AvidXchange
2 Reviews 5/5 ★ ★ ★ ★ ★An accounts payable software for midsize companies handling invoice management and payment processing.
Product Overview
AvidXchange is an accounts payable software for midsize companies. It streamlines invoice management and payment processing. AvidXchange integrates with various accounting systems like QuickBooks to enhance efficiency and accuracy in financial operations.
The platform’s ability to handle a large volume of transactions and provide detailed tracking and reporting features ensures businesses can maintain control over their financial workflows.
Pros
- Integrates with NetSuite, Blackbaud, Microsoft Dynamics, Intacct, MRI and QuickBooks
- Serves real estate, HOA, construction and financial industries
- Subscription and transaction based pricing
Cons
- Occasional issues with invoice images getting stuck in the inbox
- Delays in payment processing and updates on payment statuses
Target Market
Businesses in the real estate and marketing sectors with an employee count ranging from small to medium-sized (11-500 employees).About AvidXchange
AvidXchange is an accounts payable solution for midsize companies in industries including real estate, HOA, construction and financial services. AvidXchange’s cloud-based solutions automate accounts payable processes including purchase orders, invoices and payments. Features include electronic invoice submission and tracking, mobile purchase order approval and customizable workflows.
AvidXchange offers integration with over 100 accounting systems including NetSuite, Blackbaud, Microsoft Dynamics, Intacct, MRI and QuickBooks.
Video Overview
Purchase Order Application
AvidXchange Purchase Order provides visibility into the purchasing process and enables users to create requisitions for regular purchases. Users can also detect duplicate orders before reaching the approval process.
- View purchase orders electronically
- Match the purchase order to the invoice
- Approve purchase order
- Once approved, line items & coding are “flipped” to the invoice
Invoice Application
The AvidXchange Invoice application allows users to scan invoices and submit them via a secure electronic portal. The AP automation solutions allow the accounting team to electronically review and route invoices based on the company’s current processes with rules and alerts.
- Capture invoice information, status, audit trail
- Secure web submission
- Import of approved invoices into accounts payable
- Extensive management reporting
- Complete visibility of invoice status
Payment Application
The Payment Application enables companies to pay suppliers electronically while maintaining their banking relationships and their current approval workflows.
- Reduced processing costs
- 24/7 visibility into payment status & approvals
- Customizable payment approval workflows
- Service teams for supplier management & payment execution
- Increased vendor adoption of electronic payments with the eligibility for your company to earn rebates
Pricing
- Subscription-based
- Transaction based
- Starts at $20/month
- Can range upwards of $500/month depending on capabilities and transactions
- No free trial available
Product Overview
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User Reviews of AvidXchange
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We use NetSutie as our accounting system and we implemented Avid Invoice and Avid Pay and Avid PO.
Our biggest motivation for automating was the paper-based manual processing of AP. We had a lot of missed payments and invoices.
The top 3 benefits is visibility (we got to cut down on the manual routing of invoices), the ability to reduce our close time in half (know our actuals, track our budget better), and finally just being able to print checks out of the system with signatures after they were approved. We had many people being paid via PayPal (over 4,000) and we got to easily switch them all into ACH or a paper check process.
We’re a property management company. We use SkyLine for our accounting system and use AvidInvoice.
Our biggest motivation for automating was the loss of paper. We have 60 properties and had a ton of paper moving through. Moving away from POs and the 3-part match was our biggest motivation to find a system.
The biggest AP challenges are paper, filing it, keeping track of it, shuffling between properties, the length of time it takes to get an invoice is paid and sent out the door, etc. It’s a long process to deal with approvals.
The top 3 benefits we’ve gotten so far from automation have been going paperless, the visibility for everyone (we’re working on budgets a lot more now and can view what’s been paid via codes), and the speed (vendors are emailing invoices in now).
The biggest benefit for myself personally as an AP lead is to see all of my team’s invoices at my desk. When someone calls to check the status of an invoice, I can view what status it is in, view statements, look where the invoice is in the invoice process. I don’t have to chase down team members and see if something is on their desk. I could never go back to our paper process at all.
