Review of Avidxchange AP Automation Software (Products, Pros, and Cons)

Automating your business operations can be a significant way to increase productivity and efficiency. But you must find the right accounts payable automation software for what you need because only some programs have features or provide quality results as advertised on their websites.

In this article, we look at Avidxchange AP software, how its automated invoicing works, Avidxchange features that can help you grow your business, and pricing, and also discuss its drawbacks, which you need to be careful about.

What is Avidxchange?

It is a solution for all purchase-to-pay with accuracy and high speed. This service is recommendable for industries like construction, financial services, healthcare, media, etc. This accounting system is used by NetSuite, Quickbooks, Sage, Microsoft Dynamics, etc.

Why choose Avidxchange?

• Reduces the paperwork and less time consumption
• Increase work efficiency by quick review and approving the payment with few clicks.
• Controls the workflow to get accurate results.
• Encourages the team to move in a growth path and scales the work.
• Increases the payment security with an e-payment option which reduces the risk.
• Allows your suppliers to pay on time, with the method they prefer
• Its cloud-based platform provides you with 24/7 online service
• Online records make easy reporting and auditing

Products of Avidxchange

AvidInvoice

It is an automatic, paperless invoice management system.

• Anytime anywhere, invoice processing.
• It increases the visibility to search invoices.
• With automated invoice processing, all invoices can be automatically coded and routed electronically for approval. 
• It will keep your finances flowing smoothly, no matter how many invoices you have.
• It integrates with any of your current using accounting software.

Avidstrongroom

With AvidStrongroom purchase-to-pay API integration, you can replace your manual AP process with a digital solution that matches invoices, purchase orders, and sales receipts.

• Using an accounting system integrated with AvidStrongroom can reduce the time you spend inputting data manually.
• Increases efficiency by reducing paper invoices 
• Easy to manage a large volume of bank accounts and check the signature
• It offers e-payment that reduces the risk of fraud.
• An audit trail will show every action taken on all invoices and payments.

Avidpay

It offers an automatic bill payment option.

• Automatic bill payment helps to keep your payment record
• Helps to do payment reconciliation
• Paperless bill payment
• Anytime anywhere, bill payment is possible
• Visibility of payment approval and payment status

AvidAscend

AvidAscend is a web-based accounting software that helps you manage your money. You can use it to pay your bills, pay your vendors, track your expenses, and more.

• Core system integration
• Efficient research and reporting, historical accounting visibility
• Automatic OFAC checking on every payment
• Remote working with no size limit
• OCR invoice processing and automated coding
• Email notification and individual dashboard for visibility

Avidbuy

This purchase order management software helps to smooth the process of PO with an automatic system.

• It helps to avoid unapproved purchases, coding errors, and unnecessary delays.
• It helps to find what people buy by looking at what they have bought before. That will help you understand what they might buy in the future.
• It uses 2-way or 3-way matching to reduce the chances of fraudulent or incorrect invoices. In addition, this will put you in control of your purchasing process.
• Able to track every stage of the purchase process and matches the purchase order invoice

Timbers can

TimberScan helps you to quickly and easily process documents with workflows, approvals, and field-level security. It is easy to use and quick to navigate, making it a great choice for enterprise content management.

• OCR invoice processing and automated coding
• Automated approval for workflow
• By using deep integrations, you can get access to real-time data. 
• It will help create a seamless experience for the user
• It will reduce the amount of work needed for accounts payable professionals.

Avidutility

Avidutility analyses utility consumption and cost. This helps your payables team by cutting down the time it takes to receive, capture, and pay utility invoices and also saves money.

• Fully outsourced solution
• Business intelligence dashboards help you see how each business location is doing.
• The licensed AvidEnergy team helps with cost saving and maintaining budget stability.

Timbers can Titanium 

Titanium is a purchasing and payments solution that helps you make well-informed decisions. 

Titanium can integrate with accounting software, including Acumatica, Sage Intacct, or even 100 Contractor, for superior reporting capabilities – all while streamlining the workflow process of accounts payable departments in your company.

• Custom and automated approval
• Easily attach credit card receipts to the mobile form
• The program will automatically compare your receipts to the statement and create invoices from what it finds.

Pros

• AvidPay allows us to avoid having to use a mediator when paying suppliers. 
• The software is more reliable, efficient, and effective AP software.
• A/P workflows are a way to make sure that a bill is approved quickly and efficiently. 

Cons

• Implementation is a little difficult.
• Some users are not happy with customer support. 
• The AvidPay search function is difficult to use. 
• Some users felt that payment information in Avid Invoice is only sometimes clear and cannot add information for checks that are not processed through AvidPay.
• Some aspects of the onboarding process could have been easier if AVID had ready-to-hand documents they could have delivered, specifically regarding our IT system.
• They don’t give vendors enough time to accept virtual card payments. Sometimes, ten days is not enough time.
• Indexing rules are inflexible and send many invoices to the exception queues.
• Once the property is entered, the dropdown box always populates the vendor.
• Visibility is lacking because of some unavailable features.

Avidxchange Alternatives

• Tipalti
• Stampli
• Lightyear
• Beanworks
• Melio
• SAP Concur
• Bill.com

FAQs

Conclusion

You should now better understand what Avidxchange is and how it might (or might not) fit into your business needs. While Avidxchange drawbacks may make you think twice about signing up, its advantages could very well outweigh them.

Ultimately, the decision comes down to what you gain most in a software solution. So, do some more research on other similar platforms and then decide which offers the most important features to you and your team.

Reference

e-book of Avidxchange