AvidXchange

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AvidXchange provides end-to-end automated bill payment solutions for your company.

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What is AvidXchange?

AvidXchange's complete solution is comprised of three main applications: purchase order application, invoice application, and payment application. These applications are supported by several service teams to enable our users to have a very supported software experience.

Purchase Order Application

AvidXchange’s Purchase Order Application enables you to automate your company’s purchase order process and control costs by preventing unwanted purchases. You begin your AP process by entering a requisition into the Invoice Application for the goods and/or services vendors
require. That requisition is then sent into a workflow for approval.

Once the requisition has the appropriate approvals, it becomes a purchase order and is sent to your vendor for fulfillment. After those goods and/or services have been rendered, the vendor will invoice you. When the invoice enters into the AvidBill Service, the purchase order is
associated to the invoice using the original purchase order number, vendor, and amount that was established at the beginning of the process. The purchase order and all of the individual line items and coding have now “flipped” to the invoice.

Invoice Application

AvidXchange’s Invoice Application is a web-based paperless invoice management system designed to automate the way companies manage accounts payable documents. The Invoice Application provides finance executives and AP managers with enforceable controls, powerful reporting, and added “visibility” to all documents in their organization.

AvidXchange Invoice mirrors your existing invoice approval process. Paper invoices are either scanned into an electronic format, or electronically submitted directly into the Invoice Application – either through direct data-import or through the Vendor Portal. Invoices are automatically coded, assigned to the appropriate workflow, and routed electronically for approval. Once fully approved, invoices flow directly into your accounting system for payment processing.

Payment Application

AvidXchange’s goal is to enable you to facilitate 100% of your vendor payments. Every company is unique and has a variety of vendor relationships, and our mission is to empower you with robust options to pay your vendors with best-in-class methods for paper checks and electronic payment methods.

AvidXchange’s full-service payment offerings are available using AvidPay, AvidXchange’s bill payment service. When you select payments in AvidPay to be paid, they are then sent over to the AvidPay Network. The AvidPay Network is the network through which your vendors get paid. The AvidPay Network optimizes the electronic payment mix, with an average electronic adoption of 45%. For vendors that you would like to pay in-house, Create-A-Check is available as a self-managed payment option. You manage your vendor data and can facilitate payments via MICR check, ACH/EFT, and wire transfers in-house using the Create-A-Check software.

5 Key Benefits of Automating with AvidXchange:

1. Reduce Processing Costs - Automating reduces processing costs by 60%, or more. How? By eliminating the hard costs associated with paper invoices and checks, such as postage and check stock, as well as eliminating the soft
costs associated with manual processes, such as data entry.

2. Create Processes that Scale for Growth - By eliminating the paper from your accounts payable processes, you also remove the manual tasks that are associated with them. Therefore, in an automated environment your company will be able to add invoice and payment volume without having to add headcount to handle labor-intensive functions.

3. Improve Control & Visibility - Automating payables gives your company 24/7 visibility into the status of invoice and payments from anywhere you have an internet connection. Additionally, we configure your workflows to mimic your current approval processes, so that you maintain all of the business rules you have in place today coupled with an electronic audit trail for an additional level of accountability.

4. Implementation in 45 Days or Less - We have a three-step process that we’ve developed over 16 years of helping to get customers up and running on our software. Every customer gets a dedicated implementation specialist that walks them through the three steps: data collection, configuration, and testing.

5. Service Teams to Support Your Experience - From the moment that you decide to become an AvidXchange customer, we have service teams in place to support you. During implementation, you have a designated implementation specialist to help you get up and running on our software, and after you’re implemented you get an account manager to help with any questions you may have along the way while you use the software. Additionally, we have a support team that has a 15-minute response rate based in Charlotte, NC. If you use our payment service, then you also are aided by our vendor enablement team and payment services team to maintain vendor data and optimize electronic payment conversion.

AvidXchange Details Provided by: Bill K.

AvidXchange Details Provided by: Bill King™

Growth Marketing @ AvidXchange | Hubspot & Reforge Alumni | Speaker, Consultant & Startup Advisor
Website
www.avidxchange.com
Languages Supported
English

AvidXchange Screenshots

About AvidXchange

Vendor
AvidXchange
Company Website
Year Founded
2000
HQ Location
Charlotte, NC
LinkedIn® Page
www.linkedin.com
Employees on LinkedIn®
864
Twitter
@AvidAutomates
Twitter Followers
2004
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