In today’s fast-paced business world, quick accounts payable automation is key. AvidXchange is a cloud-based software that helps make AP processes better. It cuts down on errors and lowers costs. This review looks at AvidXchange’s features, pros, and cons, helping businesses choose the right AP automation solution.
AvidXchange works for small-to-mid-sized businesses and big companies in many fields. It works well with apps like Intuit Quickbooks, Sage, and Yardi. But, it doesn’t have an API for custom integrations or support for mobile devices.
AvidXchange stands out because it can be customized to fit each business’s needs. This makes it a cost-effective choice. It also makes invoice processing and approval paperless, cutting down on manual work and making B2B payments smoother.
Key Takeaways
- AvidXchange offers a comprehensive accounts payable automation solution for businesses of various sizes and industries.
- The platform integrates with popular third-party applications, enhancing its versatility and usability.
- AvidXchange’s highly configurable nature allows businesses to tailor the software to their specific requirements.
- Paperless invoice processing and approval significantly reduce manual data entry and streamline B2B payments.
- While AvidXchange excels in many areas, it lacks an API for custom integrations and mobile device support.
What is AvidXchange?
AvidXchange is a top accounts payable software for businesses of all sizes. It’s a cloud-based platform that makes AP processes easier. It helps companies switch to digital invoicing and payments, cutting down on manual work and paper.
It uses invoice automation to handle invoices online. This paperless invoicing method speeds up processing and cuts down on mistakes. It also makes it easier to see what’s happening in the AP process.
AvidXchange also offers great payment processing options. It supports different payment types like virtual credit cards and ACH transfers. This helps businesses pay their suppliers easily and keeps their relationships strong.
“AvidXchange has changed how we manage accounts payable. It’s saved us a lot of time and money.” – Sarah Johnson, CFO of ABC Corporation
AvidXchange has a simple design and powerful tools. It helps companies manage their finances better, work more efficiently, and save money. By using AvidXchange, businesses can focus on what they do best while AvidXchange handles AP tasks.
Key Features of AvidXchange
AvidXchange is a top-notch accounts payable software. It has many features to make financial tasks easier. From spend management and billing services to payment application and a supplier portal, it has everything businesses need to improve their AP workflows.
Spend Management
AvidXchange’s spend management tools help businesses control their expenses better. It lets users track and manage spending across different departments. This helps find ways to save money and see the financial picture clearly.
With AvidXchange’s purchase order app and expense tracking, companies can keep their spending in line with their budgets.
Billing Services
AvidXchange makes billing easier with its central platform for invoices. It has features for capturing, reviewing, and approving invoices online. This cuts down on manual work and reduces errors.
Its invoice accelerator tool also speeds up the process. This ensures suppliers get paid on time.
Payment Application
The payment app in AvidXchange makes paying suppliers easy and secure. It offers bank reconciliation and cash management features for real-time payment status updates. This keeps financial records accurate.
The software supports various payment methods like ACH, virtual card, and check. This gives businesses the flexibility to choose the best option for them.
Supplier Portal
AvidXchange’s supplier portal improves communication and transparency. Suppliers can submit invoices, track payments, and access documents easily. This reduces AP staff’s workload and strengthens supplier relationships.
The portal also makes general ledger integration seamless. This ensures financial data is accurate across all systems.
| Feature | Benefit |
|---|---|
| Spend Management | Gain control over expenses and identify cost-saving opportunities |
| Billing Services | Streamline invoice management and accelerate processing |
| Payment Application | Secure and efficient payment processing with real-time visibility |
| Supplier Portal | Enhance collaboration and transparency with suppliers |
Pros and Cons of AvidXchange
AvidXchange is a cloud-based platform for financial automation. It offers a configurable solution for many industries. This includes banking, construction, real estate, hospitality, and technology. It streamlines accounts payable, helping businesses work more efficiently and save money.
Highly Configurable Solution for Various Industries
AvidXchange is great because it fits the needs of different industries. It has AP solutions for real estate, banks, construction, and more. This means businesses can tailor their accounts payable to their specific needs.
Paperless Invoice Processing and Approval
AvidXchange uses OCR technology for paperless invoice processing and approval. This cuts down on manual data entry and errors. It saves time and resources, making businesses more efficient.
Trusted Payment Automation System
AvidPay is AvidXchange’s payment automation system. It’s flexible, fast, and secure for B2B payments. It helps businesses manage payments better, improving cash flow and supplier relationships.
