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Michael Praeger, CEO & Co-founderWhile automation is at its peak driving efficiency and a paperless ecosystem, operations like accounts payable (AP) and invoice processing are far from reaping the benefits of this technique. According to Praeger, currently, almost 90 percent of payment solutions providers largely depend on paper-based processes. Driven by a unique approach to payment process, AvidXchange is disrupting the equilibrium by introducing automation into electronic payment work flows. The company’s platform effectively simplifies the tasks such as invoice generation and check processing thereby reducing the time and risks involved in the traditional procedures. The game-changing automated AP and payment process from AvidXchange has expanded invoice accelerator, which has led to a drastic improvement in the relationship between the customers and suppliers. The suppliers can send their invoice and receive payment quicker as compared to the period of 30 days in case of traditional payment systems. Thus, the suppliers can now decide when to get paid rather than the customers deciding when to pay the customers.
Since its inception, AvidXchange’s AP and payment automation has added more value to the solutions offered by Sage Software, thus providing the customers with industry-leading levels of productivity and cost-savings. Suppliers can generate invoices of better quality, related to travel purchase order as well as expense process in a convenient manner.
In an instance, CDS Monarch, a client of AvidXchange experienced improvement in controls and growth scale after adopting AvidXchange’s automated AP platform for invoice and payment and reduced its invoice and payment processing costs by 20 percent.
The comprehensive cloud-based environment offered by AvidXchange encompasses three broad categories of services–spend management, invoice management, and the AvidXchange Pay application. Spend Management involves purchase expense control along with supplier management. Invoice management, helps clients configure the system to automatically generate bills which have been approved through an invoice approval process. Thirdly, the payment service, AvidXchange Pay is responsible for direct payment execution through 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. Simultaneously, the suppliers can also check if the payment invoice has been accelerated in case any task has been completed on the day itself.
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
AvidXchange is currently providing improved UI for customers to self-manage their applications required in the Sage customer onboarding process. The system is easily configurable and can be adapted as per business requirements. In days to come, AvidXchange has aggressive expansion plans in the US. Praeger is hopeful that they would soon be able to increase market penetration with its expanded offerings in spend management. Besides, AvidXchange recently partnered with Mastercard to make the payment procedures accessible via a business’s financial institution through the Mastercard B2B Hub. “Our future roadmap focuses on promotion of value in business, and look into the factor that the payment processes are initiated and closed in a better manner,” concludes Praeger.
AvidXchange Releases Annual ESG Report
Friday, June 23, 2023
CHARLOTTE, N.C. -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today released its 2022 Environmental, Social and Governance (ESG) Report. This report highlights the company’s commitments to ESG, how these commitments tie back to the company’s core business and how the company delivers value to its stakeholders.
“AvidXchange was founded over 20 years ago with a mission to solve complex accounts payable problems for our customers,” said Michael Praeger, Co-Founder, Chairman and Chief Executive Officer of AvidXchange. “Today, we have deep roots in the business community, but we know that position is only as strong as the communities we serve. From every corner of AvidXchange, our commitment to ESG is apparent in the way we solve problems, innovate and strive to be better every day.”
Highlights from the report include:
• Environment
o AvidXchange’s technology removes paper from its customers' daily work streams through the digitization of processes. With 8,000 buyer customers, and payments made to 965,000 supplier customers over the past five years, this impact is significant.
o Based on paper reduction alone, in 2022, AvidXchange saved the equivalent of 4,600 trees and 4.1 million gallons of water. Additionally, it helped avoid 3.4 million pounds of carbon dioxide emissions and 226,000 pounds of solid waste.
o The company works with its teammates to drive environmental sustainability initiatives in the daily operations at its Charlotte headquarters and regional offices, creating buy-in that sustainability is every teammate’s responsibility. This is done through programs such as: hybrid/remote work, energy & water consumption reduction, the AvidXchange green team, waste management initiatives and a sustainable procurement policy.
• Social
o The AvidXchange Foundation serves as the company’s legs in the community, enabling corporate sponsorships and teammate volunteer activities, where teammates can use 16 hours of paid volunteer time off annually to participate in community projects and programs.
o When AvidXchange debuted as a public company in 2021, it pledged to invest 1% of its issued and outstanding shares of common stock over 10 years to fund community service efforts. This program ensures that as AvidXchange achieves success, it brings its communities along with it.
o AvidXchange has outlined a four-part strategy to further its progress for DI&B, celebrating its wins and achievements while also actively building bridges to unite its teammates, customers and communities in feeling the power of connection and a true sense of belonging.
• Governance
o AvidXchange is committed to business practices that are ethical, transparent and accountable. Through board diversity, annual compliance reviews and ensuring ethics and anti-corruption standards are met, these practices provide the foundation for long term value generation and the company’s ability to meet its environmental and social objectives.
“AvidXchange has built an organization that is teammate-focused, environmentally conscious and operates under the highest business standards,” said Rob Phocas, Director, Corporate Social Responsibility at AvidXchange. “We’ve worked hard within our organization and within our community to ensure that we’re making a real impact – and we’re excited to share where we are in our ESG journey.”
AvidXchange and MIP Partner on AP Automation for Nonprofits
Tuesday, June 04, 2024
AvidXchange and MIP Fund Accounting by Community Brands partnered to provide a fully digitized invoice-to-pay process to nonprofit groups.
With this collaboration, AvidXchange’s accounts payable (AP) automation solution has been integrated into MIP’s cloud-based, software-as-a-service (SaaS) fund accounting solution for nonprofits and government organizations and will be offered to MIP’s 6,000 customers, the companies said in a Thursday (May 23) press release.
“We’ve been in the business for more than 40 years and realize that now more than ever, it’s important to focus on efficiency and security, and we’re excited to now offer both with this partnership and integration,” Neil Taurins, general manager of MIP at Community Brands, said in the release.
The API integration between AvidXchange and MIP allows customers to sync general ledger (GL) codes, vendor lists, invoices and payments, according to the release.
The fully digitized invoice-to-pay process created by this integration also includes configurable user permissions, transparency into dataflows between the systems, custom workflows that support additional layers of control on the platform, and real-time data and insights into the organization’s finances, the release said.
These capabilities will help nonprofits and government organizations overcome the challenges they often face with the manual back-office processes they currently use, Dan Drees, president of AvidXchange, said in the release.
“We have a long history of providing services to these organizations and are thrilled to announce our partnership with MIP, as well as this API integration, to continue offering relief and time back to the people working hard to make a difference in our communities,” Drees said.
PYMNTS Intelligence found that AP automation streamlines the source-to-pay cycle.
Among firms that invested in digital technologies and automation of the purchase order and invoice payment processes, 83% said it reduced payment friction, 77% said it reduced invoicing errors, and more than one-third said it reduced days of delay in invoice tracking, according to the PYMNTS Intelligence study “Solving Accounts Payables’ Top Frictions with Automation.”
In another collaboration, AvidXchange said in November 2023 that it formed an integration partnership with AppFolio to enhance AP automation benefits for AppFolio’s 19,000 real estate customers.
Company
AvidXchange
Management
Michael Praeger, CEO & Co-founder
Description
Automation experts; have been automating companies’ bill pay processes for more than 15 years to reduce costs, improve productivity and eliminate paper from their bill payment process
