AvidXchange stands out as a cloud-based accounts payable and payment automation software, offering unique features such as paperless invoicing, payment automation, utility bill management, and fraud detection.
Its key advantage for small and mid-size businesses is automated invoice processing and payment management.
This seamless software helps with its four major primary modules—billing payment, purchase order processing, and utility bill management—built within this platform.
Each module comes with amazing features necessary to automate every process, which reduces the chance of error, increases productivity, and lowers processing costs because fewer people are needed to complete the tasks.
Aside from streamlining billing and payment processing, AvidXchange offers a comprehensive overview of your company’s entire accounts payable procedure. Simply sign into your account to check the status of your invoices, utility bills, and other bills to pay. This feature provides real-time monitoring and control over your financial processes.
What is AvidXchange Used for?
AvidXchange is a popular cloud-based payment processing and accounts payable automation software designed for small and medium-sized businesses. It enables these companies to automate their payment management and accounts payable process, saving valuable time and effort.
By automating the payment processing, AvidXchange allows team members to focus on their core tasks, making them feel more efficient and productive.
Features of AvidXchange
Here are some of the major features of AvidXchange:
- Utility Bill Management: This software provides a different program to handle utility bill payments and management. Users can verify the accuracy of the meter reading, look for anomalies in rate variances, find duplicate utility bills, and more.
- Bill Payment: Provide two ways for customers to pay their bills. They can use an e-payment program or a digital cheque creator.
- Enhanced Invoice Management: Allow suppliers to select the format in which to send their bills. The invoice should be coded, put into a workflow, and sent electronically for approval.
- Purchase Order Software: To expedite the online purchasing process, create formal orders for goods and services. Provide the invoice to the company’s email address and the purchase order to the suppliers.
- Cloud-Based Delivery: With the cloud-based accounts payable platform, you can use the Internet around the clock. Simplify the approval procedure by removing duplicate entries and optimizing vendor portfolios.
- Subscription Billing: Customers are automatically billed for goods and services according to a predetermined schedule. Estimate monthly revenue and ensure that no more supplies are needed than necessary.
- Invoice Tracking: Link and synchronize invoices from bank accounts and invoice trackers to automate the receivables process. Easily monitor outstanding invoices with a few clicks. Reduce the amount of time spent on calls and emails and increase your firm’s profitability.
Pros and Cons of AvidXchange
Pros of Using AvidXchange Software
Check out some of the amazing pros of using AvidXchange software for your accounts payable process:
Get Paperless Invoices: AvidXchange uses OCR technology to help you get paperless invoices. This paperless invoicing eliminates the need for human entry and the mistakes that come with it. After some coding process, the received invoices are also automatically matched and assigned to particular workflows that you have configured within the system. Regarding approvals, you can set up an automatic routing system to guarantee that the correct invoices are sent to the relevant departments or teams.
Fraud Deduction: AvidXchange is aware of the risks when processing payments, particularly on digital platforms. In addition to implementing electronic payment methods, it integrates the most recent security measures to reduce the likelihood of fraudulent activities, such as unsanctioned payment demands. So, when you are worried about fraud detection, this software can be the best match for all your accounts payable tasks.
AvidXchange’s comprehensive integration capabilities ensure that your accounts payable automation solution seamlessly interfaces with your existing accounting system. It integrates with over 180 third-party programs, including Sage Intacct, Vista, AccountMate, Acumatica, AppFolio, FinancialForce, and others, making it a versatile choice for businesses.
Reduced Processing Time: When compared to manual techniques, AvidXchange’s automation of invoice data capture and approval routing can save a great deal of time when processing invoices.
Visibility and Control: AvidXchange allows users to create unique approval workflows and controls and provides real-time visibility into invoice and payment status.
Streamlined Vendor Payments: Businesses can pay their suppliers online using a single platform, such as AvidPay, a service provided by AvidXchange. This process can streamline payment and eliminate the need for paper checks. This software eliminates all the extra costs and labor that come with using check-based payments, such as mailing, check printing, and following up on suppliers so that you can be sure that the payee has cashed the checks.
Cons of Using AvidXchange Software
These are some disadvantages as well when it comes to using AvidXchange for the accounts payable process:
Legal Compliance: This automated software needs to improve when it comes to compliance and tax regulation. AvidXchange does not positively offer proactive OFAC or sanctions screening, so sometimes, it can’t meet the legal compliance measurement for some of the specific users.
