AvidXchange

Traditionally our company handled the entire payables cycle manually. As we have grown it became more evident that the volume of invoices that were being processed was hindering real time cost and 'global view' of our jobs. The need for a more streamlined, less incumbent process became more evident, as well as the need for users to instantly be able to access an invoice image. As a processor I like not having to manually enter our invoices and saving (2) - (3) days in processing time.

Project setup is somewhat a challenge because of the (2) step code integration. It would be nice to be able to enter this at the time of initial setup when mapping the addresses. This is the only current dislike I have encountered.

There are many benefits to the solutions we use including AVIDInbox, Invoice, and Pay. As previously stated the time savings in processing is phenomenal, there is little to no paperwork, and all of the invoices are available online. There is also real time cost capture which assists our team in making sure that our budgets and costs are in line on a continuous basis.

I love the fact that it streamlines the process and has taken quite a load of work off my hands! AvidXchange also offers us the chance to go paperless which I feel is a big plus!

The growth they are experiencing right now seems to impede there ability to offer there offer their services. Responses are slower and there have been a lot more "glitches." Otherwise there service seems to be the same as it has been.

Make sure that you ask about how there growth is hindering there processes.

Again, our major problem that was solved with AvidXchange is the fact that it streamlined our AP process and helped us go paperless!

AVID rarely breaks down or causes any problems for my management team. It's quite reliable.

Nothing, honestly. AVID does its job perfectly.

Problems solved: relaibable invoice processing software, straightforward

Benefits: no problems

I think the workflow tracking is good with this software in comparison to other products on the market. You can easily make comments to other people in the workflow and communicate back and forth.

It is slow, inefficient and clunky as well. It is difficult to search for past invoices, and the coding process is very unconventional with the number of buttons you have to click to simply code an invoice. It also does not separate different billing properties well.

rCash (Yardi), MRI and many other platforms seem to be a lot more functional than this one. If you need to do a lot of communicating with various parties throughout the AP process, then this may be great for you. Otherwise, the platform is set up very inefficiently in comparison to other products on the market.

We are able to communicate with accounting and ownership (who are both remote) on invoicing tasks.

The best part of AvidXchange is being paperless and having a history for every single invoice that is processed. Gone are the days of spending afternoons filing away paid invoices or trying to track down an old invoice only to find it has vanished.

The part we really struggle with is the Indexing portion. Due to the large amount of entities we have and the amount of invoices that are processed, working with vendors to have the correct information on them is difficult. This leaves a lot of invoices in research queues that need to be researched and handled.

Tracking down invoices has become so much easier, especially when it comes time for audits.

Ability to simply forward invoices to an email that will automatically be sent into Avid. Having the options to set as many or as few people as you need in the approval workflows. Easily integrates with our MRI accounting software.

High turnover rate with the data processing team. One week all you invoices are going to the correct workflow, the next, everything is put in pending queues and require my decisioning to to process.

Be sure it fully integrates with your other accounting software. We use MRI and it works pretty well. Realize that invoice submission is at times tricky. You will need to provide all your vendors with a letter stating the requirements their invoices must meet in order to process payments without delays.

No more paper invoices, much faster pay out and less late fees.

The software is easy to use, submitting invoices is easy, and tracking is a breeze.

Reporting user interface is not very user-friendly; coders occasionally code the invoices to the wrong property.

Ensure that everyone involved inthe workflow understands how to void / dispute / add comments. It will make your life easier when researching why an invoice was not paid or why it is pending.

Time-savings, cost savings, ease of tracking.

I like visibilty to all our invoices in Avid. This increases accuracy of GL coding and accruals. This visibilty also creates efficiencies during year-end audits since we give access to the system to our auditors.

Reporting module needs updated to make it more flexible , give it a more contemporary look and allow us to make it available to all users.

Eliminated paper, strengthened internal controls over invoice approvals & increased electronic payment adoption by our vendors.

viewing invoices online rather then paper statements

sometimes takes a little too long for invoices to be uploaded and payments to get through the mail to vendors

If your a smaller company - make sure you have someone dedicated to the original setup/training processes.

Allowing more time to be allocated towards other work, eliminates paper files, vendors like receiving payments electronically.

For the money I would rate Avid as one of the best, if the note the best automation solution available. The amount of processing that we need to do has been cut in half since we have gone live with Avid and we are not looking back. I envision we can increase our payables by another 50% before we will need to increase staff.

We also like the method of submission for invoices. Avid uses Indexers rather than OCR which means you have a person looking at every invoice that is sent to the system.

Another great thing has been the reduction in paperwork. Because every invoice is captured in the system you never have to worry about losing an invoice again! I came into a completely paper based system and people are constantly surprised as the speed we are able to retrieve invoices.

And I can't end this without mentioning AvidPay. We currently write 500+ checks a month but will be able to reduce that to zero or very close to zero once we have fully automated payments. This will be another huge efficiency boost in our AP cycle.

One caveat is make sure you have fully demoed all modules and are very clear on what you are getting. The PO module is why I didn't give 5 stars and while I knew it wasn't as powerful as some others I was lead to believe it contained elements that it in fact, did not.

As I stated above, Avid uses Indexers rather than OCR and while you think the learning curve might be quicker for people vs a computer that is not necessarily true. The indexers do make mistakes and you need to pay close attention early in the implementation to make things are being coded correctly. You also need to submit tickets as things come up to help the indexers with the way you do things, or want them done. This be very helpful in the long run.

Test other systems and make sure they integrate seamlessly with your ERP/GL system. Demo all aspects and don't be afraid to ask questions about the products and what they offer.

Reduction in paperwork, payment processing times and missed invoices.