No Dedicated Mobile App
A big drawback of AvidXchange is the lack of a dedicated mobile app. In today’s mobile world, this makes it harder for users to manage accounts payable on the go.
| Pros | Cons |
|---|---|
| Highly configurable solution for various industries | No dedicated mobile app |
| Paperless invoice processing and approval | Slow accounts payable and payment processing reported by some customers |
| Trusted payment automation system | Mixed reviews from customers |
Despite mixed reviews, AvidXchange is still popular for automating accounts payable. Some users find it easy to use, while others have issues with slow processing. Yet, it remains a top choice for improving financial efficiency.
Utility Bill Management with AvidXchange
AvidXchange has a tool called AvidUtility for managing utility bills. It makes the whole process from getting invoices to paying them online easier. This tool helps businesses use less energy and buy it better, making payments simpler.
With AvidUtility, companies can automate their utility bill management. This saves time and cuts down on mistakes. The software checks 30 things on each invoice, like rates and dates, to make sure everything is right. This careful check helps businesses pay the right amount for their utilities.
The benefits of using AvidXchange for utility bill management are clear:
- Streamlined invoice processing and payment
- Improved visibility and control over energy spend
- Reduced manual tasks and minimized errors
- Enhanced efficiency and sustainability
“AvidXchange has revolutionized the way we manage our utility bills. The software’s invoice validation feature alone has saved us thousands of dollars by catching discrepancies and duplicate charges.”
Businesses in many fields have saved a lot of time, 30-50%, in paying bills with AvidXchange. The software works well with other accounting systems, making data sharing easy.
| Industry | Time Savings |
|---|---|
| Real Estate | 35% |
| Construction | 42% |
| Hospitality | 50% |
| Accounting | 30% |
| Nonprofit | 40% |
Using AvidXchange’s utility bill management solution helps companies understand their energy use better. They can buy energy smarter and pay bills on time. This tool is essential for businesses wanting to improve their accounts payable and control their utility costs.
Fraud Detection Technology in AvidXchange
AvidXchange is a top accounts payable automation software. It focuses a lot on stopping fraud. The platform uses advanced security to protect businesses from financial loss due to scams and unauthorized payments.
With AvidXchange, businesses get better control and can see every transaction and payment anytime. The company uses the latest IT and security software. It also focuses on controlling access and keeping data safe with encryption.
Minimizing Risks of Fraudulent Transactions
AvidXchange has a Fraud Operations team that watches transactions closely. They use Positive Pay to check if payments are okay. This helps a lot in stopping scams.
The platform also watches for payment and transfer fraud. It checks for cybercriminals and unauthorized access. AvidXchange follows strict security standards to keep users safe.
Unauthorized Payment Request Prevention
AvidXchange checks vendors carefully to stop unauthorized payments. This helps find and fix supply chain risks. The company also trains employees on security and compliance.
AvidXchange follows the best security advice from the Federal Trade Commission and National Institute of Standards and Technology. It teaches users about strong passwords and cybersecurity. This helps protect against threats.
| Security Feature | Benefit |
|---|---|
| Positive Pay | Reduces risks of fraudulent transactions |
| Account Compromise Monitoring | Detects payment and transfer fraud |
| Cash Flow Management Monitoring | Identifies cybercriminals and unauthorized account access |
| Vendor Risk Assessments | Mitigates potential threats in the supply chain |
| Employee Training | Ensures staff is well-informed on security and compliance matters |
AvidXchange makes sure businesses are safe from fraud. Its advanced security and focus on standards make it a great choice. It helps companies make their AP process better and safer.
Procure-to-Pay Automation in AvidXchange
AvidXchange’s procure-to-pay automation solution, AvidBuy, helps businesses manage their purchase order management better. It also helps control costs. AvidBuy finds the best ways to buy things and stops buying things twice. This makes buying things more organized and cheaper.
When AvidBuy works with AvidInvoice, it makes the buying process even better. It matches invoices with orders automatically. This cuts down on mistakes and makes the whole process faster. This means businesses can pay their bills quicker and work more efficiently.
Automation in buying things has many benefits. It makes the process more efficient and accurate. It also helps businesses make better choices and follow rules better.