Sending Payment: If users fail to keep proper records or miss any check, they must call or email to send a stop payment. This is not possible to do online using this automated tool.
Customer Support: This software doesn’t maintain an excellent rating in online reviews and ratings that state that customer support can be fairly slow. This means their customer support system is not quick, and it takes long hours to close a window to resolve an issue.
Limited Customization: This software can provide limited customization options according to business needs. More options should be available for adding fields or hiding those a company does not need.
Global Transaction: AvidExchange does not provide international transaction facilities. You can make offline payments for domestic purposes. If you need to make international transactions, you must use in-house payment methods.
- to maintain real-time visibility into your cash flow.
Who Benefits from AvidXChange?
- Middle-Market Companies
- AvidXChange primarily serves middle-market companies—those businesses that are too large for basic manual accounting processes but not yet as large as Fortune 500 corporations. These companies typically experience growth pains as they scale, especially when it comes to managing increasing invoice volumes, vendor payments, and financial reporting.AvidXChange provides a solution that allows them to grow efficiently by automating accounts payable processes.
- Companies Looking to Scale
- For companies with ambitions to grow and scale, managing AP manually becomes a bottleneck as the volume of invoices increases. AvidXChange removes this obstacle by providing automation that allows businesses to handle more invoices without having to expand their accounting teams significantly. This means that as the company grows, its AP process won’t slow things down or cause inefficiencies.
- Accounts Payable Teams
- AP teams benefit significantly from AvidXChange’s automation. Manual entry, chasing approvals, and managing payment workflows are time-consuming tasks that often lead to errors or delays. AvidXChange automates much of this, freeing AP teams to focus on higher-value tasks, such as financial analysis and vendor relationship management, rather than administrative drudgery.
- Financial Departments
- By integrating with existing financial systems, AvidXChange gives finance teams real-time insights into the company’s cash flow, outstanding invoices, and upcoming payments. This real-time visibility helps in better decision-making and financial planning. It also ensures that audits and compliance requirements are easier to meet, as the platform maintains a clear audit trail of all transactions and approvals.
- Vendors and Suppliers
- AvidXChange also benefits vendors by providing faster, more reliable payment options. Suppliers can choose from multiple payment methods (such as electronic payments, checks, or AvidPay), and payments are processed more promptly. This reduces payment delays and improves vendor relationships, ensuring a smooth supply chain.
How AvidXChange Supports Efficient Payment Processing?
- Seamless Invoice Review and Approval
- Board members can log into the AvidXChange platform and review all invoices for the association in one centralized dashboard. The platform allows them to easily comment, reject for more information, or approve payables. The convenience of doing this digitally means that the entire invoice approval process can be done in minutes, eliminating delays often associated with manual approval processes.
- Control Over Vendor Payments
- Once invoices are approved, board members have full control over when vendors receive their payments. This flexibility is key for managing cash flow and ensuring that payments are made at the optimal time for the business.
- Commitment to Sustainability
- AvidXChange supports businesses in their effort to become more environmentally friendly by offering a paperless solution. By moving towards electronic payments, companies reduce their environmental footprint, cutting down on paper use and waste. This aligns with MAY Management Services’ goal of promoting eco-friendly business practices.
What Other Apps Does AvidXchange Integrate with?
Here is the integration with other apps available using AvidXchange:
1. Sage Intact
2. Microsoft Dynamics GP
3. Oracle NetSuite
4. QuickBooks Inuit
5. Blackbaud
6. Acumatica
7. Mip
8. Mri
9. Rent Manager
10. Yardi
Products of AvidXchange
- AvidInvoice: This product helps you to streamline your invoice management using the automation process.
- AvidPay: Our bill payment automation system, AvidPay, makes it easier for you to pay your business invoices and enhances risky manual payment operations.
- AvidBuy: This product facilitates purchase order matching and automation.
- AvidUtility: Our automated utility consumption analysis and payment processing system frees up your payables team by reducing the number of utility invoices received, captured, and paid.
- AvidAscend: AvidAscend is a web-based accounting suite intended to be integrated with a financial institution’s main accounting system. With our invoice-to-pay system, accounting teams at banks and credit unions can electronically manage your accounts payable process.
