AvidXchange: At the Vanguard of AP Automation

AvidXchange: At the Vanguard of AP Automation

Follow AvidXchange on :

Michael Praeger, Co-Founder & CEO, AvidXchangeMichael Praeger, Co-Founder & CEO It is beyond doubt that automation is one of the pivotal forces in the technological ecosystem that catapults businesses to success. Yet, often accounts payable (AP) teams overlook the obvious—paper is where the pain point is. While being bogged down in painstakingly tedious and time-consuming activities might seem to work fine for many, the truth is, these teams are in dire need of innovative AP and payments automation solutions that can take the burden off their shoulders. As such, an important question to ponder over is how can organizations harness the potential of an effective AP automation solution to help financial experts with increasingly complex tasks? This is exactly what North Carolina-based AvidXchange aims to answer with a range of ingenious solutions and services.

AvidXchange brings in a unique way for companies to pay their bills, giving them the power to reduce processing costs, accelerate approvals, and eliminate paper with more transparency into, and control over, spending than ever. According to Michael Praeger, the CEO and co-founder of AvidXchange, manual errors and the time consumed in processing invoices can be reduced by implementing an automated AP platform within the infrastructure of an organization. In doing so, AvidXchange emerges as an industry leader in automating invoice and payment processes for midmarket companies across financial services, construction, energy, nonprofit, and real estate sectors, catering to more than 5,500 clients throughout North America.

A Comprehensive AP and Payment Automation Solution

According to Praeger, currently, almost 90 percent of payment solutions providers still depend on paper-based processes. AvidXchange is disrupting the equilibrium with a unique approach to payment process, introducing automation into electronic payment workflows. An exceptional blend of software and services, AvidXchange’s Purchase Order Application acts as a comprehensive, web-based solution that enables accounts payable teams to automate the purchase order process and limit redundant spend by preventing unwanted purchases. With AvidXchange’s purchase order software one can create requisitions for goods and services to speed up the buying process while automatically sending the order to the vendor and receiving the invoice in the inbox. The application, further, standardizes purchasing patterns and keeps track of products and purchasers for effective spending and saving.

Moreover, one can control costs by creating requisitions for frequently purchased products, gaining control of the who, what, and when of the purchasing process, and effectively reducing manual tasks.

AvidXchange emerges as an industry leader in automating invoice and payment processes for midmarket companies across multiple industries including Financial Services, Construction, Energy, Nonprofit, and Real Estate, catering to more than 5,500 clients throughout North America

For master money management, AvidXchange Purchase Order Software wipes out the possibility of wrong orders and suspicious suppliers and takes the guesswork out of an organization’s goods and growth while improving visibility into purchases and processes.

AvidXchange’s Invoice Application is designed to replicate an organization’s current approval processes and workflows without all the unnecessary paperwork and inefficiencies. On automating the process, organizations can electronically track invoices, streamline workflows, and maintain a central repository to access invoice data anytime, anywhere. Regardless of the number of invoices, the invoice management software can automatically code the invoices, assign them to the appropriate workflow, and route them electronically for approval. Thereafter, the invoices flow directly into the accounting system for payment processing once they receive the stamp of approval. This process puts a cap on the endless printed invoices stuffed in the file cabinets; users can scan invoices electronically and submit them using the Invoice application instantaneously. They can also add rules and alerts to invoices to enhance the performance of the invoice management software while conversing with team members to improve accountability. Further, users can log into their systems and get any invoice information they need, which also enables them to allow the auditors to access the required invoices to make auditing a breeze. This, in turn, boosts trust and visibility through real-time reports on accounts, performance, and growth.

With AvidXchange’s full-service bill payment software offerings, users can select payments from their accounting system and select to pay them directly, instead of selecting them for print. Following that, payments are transmitted to the E-Payment Application and based on a company’s current approval processes, payment files are routed to approvers for final approval before being transmitted to vendors. In addition, the software offers a clear cut, cost-effective, check-writing experience for users, enabling them to pay with ease.

Generating a secure, MICR check with automated, encrypted signatures on the user’s behalf, the cutting-edge software allows the check to be routed to a vendor’s verified bank account, post the approval of payments.

AvidXchange’s Create-A-Check capability offers protection with Positive Pay and payment approval to mitigate fraud and suspicion. Transferring e-payments or checks to verified vendor bank accounts, users can efficiently prevent fraud and provide complete protection for vendor payments while receiving a Supplier Payment Receipt to ensure that vendors earn full payments securely. Utilizing AvidXchange’s payment forms—ACH, EFT, and wire transfer—users can also cut the cost of checks, time, and hassle. They can access and approve invoices anytime, anywhere for fast approval processes and payments and also add the current approval rules to the automated payment process. Most importantly, as a registered partner of Sage Software Solutions Private Limited, AvidXchange Pay is responsible for direct payment execution through the Sage accounting system. “AvidXchange includes a no-fee transactional Cashflow Manager that allows suppliers to perform transactions with ease and helps check the status of invoice or payment,” adds Praeger.

