When it comes to choosing an accounts payable (AP) and payment automation solution, compatibility with your ERP software is an important consideration. You need a solution that is flexible and customer-centric – one that easily integrates with popular offerings such as Acumatica and Sage.
As a leading provider of AP and payment automation solutions for midsize companies, AvidXchange™ integrates with over 100 accounting systems. AvidXchange™ helps ERP software users incorporate an easier, faster and more secure way to process invoices and make electronic payments. In today’s blog, we’ll learn more about AvidXchange’s invoice and payment solutions, as well as their adaptable integration process.
An Intuitive Invoice Application
AvidXchange’s Invoice Application is a web-based paperless invoice management system
designed to automate the way companies manage accounts payable documents. The Invoice Application provides finance executives and AP managers with enforceable controls, powerful reporting, and added “visibility” to all documents in their organization.
AvidXchange Invoice mirrors your existing invoice approval process and is easily integrated with ERP systems like Sage and Acumatica. Paper invoices are either scanned into an electronic format, or electronically submitted directly into Invoice–either through direct data-import or through the Supplier Portal, AvidXchange Cashflow ManagerTM. Invoices are automatically coded, assigned to the appropriate workflow, routed electronically for approval. Once fully approved, invoices flow directly into your accounting system for payment processing.
A Full-Service Payments Offering
Most online banking bill-pay solutions do not address the complex accounts payable needs of a business. Paper and electronic invoice presentment, invoice approval handling, secure and effective payment disbursement – these have been pain points for businesses for years, yet there hasn’t been an effective solution that addresses each of them.
AvidXchange’s full-service payment offerings are available using AvidPay, their 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 suppliers get paid. AvidXchange’s supplier portal enables suppliers to see the status of invoices and payment, and gives them access to financing options that enable them to get paid more quickly on invoices requiring approval.
AvidXchange also offers a Supplier Service Team of more than 200 people dedicated to serving over 300,000 suppliers in the network. This team performs many supplier management activities, including maintaining accurate supplier payment information, identifying acceptable supplier payment types, and performing due diligence on any outstanding payments. By utilizing the AvidPay Network, customers experience an average supplier conversion to electronic payments of 40%, because AvidXchange™ provides a variety of different payment methods, including virtual card and enhanced ACH.
Flexible, Adaptable, Customer-Centric Integration
The highly adaptable automation solution is designed specifically with small and midsize businesses (SMB) in mind. AvidXchange delivers its solutions through a SaaS model, and has more than 100 out-of-the-box accounting system integrations, either through API or a file-based import/export. The solutions are SSAE 16-compliant and mobile friendly, allowing users to view invoice and payment status, as well as approve invoices and payments on the go.
AvidXchange™ implementations are usually complete in 45 days or less, and feature data collection, configuration, integration, and training stages. On-site and webinar training is provided, and uses a train-the-trainer approach. You’ll also receive a user manual that can be customized with your company’s logo and nomenclature, as well as a training script and access to end-user training videos to assist in the process. For ongoing support, customers are assigned a dedicated account manager after implementation. Customers can also access a support team, which offers a 15-minute response rate guarantee during business hours.
Whoa, that’s a pretty edgy title, huh? Well, don’t get offended just yet. We know you’re not a dummy, idiot, or moron. The fact that you are interested in reading our complete guide, AP Automation for Morons, tells us that you are a self-starter interested in learning about a new topic.
In this guide, you will learn the ins and outs of account payable automation, so when you are ready to make the switch, you’ll understand all the terminology and details.