- AvidAnalytics: Our premium embedded business intelligence solution, AvidAnalytics, provides improved AP reporting capabilities for AvidInvoice, AvidPay, or AvidBuy.
- AvidXchange FastPay: AvidXchange’s payment automation system, designed for the media business, is called FastPay (previously ePay from FastPay).
- AvidXchange FastPay Political: Our premium automation technology, FastPay Political (previously Political from FastPay), is intended to optimize your political organization’s accounts payable procedure.
- AvidXchange FastPay Supplier Hub: The AvidXchange FastPay Supplier Hub provides comprehensive remittance information on all previous payments, providing greater insight into your bills.
- Supplier Solutions: Immediately upon your customer’s partnership with AvidXchange, you join the AvidPay Network. By providing a range of payment distribution choices to suit client needs, we have assisted suppliers in the AvidPay Network in supporting their accounts receivable process.
- TimberScan: TimberScan helps you make timely, well-informed decisions by streamlining the accounts payable process and offering outstanding reporting capabilities. Its workflow, approval, and field-level security features allow you to automate any document.
- TimberScan Titanium: Workamajig, Sage Intacct, Sage 100 Contractor, Acumatica, and other top accounting systems are all integrated with Titanium, a comprehensive purchase-to-pay AP workflow automation solution.
- AvidXchange FastPay Spend Management: AvidXchange FastPay helps you make timely, well-informed decisions by streamlining the accounts payable process and offering outstanding reporting capabilities. TimberScan’s workflow, approval, and field-level security features allow you to automate any document.
What Industries Use AvidXchange
These are the industries where AvidXchange software is being used to automate the whole accounts payable process:
- Real Estate: AvidXchange’s automation feature helps the real estate industry and property management companies automate their payment processes, grow portfolios, and maintain existing properties efficiently.
- Community Association Management: This is also used in solutions purpose-built for community and homeowner’s association management companies.
- Construction: Establish a strong foundation for your construction company’s accounts payable with an end-to-end solution that eliminates manual processing.
- Financial Services: Financial institutions and financial services can fully automate the accounts payable process using this software for banks and credit unions
- Healthcare: Enforce your existing healthcare business rules, set permissions, and access a complete audit trail from purchase order to invoice to payment
- Hospitality: This is the best-suited option for the hospitality business so that you can prioritize the guest experience, and AvidXchange cna automate your AP process.
- Media: Media houses can streamline their payments using this seamless automation tool. In seconds, they can create ready-to-use ghost cards to organize their media spending.
- Technology and Software: Now continue with technology and go paperless using the AvidXchange AP automated tool.
Alternatives of AvidXchange
Check out the list of software that can be alternatively used in place of AvidXchange software:
- Net Suite
Fast-growing companies in all industries can work more productively with NetSuite’s integrated system, which includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM, and more. It automates its key processes and offers real-time insights into operational and financial performance.
- Sage Intact
Sage Intacct offers software for cloud-based accounting and financial management. Its solution can automate crucial financial operations and offer financial reporting and operational insights, making it appropriate for small to midsize accounting organizations.
- Multiview ERP
The ERP from Multiview is a collection of financial programs powered by common Core Accounting features. These consist of the following: forecasting, budgeting, financial reporting, accounts payable, accounts receivable, and general ledger.
- Stampli
By automating all manual tasks with Billy the BotTM, the only industry-proven AI, and centralizing all invoice-related documents, workflows, and communication into a single view for each invoice, Stampli generates breakthrough productivity.
- Quickbooks Desktop
With its extensive features of a core accounting software application, QuickBooks Desktop Pro is a complete accounting solution that combines accounts payable and receivable, project accounting, expenditure management, and payroll management into one integrated suite.
- QuickBooks Online
A cloud-based accounting program called QuickBooks Online manages every facet of the company’s finances. The software is used for bookkeeping, payroll, bank reconciliation, invoice management, expense monitoring, financial reporting, tax administration, and more.
- Xero
Xero offers robust online accounting software and current financial data to bookkeepers, accountants, and small business owners. Its goal is to improve the lives of small business owners, advisers, and communities worldwide.
- QuickBooks Enterprise
Any business owner may grow operations with the QB Enterprise solution by using sophisticated inventory, reporting, and invoicing features together with first-rate assistance from Enterprise’s payroll and customer service departments. Quickbooks includes inventory management, inventory tracking, expense tracking, payroll administration, invoicing, multi-user management, sophisticated reporting capabilities, and other features.
