AvidXchange
Automate Accounts Payable and Payments for the Mid-Market.
Executive Summary
AvidXchange is a leading cloud-based accounts payable automation platform designed for mid-market businesses. It streamlines the entire invoice-to-pay process, from invoice capture and approval to payment execution, leveraging AI and a vast supplier network. The platform offers enhanced efficiency, visibility, and control over financial operations, freeing finance teams from manual tasks to focus on strategic initiatives.
Use Cases
- Automating invoice processing from receipt to approval
- Streamlining payment execution to suppliers via various methods
- Improving visibility and control over cash flow and spending
- Reducing manual data entry and associated errors in accounts payable
- Enhancing audit efficiency and compliance with detailed audit trails
- Managing vendor relationships and ensuring timely payments
Features
Visibility
- Real-time Invoice & Payment Status: Gain 24/7 access to the status of invoices and payments, including processing stages and approval workflows, from any internet-connected device.
- Centralized AP Hub: Unlock a unified view into the entire payables process within a single, secure platform, enhancing control and transparency.
- Intelligent Reporting & Analytics: Access powerful reporting tools to analyze critical metrics such as approval cycle times, month-end accruals, and budget tracking.
- Comprehensive Audit Trails: Every action within the system is audit-trailed, date, and timestamped, providing a clear record for compliance and accountability.
Intelligence
- AI-Enhanced Invoice Data Extraction: Automates the capture and extraction of invoice data with 99.2% accuracy using AI and OCR, minimizing manual data entry and errors.
- Automated PO Matching: Features two-way and three-way purchase order matching capabilities to automatically reconcile invoices with POs, accelerating approvals.
- Customizable Approval Workflows: Allows businesses to design and automate approval processes that mirror their existing workflows, with options for ad-hoc approvers and notifications.
- AI Approval Agent: Provides real-time insights into the likelihood of invoice approval by analyzing historical data and patterns.
- Auto-Coding Technology: Intelligently codes invoices to the correct general ledger accounts, reducing manual effort and improving accuracy.
Support
- Dedicated Customer Care Team: Provides support via phone, email, and chat for technical inquiries, indexing support, payment issues, and general product guidance.
- AvidXchange Academy: Offers micro-learning videos, educational webinars, and certification courses to ensure customer success and provide CPE credits.
- Supplier Services Team: Proactively enrolls and manages suppliers in the AvidPay Network, handling onboarding and maintenance of vendor relationships.
- Implementation Project Team: New customers receive a dedicated project team for full support during the implementation cycle, including data collection, scoping, configuration, and training.
Technical Specifications
- Architecture
- Cloud-native SaaS
- Deployment
- Cloud/SaaS
- Authentication
- Secure cloud connection with enhanced permission controls. Likely supports enterprise-grade authentication methods.
- API Available
- Yes
- MCP Server
- No
AI/ML Stack
- NLP
- Machine Learning
- Computer Vision
- Generative AI
Integrations
- NetSuite
- Sage Intacct
- Microsoft Dynamics
- QuickBooks
- Procore
Security & Compliance
Certifications: SOC 2 Type II, PCI DSS
Encryption: Data is secured through layered security measures; specific encryption protocols are not publicly detailed but are implied by industry standards.
Pricing
- Model
- Modular, subscription-based, customized pricing
- Starting Price
- Contact sales (average annual cost around $6,200, can reach up to $13,000)
- Target Customer
- Mid-market to Enterprise
- Contract Type
- Customized (likely annual or multi-year for enterprise)
- Free Trial
- Yes, Custom demo (credit card required)
About AvidXchange
AvidXchange provides accounts payable and payment automation software for middle-market businesses. The platform automates invoice processing, approvals, and payment workflows.