Overall Satisfaction with AvidXchange
We use AvidXchange throughout our entire organization. The invoices for 770 managed entities (homeowner and condo associations) are handled in it by 150 managers. It has allowed for remote invoice entry, quicker turnaround of invoice receipt to payment issuance, and a reduction in our mailroom workforce. Archiving of invoices and their remote access has been a huge advantage for us.
- Invoice creation/upload is simple for users needing immediate/quick entry/creation.
- Invoice assignment from one entity to another is quick and easy for administrators. Users can do so easily if it is a switch within their own portfolio to which they have access.
- Payment options offered to vendors are numerous. It is nice we can provide them with options.
- AvidXchange is too aggressive after payments are sent to vendors in their approach to getting the vendors to sign up for a virtual credit card payment. Some of our vendors have complained at how frequently or diligently they were were pursued by AvidXchange.
- When an invoice approver is to become unavailable temporarily due to vacation, illness, etc., they should be able to auto-assign a covering party for a determined length of time or through a particular date like our previous system did. There is no good way for this to be handled by AvidXchange.
- Hard costs have grown related to costs involved with being a part of AvidXchange. However, soft/hidden/assumed costs have likely dropped. They are just less apt to be noticed when the upfront hard costs are easy to determine.
- Check turnaround time has remained good. Our previous system permitted us to get checks out the door the day after an invoice was approved by the reviewing manager. That schedule has been maintained despite the checks now being mailed by AvidXchange and from a far away location.
- Some vendors have worked with us for 10+ years and do not like mailing invoices to a location far away rather than sending to us locally. Of course, we have offered them the ability to email directly to AvidXchange. Some still prefer mailing and are small enough they believe the operations office should receive the bill....which then means we need too many folks to process the incoming invoice mail.
- SIRE and Manual
SIRE became bogged down over time, began having more downtime, worked slower than expected, and had stopped advancing the development of its features. As such, we had to find an alternative. For our size (not small and not big), we needed something which got narrowed down to Strongroom and AvidXchange. Since AvidXchange purchased Strongroom, it became a no-brainer as to which company's product we would be using. Compared to the manual processing of invoices, this is much better as they can be reviewed and approved remotely in addition to the archive being searchable from anywhere.
It is well suited for a company like ours with three primary offices and an additional 50 satellite offices. It provides a way for things to be centralized with uniform access to information and processing. As well, the processes and communication remain consistent when you are working with a company of this scale as they do not experience hiccups when a single staff member may be out for vacation, sick, or due to a staffing shortage. Things just continue on as expected.
160 - 130 are managers, 20 are accountants, and 10 are executive team members/supervisors.
3 - The three people only have to support it on an as-needed basis. They are:
- IT Dept rep - to ensure integration with accounting software is maintained and up-to-date
- Accounting Dept rep - to ensure proper process flows are assigned to each account and their team members are properly assigned to each
- Operations Dept rep - to ensure managers are trained on using the system and to ensure each manager and their supervisor is properly assigned to their managed accounts as they come on new or change
Evaluating AvidXchange and Competitors
Yes - SIRE became bogged down over time, began having more downtime, worked slower than expected, and had stopped advancing the development of its features. As such, we had to find an alternative.
- Product Features
- Product Usability
- Product Reputation
Up time, mobile abilities, integration with our accounting software, and payment turnaround time were all factors. Accountings software was the most important so we would have no staff manually inputting entries of invoices or payments.
Except for occasional escalations needed to Level 2 support, they are efficient and quick with nearly all requests.
Problems get solved
Kept well informed
No escalation required
Immediate help available
Support cares about my success
Quick Initial Response
Except the one difficult/cumbersome point I made, it is a strong, solid, easy-to-use system.
Like to use
Easy to use
Technical support not required
Quick to learn
Feel confident using
- GL coding of invoices
- Approving invoices for payment
- Setting specific dates for payment
- Placing invoices to be held for awhile on "hold" so they don't clutter your queue
- Instant creation of invoices (self-uploading) is not as intuitive as one would hope as it requires 2 fields to be completed prior to the upload occurring though the system WILL permit you to attempt an upload if you do not first complete those fields. It should either work both ways or you should be forced to complete the steps in the order the system requires.