- Reduced errors and increased transparency
- Streamlined approvals and accelerated transaction processing
- Better decision-making and improved compliance
- Quicker fulfillment and faster payments to suppliers
- Fewer lost invoices and increased supplier satisfaction
Automation gives businesses a clear view of their buying process. They can track orders and invoices easily. This helps them follow rules and avoid fraud.
| Manual Procure-to-Pay | Automated Procure-to-Pay |
|---|---|
| Time-consuming and prone to errors | Efficient and accurate |
| Lacks transparency and real-time visibility | Offers real-time tracking and spend analysis |
| Slower approval processes and payment cycles | Streamlined approvals and faster payments |
| Difficult to ensure compliance and prevent fraud | Improved compliance and fraud prevention measures |
Automating the procure-to-pay process is a game-changer for businesses looking to optimize their procurement workflows, enhance cost control, and improve supplier relationships.
Using AvidXchange’s automation, businesses can make their buying process better. This leads to more efficiency, cost savings, and better decision-making.
Integrations with Third-Party Software
AvidXchange works well with over 180 third-party software solutions. This lets businesses link their accounts payable to their financial tools. It makes things more efficient, accurate, and easier for accounting teams.
Integrating AvidXchange with systems like Sage Intacct and Acumatica cuts down on manual work. It also lowers the chance of mistakes. AvidXchange has over 210 integrations, making it a great choice for many industries.
Sage Intacct Integration
AvidXchange and Sage Intacct work together for better accounts payable. They offer two- and three-way purchase order matching and custom payment approvals. This makes the process faster and less prone to errors.
AccountMate Integration
Connecting AvidXchange with AccountMate automates accounts payable. It goes from invoice capture to payment processing. This reduces manual work, cuts down on mistakes, and gives better financial visibility.
Acumatica Integration
AvidXchange and Acumatica make accounts payable smoother. They automate invoice processing and payments. This leads to more efficiency and better financial decisions.
Integrations with AppFolio and FinancialForce show AvidXchange’s wide range of support. These partnerships help businesses improve their accounts payable. They save money and focus on their main goals.
AvidXchange Review: Customer Support
AvidXchange offers many ways to help users. They have phone support, implementation services, and technical support. But, some customers have mixed feelings about their support.
Some users like how easy it is to use and process invoices. But, others have problems with the invoice indexing system. They say it has errors and is hard to use for many invoices.
Customers also worry about pushing suppliers to join the payment network. They mention delayed or missed payments and poor service.
On the other hand, Stampli is known for its great customer service. It was ranked #2 in G2’s Best Accounting & Finance Software for 2024. Stampli is easy to use and has features like Direct Pay and Advanced Vendor Management.
| AP Automation Solution | Customer Support Rating | Key Support Features |
|---|---|---|
| AvidXchange | 3.5/5 | Phone support, implementation services, technical support |
| Stampli | 4.8/5 | Responsive chat support, user-friendly platform, Direct Pay, Advanced Vendor Management |
Choosing an AP automation solution means looking at customer support. A company with good customer satisfaction and support can make a big difference. It helps with a smooth start and success with the platform.
AvidXchange vs. Other AP Automation Software
When looking at AP automation software, it’s key to compare features, prices, and integrations. AvidXchange, founded in 2000, has helped over 8,800 businesses and processed over 965,000 suppliers in the U.S. But, it’s wise to explore other options that might meet your business needs better.
Comparing AvidXchange with Bill.com
Bill.com, started in 2006, aims to make financial tasks easier for business owners. Both AvidXchange and Bill.com offer ACH and mobile payments. Yet, they differ in pricing. Bill.com has clear pricing from $45 to $55 per user per month, plus fees. AvidXchange quotes prices based on your needs.
Bill.com users say they save 50% of time on accounts payable and 36 business days a year.
Tipalti as an Alternative to AvidXchange and Bill.com
Tipalti is a strong contender against AvidXchange and Bill.com. It adds features like tax compliance and white-labeled remittance details. It also has built-in OFAC and sanctions screening. Tipalti cuts up to 80% of accounts payable work and allows mass payments worldwide.
It’s regulated as a money services business in the U.S. and is authorized by the UK Financial Conduct Authority as an Electronic Money Institution.
| Software | G2 Rating | Pricing | Key Features |
|---|---|---|---|
| AvidXchange | 4.2 | Quote-based | ACH payments, mobile payments, integrations with 220+ systems |
| Bill.com | 4.4 | $45-$55 per user/month + transaction fees | ACH payments, debit/credit card processing, electronic signature |
| Tipalti | 4.6 | Quote-based | Tax compliance, white-labeled remittance, OFAC screening |
When picking an AP automation software, think about your business’s specific needs and goals. Look at ease of use, customer support, and how it will pay off for your company. This will help you choose the best software for your organization.
