Product Spotlight: AvidXchange AP Automation

At rinehimerbaker, we are committed to helping your business succeed. Whether we are doing so by taking on the role of accountant for your firm, or helping you to select and implement the right accounting, AP, travel, or invoice software for your business, we understand the needs of Florida-based businesses and are proud to support businesses like yours as they grow.

This is why we’ve spent the past year or so writing about the products we recommend, discussing their virtues, features, and benefits for small and mid-sized businesses. In past product spotlights, we’ve discussed Sage Intacct, Bill.com, MineralTree, ServiceTitan, Tallie, Nexonia, Gusto HR, and would today like to turn our focus to a leader in the AP Automation and the Purchase-to-Pay Process: AvidXchange.

The P2P and AP Process Needs an Upgrade

Let’s be honest, the P2P process is often painful, time-consuming, and pricey—not to mention inaccurate, paper-based, and siloed. For most companies, this disjointed process results in an unfortunate statistic: Your highly paid accountants and finance professionals spend more than half of their week making sure the bills are paid and the lights stay on. This is a waste of intellect, and more importantly, a waste of time and money—a finance pro’s time doesn’t come cheap.

To top this off, finance people have job expectations and career goals. The finance pro who has to spend half of his or her week on something as repetitive and mundane as transaction processing is likely to see him/herself as an underappreciated member of the team, and eyes may start to wander when he or she sees an opportunity for a larger role.

How AvidXchange Closes the Gap between Purchasing and Payment

With this process so disjointed, there are options for businesses looking to shorten the time between purchasing and payment. One of these options is AvidXchange, a company who specializes in facilitating the process through automation, simplification, and analytics.

About AvidXchange: Power Over Your Payables

Founded in 2000, the company has continued to improve the product, garnering interest and funding as they improved their technology. Initially founded as a bill-payment software, the AvidXchange software has expanded to incorporate a facilitation platform, and in late 2016 made moves to introduce its “neXt era,” which hopes to provide a better unified experience for customers. The video below shares a brief overview of the software—how it works and what it provides:

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Purchase Order Application

The first step in any purchase is the purchase order. AvidXchange designed their Purchase Order Application to simplify the PO creation process, automatically sending the order to the vendor and invoice to the purchaser. Providing automatic matching, the purchase order application combines with AvidXchange’s Invoice solution to match the purchase order with the invoice to create a seamless process when data is exported to your trusted accounting system.

AvidXchange allows you to control the cost and master money management:

• Eliminate Manual Tasks: Whether in the form of creating repeat requisitions for frequent purchases, you can shorten the time to order, create requisitions, and get a grasp of the who what and when in the purchase process.
• Control Your Money: From integration to visibility, AvidXchange lets you take control of your money. Prevent “maverick” spending and take the guesswork out of paying your suppliers.

Electronic Invoicing

The more suppliers you work with, the more complicated the invoice process often becomes. However, AvidXchange takes the headaches out of receiving invoices. Providing convenient options for suppliers to submit invoices, suppliers can send paper invoices to AvidXchange or send by email, taking the paper out of the process and making payment easy.

• Save the Trees: Stop stuffing printed invoices in file cabinets. Scan your invoice into an electronic format or submit them using our Invoice application in seconds.
• Keep Control: Add rules and alerts for your invoices to make our software and service work best for your AP processes.
• Communication is Key: Got a question? Review and respond to invoices anytime, anywhere there’s an internet connection. Our service lets you to chat with teammates and improve accountability.
• Stay Organized: Forget about lost files. Log in to our system to get any invoice information you need. Give your auditors permission to search invoices to make auditing season a walk in the park.
• Real-Time Reporting: Boost trust and visibility with leadership by providing real time reports on accounts, growth, and performance since e-invoicing.

Learn more about invoice automation with AvidXchange here.

Payments Made Easy

Trade in paper, stamps, and hours for a few simple clicks to pay all of your vendors without worries. Use your trusted accounting system with AvidXchange Payment Application process payments. Providing security and speed, AvidXchange Payments fits into your current workflows and vendor needs. Whether your vendors need EFT, ACH, or wire payments, AvidXchange can make it happen, reducing risk, increasing speed, and building trust.

Learn more about payments by AvidXchange here.

Grow Your Business in 2018 with the Help of rinehimerbaker

At rinehimerbaker, we know that running a business is a challenge. However, with the right tools and support, you can simplify processes, minimize risk and save money as you grow. We are proud to recommend this software, and if you need help or advice, please contact us.