AvidXchange: Driving Productivity with Automated Payment Processes

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.