- webexpenses
An easy-to-use cloud-based expense management tool called Webexpenses helps businesses of all sizes streamline and automate their corporate spending procedures.
- FreshBooks
FreshBooks is a web-based accounting program for small businesses. It provides services to several sectors, including marketing, legal services and business consulting, trades and home services, and information technology (IT).
How to Set Up Recurring Payments in AvidXChange
Step-by-Step Guide to Payment Processing in AvidXChange
- Log into AvidXChange
- Start by logging into your AvidXChange account. This is your hub for managing and automating the invoice and payment process.
- Access the Invoice Dashboard
- Once inside, navigate to the Invoice Dashboard. Here, suppliers send their invoices directly to your company via a dedicated AvidXChange email. The system automatically extracts key invoice data, which eliminates the need for manual data entry.
- Review the Invoice Data
- Before processing any payment, a member of your team will review the invoice to ensure that all the details are accurate. You can make any necessary edits here, such as adding correct codes. Any changes made to the invoice are tracked in the “History” tab, which provides a clear audit trail.
- Send the Invoice for Approval
- After the invoice has been reviewed, it needs to be approved. You can set up approval workflows based on invoice amounts. For example, invoices over $5,000 might require approval from two senior managers. The system automates this, sending the invoice to the appropriate individuals for approval.
- Select Approved Invoice for Payment
- Once the invoice is approved, it syncs automatically with your accounting system. AvidXChange integrates smoothly with most accounting platforms, ensuring a seamless experience. You can then select the approved invoices for payment, scheduling them to be paid before the due date.
- Payment Processing with PayControl
- Payments are managed through AvidXChange’s PayControl, which offers multiple payment options for your suppliers. They can choose to be paid via:
- AvidPay Network: This is AvidXChange’s own payment system.
- Check: Suppliers can opt for traditional paper checks.
- Mastercard: This provides a fast, electronic payment method.
- Once the payment is processed, it’s automatically updated in your system, allowing you to maintain real-time visibility into your cash flow.
Payment Methods Offered by AvidXChange
- Virtual Commercial Card (VCC)
- The Virtual Commercial Card (VCC) is an option for vendors that already accept credit cards. It is a single-use, prefunded MasterCard, specifically created for the exact amount owed to the vendor. This card can only be used once and is then automatically canceled, ensuring security. Vendors’ accounts receivable departments treat it just like a standard credit card payment, making it simple for them to process and apply.
- AvidPay Direct (APD)
- For vendors that do not have merchant accounts and prefer direct deposit over paper checks, AvidPay Direct (APD) is a great option. With APD, funds are directly deposited into the vendor’s bank account, along with detailed remittance information for easier reconciliation. This option simplifies the payment process for vendors who want to move away from checks but do not currently accept credit card payments.
- Paper Checks
- While AvidXChange promotes electronic payment options, they still offer traditional paper checks as a payment method. Vendors who prefer to receive paper checks can continue to do so, with AvidXChange sending payments via USPS. This allows vendors who may not yet be comfortable with electronic payments to still benefit from the system.
Why AvidXChange Is Beneficial for Businesses
- Improved Efficiency and Speed
- AvidXChange’s digital platform allows for faster invoice approvals, quicker payments, and more streamlined communication between board members and vendors. This leads to fewer delays in the payment process, helping businesses maintain strong vendor relationships.
- Enhanced Security
- With options like the Virtual Commercial Card (VCC), AvidXChange provides a highly secure payment method. The fact that each card is single-use and limited to the exact amount owed means there is less risk of fraud or overpayment.
- Paperless and Eco-Friendly
- Moving towards electronic payments through AvidXChange significantly reduces the use of paper, aligning with sustainability goals for environmentally conscious businesses. By offering a paperless system, companies can contribute to reducing their carbon footprint.
- Better Financial Control
- Board members have the ability to review, approve, and schedule payments directly, providing better financial oversight and control. This ensures that payments are made on time, but also in a way that aligns with the company’s cash flow needs.
- Vendor Satisfaction
- Vendors appreciate having multiple payment options and receiving payments quickly and securely. The flexibility of choosing how they get paid, whether electronically or by paper check, enhances vendor satisfaction and strengthens business relationships.
