AvidXchange: Driving Productivity with Automated Payment Processes

Michael Praeger, CEO & Co-founder
Managing purchases and payments of a business involve undertaking a series of risky and time-consuming tasks. Most of the time, the most unnoticeable errors in these tasks can lead to significantly adverse consequences for the organization. Therefore, a holistic solution for controlling expenditure, invoice generation as well as payment processes becomes imperative. Michael Praeger, the CEO and co-founder of AvidXchange believes that these errors and the time consumed can be reduced by implementing an automated Accounts Payable (AP) platform within the infrastructure of an organization. As a registered partner of Sage Software Solutions Private Limited, AvidXchange offers its clients Sage payment solutions, in a cloud environment. Besides, the winner of top software management award 2017 from the North Carolina Technology Association, AvidXchange solutions focus on strengthening the relationship between the buyer and the suppliers, also integrates with over 100 diverse accounting systems.

While 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.


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

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 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.

Company
AvidXchange

Headquarters
Charlotte, NC

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

AvidXchange