AvidXchange is an account payable management system with a distinguishing feature. This feature is its power automated workflows, which can drastically reduce both the pressure on the employees of the accounts department and the scope of human-based errors. It is also designed to have a minimal cost and resource footprint on the company owing to it being hosted on a secure, auto-maintained cloud network.
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AvidXchange Review and Overview
Over the years, many platforms have surfaced in the market, touting themselves as the best available one for accounts payable and invoice management. However, only AvidXchange has ever lived up to that claim. This is made possible with its extensive automation framework, which allows it to integrate with accounting platforms and do several tasks automatically and effortlessly. The system can even send procurement and inventory filling orders to the required suppliers automatically, making it truly one of a kind.
Fast payment for better business relations
No supplier wants to supply a company when it has outstanding payments or pays with delays, regardless of it being their own fault or a problem in the payment system itself. Thankfully, the AvidXchange AP platform ensures that the payment system is also working autonomously and optimally. The system has a reliable automated workflow where the company can customize by adding approval agents. The system first gets a record of invoices through its integrations, from where the company decides to pay. The set parties first approve these payments, and then the system automatically pays the supplier through a secure account.
Invoicing systems get better and better with AvidXchange. The AvidXchange Invoice platform can be used by both the company and the supplier to create and distribute invoices in a better, error-free, and automated manner. The system receives digital invoices from the supplier which are easily manageable and readable by the platform. Suppliers may also mail invoices if necessary, but the invoice will always be converted to a digital form when received by the company. This allows for additional management options like direct payments, extended organization, and reporting capabilities. Companies may even set invoice approval workflows from one place.
Supply and purchase management in-built
AvidXchange comes with purchase management systems embedded into it. This means that the system can autonomously handle purchase orders when required by the company. The company just needs to convey its order to the system, and the rest is handled through an automated workflow, which includes approvals, order sending, and payments. The system carefully tracks every process, and the company can get information through notifications.
Company Name: AvidXchange
Founded in: 2000