Adoption of AP Automation in Businesses
Many businesses still use old methods for accounts payable, like paper checks and spreadsheets. A PYMNTS.com survey showed 80% of firms used paper checks in 2019. An IDC survey found 64% of AP market respondents used spreadsheets for payments.
Slow adoption of AP automation is due to several reasons. Budget, tradition, and the belief that AP departments are not valued are some. Yet, businesses that adopt automation see big improvements in efficiency and cost savings.
Vets Pets, a veterinary hospital network, used to process 60 checks a week manually. They then switched to AvidXchange’s AP automation. Blair Myers, Vice President of Finance and Accounting, said this change allowed them to pay vendors faster.
“Adoption of AvidXchange resulted in increased efficiency for Myers and her team, particularly in terms of handling approvals, reducing manual efforts, and enhancing overall workflow.”
With AvidXchange, Vets Pets saved a lot of time for their finance department. As the company grew, the benefits of automation became even clearer.
| Company | AP Automation Benefits |
|---|---|
| AvidXchange | Over 180 top integrations, caters to 680,000+ businesses |
| Nvoicepay | Maintains banking info and payment instructions for 800,000+ suppliers |
| Yooz | Reduces cost per invoice by 84%, delivers to 100,000+ users worldwide |
| Emburse Certify AP | Pricing starts at $8/month for 1-25 employees, custom pricing for larger companies |
More businesses are seeing the value of automating accounts payable. By moving to digital solutions, they can become more efficient and cost-effective. This helps them stay competitive in a fast-changing market.
Impact of COVID-19 on AP Automation
The COVID-19 pandemic made businesses move to remote work faster. This change made manual AP processes hard to handle. AP professionals worked longer hours to deal with more invoices, pay suppliers on time, and fight fraud.
An IOFM and AvidXchange report shows two-thirds of companies now use tech for 24/7 AP access. This change helps them overcome the problems of manual AP in remote work. These issues include:
Challenges of Manual AP Processes in Remote Work
- Increased processing time and costs
- Difficulty in ensuring timely supplier payments
- Higher risk of payment fraud, which has increased by 20 percent since the beginning of the COVID-19 pandemic
Increase in AP Automation Investment
Businesses have started spending more on AP automation because of these problems. Goldman Sachs says AP automation can save 70-80 percent of time for SMEs. It also cuts down on processing and labor costs a lot:
| Business Size | Manual Processing Cost per Invoice | Automated Processing Cost per Invoice | Net Savings |
|---|---|---|---|
| Medium-size businesses | $16.00 | $5.89 | 60-70% |
| Small businesses | $22.26 | $6.89 | 60-70% |
Speedway Motorsports is a great example of AP automation success. They saved about $300,000 a year by automating their AP and payment process. They switched from a paper-based system in 2020 to a digital one. This made their operations much more efficient.
Benefits of Automating Accounts Payable Processes
Automating accounts payable processes brings many benefits to businesses. These include big cost savings, more efficiency, better visibility, and the ability to grow. Switching from old paper systems to digital AP helps companies work better and stay ahead of the competition.
One big plus of AP automation is saving money. A Goldman Sachs study found that small and medium businesses can save 70-80% of time. This means lower costs and fewer late fees. For example, processing one invoice manually costs $14.69 for medium businesses and $20.79 for small ones. But with automation, these costs drop to $3.87 and $4.49, respectively.
AP automation also makes things more efficient. It cuts down on manual work and uses tech like OCR to reduce mistakes. In old systems, it takes over a week to process an invoice. But with automation, it’s much faster, helping businesses get discounts and avoid penalties.
AP automation also gives better insight into money matters. It offers detailed records, letting finance teams see every step of the AP process. This real-time info helps teams manage cash flow, track spending, and spot trends, leading to smarter decisions.
“AP professionals spend around 30% of their time collecting data and handling inquiries related to invoices and payments.”
