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Michael Praeger, Co-Founder & CEO It is beyond doubt that automation is one of the pivotal forces in the technological ecosystem that catapults businesses to success. Yet, often accounts payable (AP) teams overlook the obvious—paper is where the pain point is. While being bogged down in painstakingly tedious and time-consuming activities might seem to work fine for many, the truth is, these teams are in dire need of innovative AP and payments automation solutions that can take the burden off their shoulders. As such, an important question to ponder over is how can organizations harness the potential of an effective AP automation solution to help financial experts with increasingly complex tasks? This is exactly what North Carolina-based AvidXchange aims to answer with a range of ingenious solutions and services.AvidXchange brings in a unique way for companies to pay their bills, giving them the power to reduce processing costs, accelerate approvals, and eliminate paper with more transparency into, and control over, spending than ever. According to Michael Praeger, the CEO and co-founder of AvidXchange, manual errors and the time consumed in processing invoices can be reduced by implementing an automated AP platform within the infrastructure of an organization. In doing so, AvidXchange emerges as an industry leader in automating invoice and payment processes for midmarket companies across financial services, construction, energy, nonprofit, and real estate sectors, catering to more than 5,500 clients throughout North America.
A Comprehensive AP and Payment Automation Solution
According to Praeger, currently, almost 90 percent of payment solutions providers still depend on paper-based processes. AvidXchange is disrupting the equilibrium with a unique approach to payment process, introducing automation into electronic payment workflows. An exceptional blend of software and services, AvidXchange’s Purchase Order Application acts as a comprehensive, web-based solution that enables accounts payable teams to automate the purchase order process and limit redundant spend by preventing unwanted purchases. With AvidXchange’s purchase order software one can create requisitions for goods and services to speed up the buying process while automatically sending the order to the vendor and receiving the invoice in the inbox. The application, further, standardizes purchasing patterns and keeps track of products and purchasers for effective spending and saving.
AvidXchange emerges as an industry leader in automating invoice and payment processes for midmarket companies across multiple industries including Financial Services, Construction, Energy, Nonprofit, and Real Estate, catering to more than 5,500 clients throughout North America
For master money management, AvidXchange Purchase Order Software wipes out the possibility of wrong orders and suspicious suppliers and takes the guesswork out of an organization’s goods and growth while improving visibility into purchases and processes.
AvidXchange’s Invoice Application is designed to replicate an organization’s current approval processes and workflows without all the unnecessary paperwork and inefficiencies. On automating the process, organizations can electronically track invoices, streamline workflows, and maintain a central repository to access invoice data anytime, anywhere. Regardless of the number of invoices, the invoice management software can automatically code the invoices, assign them to the appropriate workflow, and route them electronically for approval. Thereafter, the invoices flow directly into the accounting system for payment processing once they receive the stamp of approval. This process puts a cap on the endless printed invoices stuffed in the file cabinets; users can scan invoices electronically and submit them using the Invoice application instantaneously. They can also add rules and alerts to invoices to enhance the performance of the invoice management software while conversing with team members to improve accountability. Further, users can log into their systems and get any invoice information they need, which also enables them to allow the auditors to access the required invoices to make auditing a breeze. This, in turn, boosts trust and visibility through real-time reports on accounts, performance, and growth.
With AvidXchange’s full-service bill payment software offerings, users can select payments from their accounting system and select to pay them directly, instead of selecting them for print. Following that, payments are transmitted to the E-Payment Application and based on a company’s current approval processes, payment files are routed to approvers for final approval before being transmitted to vendors. In addition, the software offers a clear cut, cost-effective, check-writing experience for users, enabling them to pay with ease.
AvidXchange’s Create-A-Check capability offers protection with Positive Pay and payment approval to mitigate fraud and suspicion. Transferring e-payments or checks to verified vendor bank accounts, users can efficiently prevent fraud and provide complete protection for vendor payments while receiving a Supplier Payment Receipt to ensure that vendors earn full payments securely. Utilizing AvidXchange’s payment forms—ACH, EFT, and wire transfer—users can also cut the cost of checks, time, and hassle. They can access and approve invoices anytime, anywhere for fast approval processes and payments and also add the current approval rules to the automated payment process. Most importantly, as a registered partner of Sage Software Solutions Private Limited, AvidXchange Pay is responsible for direct payment execution through the Sage accounting system. “AvidXchange includes a no-fee transactional Cashflow Manager that allows suppliers to perform transactions with ease and helps check the status of invoice or payment,” adds Praeger.
Employing a dedicated supplier team that works directly with clients’ suppliers, AvidXchange maintains their payment data and assists in verifying the accepted payment types. As such, most customers see an average e-payment adoption of 40 percent through the enrollment process. Customers receive either an electronic payment or check based on a supplier’s accepted method of payment while AvidXchange’s Payment Services Team ensures all payments are received along with a supported supplier experience.
Integration: Not a Hassle Anymore
To make it easy for users to get started, AvidXchange provides seamless integration with over 100 accounting systems. Cultivating meaningful relationships with multiple accounting systems, the AvidXchange team makes an effort to understand clients’ accounting process and ensures a smooth transition from their accounting systems to AvidXchange’s accounts payable software. Taking into account the importance of a client’s accounting system serving as their system of record, AvidXchange integrates with a plethora of best-in-class solutions—Sage, SAP, NetSuite, Acumatica, to name a few.
"AvidXchange is disrupting the equilibrium with a unique approach to payment process, introducing automation into electronic payment workflows"
AvidXchange is currently focusing on providing an enhanced UI to customers so that they can self-manage their applications required in the Sage customer onboarding process. The system is easily configurable and can be modified as per business requirements. In days to come, the company has aggressive expansion plans in the US on the cards. Praeger is hopeful that AvidXchange would soon be able to increase market penetration with its expanded offerings in spend management. Besides, the company has also partnered with Mastercard to make the payment procedures accessible through a business’s financial institution and the Mastercard B2B Hub. “Our future roadmap focuses on the promotion of value in business, and looks into the factor that the payment processes are initiated and closed in a better manner,” concludes Praeger.
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Company
AvidXchange
Management
Michael Praeger, Co-Founder & CEO
Description
AvidXchange brings in a unique way companies pay their bills, giving them the power to reduce processing costs, accelerate approvals, and virtually eliminate paper
