usually deposited on the same day but come with high fees of up to 40 dollars.

Accounts Payable

AvidXchange

OCTOBER 16, 2023

With this early payment option, if a supplier chooses to accelerate an eligible invoice, AvidXchange deposits the funds directly into their account in as little as 24 hours for a small fee. Several of Rothenberg’s customers use AvidXchange to automate their accounts payable (AP) processes and pay their suppliers.

Invoicing

AvidXchange

APRIL 14, 2023

Some brazen offenders will cash or deposit a stolen check themselves but most hire “ walkers ” to do the job for them. They’re paid a fee to cash the check or deposit it in the criminal’s account on their behalf. When cashing a check, don’t endorse it until just before you deposit it. What Are the Impacts of Check Fraud?

Deposits

Nanonets

JULY 24, 2024

Introduction Accounts Payable (AP) are short-term obligations that a company owes to its creditors or suppliers, but company has not yet paid for them. To better understand AP, we must first know the basic concept of debits and credits. Credit purchases are the most frequent source of credit in AP. Book a 30-min live demo now.

Accounts Payable

Nanonets

MARCH 30, 2023

At the individual level, payment automation may involve automatic payment of credit card bills, mortgage payments, loan payments, and savings deposits.  The invoice is processed, typically in the AP department, and once passed, is cleared for payment.

Accounts Payable