Another plus is scalability. As businesses grow, they handle more invoices and payments. Automated AP tools can handle this growth without losing efficiency or accuracy. This lets businesses grow without being held back by old manual processes.
| Benefit | Manual AP | Automated AP |
|---|---|---|
| Invoice Processing Time | More than a week | Significantly reduced |
| Cost per Invoice (Medium-size Business) | $14.69 | $3.87 |
| Cost per Invoice (Small Business) | $20.79 | $4.49 |
| Late Payments | Nearly 50% of businesses pay 10% of invoices late | Reduced risk of late payments |
AP automation also helps teams work better together, frees up time for important projects, and makes employees happier. It offers more ways to pay, like ACH and virtual cards, which helps build stronger relationships with suppliers.
In today’s fast world, the benefits of AP automation are obvious. With 95% of finance teams already using some automation, businesses that adopt it will be ready to succeed in the future.
Choosing the Best AP Automation Software
When picking the best AP automation software, think about what your business needs. Things like how many vendors you have, how many invoices you process, and any special rules in your industry matter a lot. There are two main types: AP automation only and full procure-to-pay software. Stampli, AvidXchange, and Bill are examples of AP automation software. ProcureDesk, Tipalti, and Procurify are full procure-to-pay software examples.
Pricing for these tools varies based on what they offer. ProcureDesk costs $850/month, with custom plans for big companies. Tipalti starts at $129/month. Procurify has a tiered plan starting at $1,000/month, with custom quotes for more features. Precoro charges $35/month per user for small teams, and Tradogram offers free basic features.
Considering Unique Business Needs
When looking at AP automation software, think about what your business really needs. AvidXchange, for example, works well with many business systems. It’s great for companies that want to integrate easily with their current systems. AvidXchange also handles a lot of transactions, showing it’s reliable and scalable.
Outlining Expectations and Goals
Before choosing AP automation software, know what you want to achieve. Think about speeding up payments, improving supplier relationships, and better internal controls. Cloud-based solutions offer automatic updates, better tracking, and more storage than traditional systems. These can make managing vendors easier and more efficient.
AvidXchange’s software helps automate invoice approvals. AvidPay, part of AvidXchange, is good for banks to pay suppliers quickly and accurately. AvidXchange also offers scalable solutions for growing businesses, ensuring the software can adapt as your needs change.
Conclusion
In this AvidXchange review, we looked at the AP automation benefits it offers. AvidXchange helps over 7,000 customers in North America with their finances. It makes managing invoices, payments, and purchases easier for many industries.
The platform has tools like AvidBuy and AvidInvoice to help teams work better. It also connects with accounting systems like Sage Intacct. When compared to other software, AvidXchange stands out in its own way.
As companies look to improve digitally, especially after COVID-19, AvidXchange is key. It helps make processes more efficient, saves money, and gives a clearer view of finances. By picking the right software, businesses can move forward and stay strong financially.
FAQ
What is AvidXchange?
AvidXchange is a cloud-based software for managing invoices and payments. It helps small and medium-sized businesses go paperless. This makes financial operations more efficient and cost-effective.
What are the key features of AvidXchange?
AvidXchange has many features to make AP processes easier. It includes spend management, billing services, and payment application. It also has a supplier portal, bank reconciliation, and more.
What industries can benefit from using AvidXchange?
Many industries can use AvidXchange, like banking and construction. It has a paperless system that uses OCR technology. This makes it easy to adapt to different needs.
How does AvidXchange handle utility bill management?
AvidXchange’s AvidUtility manages utility bills from start to finish. It checks invoices for accuracy, ensuring billing is correct. This helps avoid errors and saves time.
What fraud detection technology does AvidXchange use?
AvidXchange uses advanced fraud detection technology. It protects against fraudulent transactions and unauthorized payments. This keeps businesses safe from financial losses.
Does AvidXchange offer a procure-to-pay automation solution?
Yes, AvidXchange has AvidBuy for automate purchase orders. It helps control costs and improves purchase patterns. Users can also create requisitions for common items.
What third-party software does AvidXchange integrate with?
AvidXchange works with over 180 third-party software solutions. This includes popular accounting systems and ERP software. It integrates with Sage Intacct and more.
What customer support options does AvidXchange provide?
AvidXchange offers various support options. This includes phone support and technical help. It ensures users can get the most out of the software.
How does AvidXchange compare to other AP automation software like Bill.com?
AvidXchange and Bill.com both automate invoices and payments. But, AvidXchange has quote-based pricing, while Bill.com has tiered pricing. Tipalti is another option with features like tax compliance.
What are the benefits of automating accounts payable processes?
Automating AP processes saves costs and boosts efficiency. It also improves financial visibility and supports growth. By reducing manual tasks, businesses can focus on strategy.
