AvidXchange: Accelerating Payment Approvals

CIO VendorMichael Praeger, CEO and Co-Founder
'Work smarter with automation’ is the new norm today for organizations looking to improve productivity and operational efficiency. Especially, in the paper-intensive accounts payable and invoice department, where there are a plethora of payment approvals and invoices to process, accounts payable automation is the answer to manage the tedious and manually driven workflows. One company that is stirring a revolution in the finance and accounting processes arena through their game-changing automation solution is AvidXchange.

AvidXchange is uniquely positioned to offer state-of-the-art invoice management software that is built to automate and streamline an organization’s current approval processes and workflows. “Our automated approach to payment processes has evolved into an industry-leading strategy that enables midmarket companies to become more efficient and cost effective,” says Michael Praeger, co-founder and CEO of AvidXchange.

No matter how many vendor invoices a customer has to process, AvidXchange’s system automatically codes and assigns these invoices to the appropriate workflow, and routes them electronically for approval. Once the invoice is approved, it flows directly into the company’s accounting system for payment processing. AvidXchange’s automated solution allows customers to benefit from increased efficiency and decreased costs while saving time and simplifying workflows.

What’s more, AvidXchange’s invoice management software is the only platform that has an end-to-end, invoice to pay solution. Being in the industry for a vast period, AvidXchange fully understands that as businesses grow, their processes become more complex with increased volumes of purchase orders, invoices, and payments.
“Our software enables users to have visibility into the entire invoice-to-pay solution with customizable approval workflows that accommodate any business-specific standards that are in place,” states Praeger.

Our automated approach to payment processes has evolved into an industry-leading strategy that enables midmarket companies to become more efficient and cost effective

A large part of what makes AvidXchange’s invoice management software stand out from the competition is its flexible pricing model that gives customers a competitive advantage. “Our pay as you go structure allows customers to only pay for solutions as they use,” explains Praeger.

To draw a more vivid picture of the company’s value proposition, Praeger cites a success storyon how AvidXchange’s automated solutions significantly impacted a commercial real estate company’s bottom line. Colliers International used to manually process over 13,000 invoices per month and professionals were hired on a regular basis to handle the growing workload. With over 800 properties under their management, decentralization of invoice receipts had become a tremendous burden, inviting a great deal of oversight and inefficiencies into the accounts payable process. The implementation of AvidXchange’s invoice automation solution helped Colliers to centralize their invoice receipt and improve efficiencies with automated electronic workflows. In fact, through AvidXchange’s payment solution, Colliers was able to convert their accounts payable department into a profit center. This was achieved due to the gains in process efficiency, a reduction in operating costs, and the rebates that were earned, thanks to payment automation.

To sustain their leading-edge, AvidXchange is completely focused on delivering industry-leading products that cater to their growing customer base. Along the path of product expansion, the company has recently acquired Ariett to fortify their position as a leading provider of a cloud-based purchase to payment platform for mid-market businesses. “With this acquisition, customers can now not only have more visibility into their company spend, but also be able to execute all their payments much faster while eliminating all paper invoices and paper checks,” ends the CEO.