Employing a dedicated supplier team that works directly with clients’ suppliers, AvidXchange maintains their payment data and assists in verifying the accepted payment types. As such, most customers see an average e-payment adoption of 40 percent through the enrollment process. Customers receive either an electronic payment or check based on a supplier’s accepted method of payment while AvidXchange’s Payment Services Team ensures all payments are received along with a supported supplier experience.

Integration: Not a Hassle Anymore

To make it easy for users to get started, AvidXchange provides seamless integration with over 100 accounting systems. Cultivating meaningful relationships with multiple accounting systems, the AvidXchange team makes an effort to understand clients’ accounting process and ensures a smooth transition from their accounting systems to AvidXchange’s accounts payable software. Taking into account the importance of a client’s accounting system serving as their system of record, AvidXchange integrates with a plethora of best-in-class solutions—Sage, SAP, NetSuite, Acumatica, to name a few.

"AvidXchange is disrupting the equilibrium with a unique approach to payment process, introducing automation into electronic payment workflows"

AvidXchange is currently focusing on providing an enhanced UI to customers so that they can self-manage their applications required in the Sage customer onboarding process. The system is easily configurable and can be modified as per business requirements. In days to come, the company has aggressive expansion plans in the US on the cards. Praeger is hopeful that AvidXchange would soon be able to increase market penetration with its expanded offerings in spend management. Besides, the company has also partnered with Mastercard to make the payment procedures accessible through a business’s financial institution and the Mastercard B2B Hub. “Our future roadmap focuses on the promotion of value in business, and looks into the factor that the payment processes are initiated and closed in a better manner,” concludes Praeger.

AvidXchange News

AvidXchange Hires Fintech Industry Leaders for Continued Growth and Innovation

Charlotte, N.C. - AvidXchange™, a leading fintech software provider of accounts payable (AP) and payment automation solutions for midsize companies, continues its growth momentum by naming four new leaders across its sales, marketing, information technology, and product teams. Angelic Gibson joins the leadership team as Chief Information Officer, while Don Finucane assumes the role of Chief Product Officer. Mike Travis and Jessica Antle sign on as Senior Vice President of Sales and Senior Director of Marketing Communications, respectively. These seasoned executives are welcomed as part of ongoing expansion at the AvidXchange headquarters in Charlotte, N.C., and will work collaboratively to position the company as an innovator in automating the accounts payable and payment process for middle market companies.

"Bringing experienced industry experts to AvidXchange is key to our growth. I'm looking forward to working with them to help define our strategic direction," said Michael Praeger, CEO and Co-Founder of AvidXchange. "We want to create a work environment that fosters personal growth and development, and great leaders are an important resource to help employees succeed in their goals as we continue to scale our operations."

Chief Information Officer, Angelic Gibson

Angelic Gibson is a results-driven executive with hands-on experience utilizing Information Technology (IT) to address business challenges. In the Chief Information Officer role, Angelic will oversee AvidXchange's IT strategy, including development, operations and technology services. Most recently the Senior Vice President of IT at TKXS, Angelic also held IT leadership positions with American Tire Distributors, Stony Brook University and the Estee Lauder Group. She earned a Bachelor of Science degree in Management Information Systems from American InterContinental University.

Chief Product Officer, Don Finucane

As the Chief Product Officer, Don will oversee strategy and development for AvidXchange's full product suite. Most recently the President of Strategy, Product & Innovation at Informa, Don has more than 20 years of experience managing global software product portfolios across multiple industry sectors, including fintech, law and agribusiness. Prior to Informa, he held product leadership roles with Wolters Kluwer, Interactive Data, Standard & Poor's, and Market News International, where he demonstrated a successful track record of growing revenue through customer-centric product management initiatives. Don earned a Master of Business Administration from Pace University and a Bachelor of Business Studies degree from the University of Limerick.

Senior Vice President of Sales, Mike Travis

As Senior Vice President of Sales, Mike Travis joins AvidXchange to spearhead sales across key verticals and emerging markets, including the Real Estate, Construction, Health Care, Financial Services, Education and HOA industries. Previously the Vice President of Sales at Fiserv, Mike has more than 25 years of experience building elite field sales teams in IT and enterprise software and services. Before Fiserv, he also held positions with RiskIQ, TIBCO and HP, among numerous others. Mike received a Bachelor of Science degree in Industrial Engineering from the Georgia Institute of Technology while on a football scholarship.

Senior Director of Marketing Communications, Jessica Antle

As Senior Director of Marketing Communications, Jessica Antle oversees the full suite of marketing and communications initiatives, including brand strategy, public relations, social media engagement, and content strategy. With a background in both corporate and agency roles, Jessica has more than 20 years of experience with organizations ranging from Fortune 500 companies to startups. During her seven years at Mastercard, she was instrumental in ensuring the success of significant corporate events, including Mastercard's IPO and global brand re-launch. Following Mastercard, Jessica served as Vice President, Global Communications for Dorel Sports, a billion-dollar company with operations in more than 16 countries around the world.

Angelic and Don will report directly to Chief Operating Officer, Steve Boehm, while Mike and Jessica will report to Chief Growth Officer, Dan Drees.