Spectrum Information Services is proud to introduce our new service offering, AP automation.
We’ve recently partnered with AvidXChange to provide our clients with AP and payment automation services, but two questions still remain at the forefront of our thoughts: what is AP automation and how is it revolutionizing current accounts payable processes?
“I won’t bore you with a Webster Dictionary description, not just because I appreciate your readership, but because there isn’t one…yet. Our company has been in the accounts payable automation industry for over ten years, and in the course of those ten years our clients’ needs have evolved, and so have our solutions. We began our journey into automation with Accounts Payable software, but realized that in order to supply our clients with a complete solution we would need to be able to facilitate everything from procurement to payment. We have neatly placed all of our solutions into a box and put a bow on them, and call the full-service solution, “Payments Automation”.
It has been our experience that when we go to conferences and tell people that we are a “payments automation” company that they quickly respond by saying, “Oh, so you only do payments.” We can understand why people might think this, but we are a lot more than just payments. Our philosophy, however, is that a payment begins the moment an invoice is created. The end result is a payment, but a payment has a prologue. The prologue reads something like this for automated companies:
Mr. Property Manager needs to order some washers, and he creates an electronic purchase order for Company Awesome for these washers and sends the purchase order over to Company Vendor. Miss A.P. of Company Vendor creates an electronic invoice to bill Mr. Property Manager for the washers. Mr. Property Manager’s Accountant receives a notice that an electronic invoice has been received, and creates a task for Mr. Property Manager who doubles as Mr. Approver to approve the invoice. Mr. Property Manager receives an email to approve the invoice. He matches the invoice to the purchase order he created (which is conveniently attached), and since it is for the right quantity and amount, he approves.
Now, here is where the payment story begins. Now that the invoice has been approved, a payment must be made, and since Company Vendor is very progressive they receive an ePayment for their washers. However, this story can have multiple endings with AvidPay, but it will read all the same to a user because AvidXchange manages all vendor information and payment preferences for you. So, whether Company Vendor wants an ePayment or paper check, it’s no concern of Mr. Property Manager, which is great because he has a lot more pressing things to do like increasing tenant occupancy rates. What could you be doing with the time you currently invest in manually processing paper checks and managing vendor information?”
-Rachel Hoppe, Marketing Manager at AvidXChange