Using AvidXChange for Multi-Property Portfolios is a No-Brainer!
- AvidBill and AvidInvoices
Overall Satisfaction with AvidXchange
I’ve been using AvidXchange for over ten years and couldn’t imagine doing my job without it.
As a property manager with 32 sites, digitizing the accounts payable process is a necessity. Processing approximately 1600 invoices every 90 days, record keeping can be harrowing. Gone are the days of being handed folders of invoices to approve against a stapled stack of G/L account codes. All I have to do is login from any computer and AvidXchange provides a seamless system for tracking and approving our property invoices.
The software integrates with our MRI accounting system, allowing for easy upload. We can assign workflow approval levels to differentiate between general OPEX and Capital Expenditures. As such, invoices that require owner/client approval can be streamlined with added comments. Most importantly, for construction or large tenant improvements, we can attach pertinent contract information to the invoice.
- Our contractors and vendors can submit invoices electronically through AvidBill, removing the tedious task of sorting and coding mail. This feature saves on time and administrative duties.
- Communication is key, and being able to log a comment or question in AvidInvoice allows for clarification and expedited approval process.
- Having multiple properties, having the Property Code and % Allocation features allow us to ensure the correct entity is charged it's portion of expenses. For example, we may have a service that is coded to all 32 properties. With AvidInvoice we are able to allocate each entity's pro rata share of the invoice.
- Searching for invoices: Because of the number of properties we have, AvidBill automatically codes an invoice internally to one property, but we may find upon review that it is really for a different property. When we search for an invoice, it won't show as the corrected Property ID, rather the first one entered.
- Vendor Names: I know this is a matter of human data entry, but oftentimes there are multiple vendors with the same name entered. The system may not grab the one that is intended for our company.
- AvidXchange has increased our efficiency 100%. It used to take 30-60 days to receive, code and process invoices. Now, they are uploaded, coded and approved within days.
- No negative impact at all. Couldn't imagine working without this software.
- 2 Administrative staff
- 1 Assistant Property Manager
- 1 Chief Engineer
- 1 Construction Manager
- 1 Construction Admin
- 1 Owner/Client
- 1 Accounts Payable processor
- Streamlining paperwork process.
- Workflow and coding approval process.
- Keeping digital copies of pertinent AIA or construction documents.