Best Avidxchange alternative in 2023
In the era of digitization and automation, accounts payable has taken up a position as one of the most important facets of a business to modernize. Businesses all over the world are getting on board the accounts payable automation idea and why not. Automating accounts payable has served as a great option for making a business more streamlined and efficient.
In light of the rise in popularity of accounts payable automation, accounts payable software has also emerged as a result. Amongst these, Volopay and Avidxchange are two formidable options. Therefore, to understand which of the two is more suitable for business owners, accounts payable software comparison is required.
Vendor management portal
Lowest forex rates
Interest free credit line
Unlimited virtual cards
Travel expense management
Volopay also has this feature that lets you manage your entire accounts payable process. It acts as an invoice as well as a vendor management platform. You can use this feature to make payments to vendors seamlessly. It also gives you in-depth insights into the spending behavior of your company. Additionally, it is very simple to schedule international payments with full information about the charges associated with the payment for full transparency.
The vendor management system of Volopay allows your businesses to manage and pay vendors or suppliers with greater efficiency. You get access to a dashboard from where you can track and manage all your vendor payments. You can even set up recurring payments for vendors to ensure a payment date is never missed again.
This feature speeds up your accounting process and helps you close accounting books faster. Manual effort is reduced as triggers help auto-classify transactions, and integrations with software remove the need to manually enter data into bookkeeping software.
You can easily sync transactions into accounting software with full accuracy through direct integrations or Universal CSV. Streamline accounting workflows as transactions are automatically categorized, quickly verified, and can be synced easily into accounting software manually or automatically.
Volopay’s invoice management system is yet another feature that helps businesses manage their vendors and business expenses. The system is capable of receiving invoices from all forms of sources (email, PDF, excel files, and so on). Once received invoices are three-way matched, data is extracted automatically with OCR and processed seamlessly.
The business account feature of Volopay lets you make payments in multiple currencies while you hold multiple wallets with currencies of your choice. This lets you hold and spend money in multiple currencies which in turn can help you expand your global reach as a business. Moreover, there is no SWIFT or processing fee charged for these transactions.
This feature of Volopay gives you a comprehensive dashboard that you can use to manage and track all business payments as well as make reimbursements for employee spending. This dashboard gives you a simplified claims process that ensures quick and easy reimbursements. You can eliminate out of policy spends with custom approval workflows, spend controls, and merchant category blocking.
Volopay’s corporate cards with credit is an immense feature that business owners can avail to streamline business payments. The flexibility of these cards are they can be used for subscriptions, specific vendor payments, rewards cards, gift cards, etc. Given that Volopay offers unlimited virtual cards you can create cards for very specific purposes. Additionally, these cards have controls that allow users to limit where the cards can be used.
The multicurrency wallets feature with Volopay lets you make payments in currencies belonging to multiple countries. You can hold multiple wallets with currencies of your choice. This means you can spend and hold money in multiple currencies which in turn can help you expand your global reach as a business. Moreover, for the payments, there is no SWIFT or processing fee charged over the above forex rates.
Volopay also gives you access to an extremely flexible credit line to help further build your business. Depending on the needs and requirements of your business you can requisition a credit line from Volopay. The credit line Volopay provides is extremely flexible because both the amount of credit availed as well as the repayment cycle are highly customizable as per your business needs.