Thirdly, the payment service, AvidXchange Pay is responsible for direct payment execution through Sage accounting system. Invoice management, helps clients configure the system to automatically generate bills which have been approved through an invoice approval process. Spend Management involves purchase expense control along with supplier management. The comprehensive cloud-based environment offered by AvidXchange encompasses three broad categories of services–spend management, invoice management, and the AvidXchange Pay application. Suppliers can generate invoices of better quality, related to travel purchase order as well as expense process in a convenient manner.ĪvidXchange includes a no-fee transactional Cashflow Manager that allows suppliers to perform transactions with ease and helps check the status of invoice or payment Since its inception, AvidXchange’s AP and payment automation has added more value to the solutions offered by Sage Software, thus providing the customers with industry-leading levels of productivity and cost-savings.
Thus, the suppliers can now decide when to get paid rather than the customers deciding when to pay the customers. The suppliers can send their invoice and receive payment quicker as compared to the period of 30 days in case of traditional payment systems.
The game-changing automated AP and payment process from AvidXchange has expanded invoice accelerator, which has led to a drastic improvement in the relationship between the customers and suppliers. The company’s platform effectively simplifies the tasks such as invoice generation and check processing thereby reducing the time and risks involved in the traditional procedures.
Driven by a unique approach to payment process, AvidXchange is disrupting the equilibrium by introducing automation into electronic payment work flows. According to Praeger, currently, almost 90 percent of payment solutions providers largely depend on paper-based processes. While automation is at its peak driving efficiency and a paperless ecosystem, operations like accounts payable (AP) and invoice processing are far from reaping the benefits of this technique.
CASHFLOW MANAGER AVIDXCHANGE SOFTWARE
Besides, the winner of top software management award 2017 from the North Carolina Technology Association, AvidXchange solutions focus on strengthening the relationship between the buyer and the suppliers, also integrates with over 100 diverse accounting systems. As a registered partner of Sage Software Solutions Private Limited, AvidXchange offers its clients Sage payment solutions, in a cloud environment. Michael Praeger, the CEO and co-founder of AvidXchange believes that these errors and the time consumed can be reduced by implementing an automated Accounts Payable (AP) platform within the infrastructure of an organization. Therefore, a holistic solution for controlling expenditure, invoice generation as well as payment processes becomes imperative. Most of the time, the most unnoticeable errors in these tasks can lead to significantly adverse consequences for the organization.
CASHFLOW MANAGER AVIDXCHANGE SERIES
Past performance is a poor indicator of future performance.Michael Praeger, CEO & Co-founder Managing purchases and payments of a business involve undertaking a series of risky and time-consuming tasks.
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