June 26, 2017
Score 8 out of 10
Overall Satisfaction with AvidXchange
We currently utilize AvidXchange for the processing and payment of invoices for all of our managed properties as well as our company entity. AvidXchange is utilized by 80% of the employees at our company, mostly through the approval workflow function. It has helped tremendously in the automation of our AP process.
- Automation: Every part of Avid's process is automated through the use of workflows established by the AvidXchange administrator. This allows all vested entities to review and approve the payment of an invoice in a timely manner.
- Transparency: As an invoice goes through the review and approval process, every step is documented and available for review. This ensures all parties are appropriately vested in ensuring the timely approval of invoices for payment
- Accuracy: Automating the AP process has helped to minimize the risk for errors that occur through manual invoice entry and approval.
- AvidPay needs some improvement to minimize the amount of time it takes to issue payment for invoices
- The search features within AvidXchange on the advanced search screen sometimes do not function correctly (sorting by ascending / descending order doesn't work all of the time).
- The log enhancement follow-up procedure could use some work.
- The implementation of AvidXchange has minimized error ratios within the accounting department, which has reduced employee time and effort for error corrections
- The implementation of AvidXchange has enabled us to tighten up the time frame for invoice processing and payment, resulting in the reduction of late fee payments to vendors.
- The implementation of AvidXchange has increased the time our AP accountant invests in AP processing, resulting in less time for other duties.
AvidXchange is the first automated AP system we've implemented within our company.
Companies struggling through a manual AP process with a high volume of invoices received every month should consider AvidXchange. They would benefit by freeing up the time and effort of accounting employees, who may then have the time to focus on other duties. Companies with minimal invoices wouldn't be a good fit. The system works best with high invoice volumes.