AvidXchangeAP Automation & Payment

AvidXchangeFor most businesses, the accounts payable process is a nightmare. With AvidXchange, you can slash the time you spend on invoice approvals and payments by 60% or more – and significantly reduce your operating costs too. Plus, this cloud-based, fully integrated AP and Payment Automation solution eliminates your need for manual data entry and all the headaches that come along with it.

Key Features:

  • No More Filing Cabinets
  • No More Manual Data Entry Into Your Accounting System
  • No More Waiting For Invoices To Be Approved
  • No More Stacks Of Paper Checks To Sign
  • No More Wasting Time Answering Vendor’s Questions About Payment Status

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AvidXchange’s Purchase Order Application enables you to automate your company’s purchase order process and control costs by preventing unwanted purchases.

You begin your AP process by entering a requisition into the Invoice Application for the goods and/or services vendors require. That requisition is then sent into a workflow for approval. Once the requisition has the appropriate approvals, it becomes a purchase order and is sent to your vendor for fulfillment. After those goods and/or services have been rendered, the vendor will invoice you. When the invoice enters into AvidXchange, the purchase order is associated to the invoice using the original purchase order number, vendor, and amount that was established at the beginning of the process. The purchase order and all the individual line items and coding have now “flipped” to the invoice.

AvidXchange Invoice mirrors your existing invoice approval process. Paper invoices are either scanned into an electronic format, or electronically submitted directly into the Invoice Application – either through direct data-import or through the Vendor Portal. Invoices are automatically coded, assigned to the appropriate workflow, and routed electronically for approval. Once fully approved, invoices flow directly into your accounting system for payment processing.

AvidXchange’s full-service payment offerings are available using AvidPay, AvidXchange’s bill payment service. When you select payments in AvidPay to be paid, they are then sent over to the AvidPay Network. The AvidPay Network is the network through which your vendors get paid. The AvidPay Network optimizes the electronic payment mix, with an average electronic payment adoption of 45%.

For suppliers that you would like to pay in-house, AvidXchange Create-A-Check is available as a self-managed payment option. You manage your supplier data and can facilitate payments via MICR check, ACH/ EFT, and wire transfers in-house.

Self-manage ACH, EFT, and Wire payments by submitting a payment file to your own bank. Email remittance or printed PDF copies are available for payee reference. Easily print MICR checks locally to blank check stock from multiple bank accounts by selecting your preferred bank account from a drop-down within the application. Create-a-Check replaces manual check signing with encrypted digitized signatures. Before checks are printed, single level payment approval processes ensure final approval on all checks to reduce the risk of fraudulent activity.

AvidXchange integrates with over 100 accounting systems. If your accounting system can import and export files, then we can work with you. If you are using Intacct or Microsoft Dynamics GP, we have API integrations that create a seamless experience, including the ability to view invoice images and details right inside your accounting system. If you would like to learn more, contact us to schedule a demo.

AvidXchange understands the importance of a timely and smooth implementation. Our Implementation Team has a proven process and will work with your organization to implement AvidXchange solutions. We guarantee a successful implementation in 45 days, or less, based on commitment from your team.

Schedule a Demo for Automating Your AP Department Today!

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Contact Massey Consulting by submitting a business inquiry online.

I would not even know that Intacct is cloud-based without being told. It responds as fast as if it’s here on premise. The only time I can tell it is cloud-based is when I go home and am still able to access my dashboard and reports.

Veritas Collaborative
Bruce Shepard On Cloud-Based ERP
CFO, Veritas