AvidXchange

AvidXchange Product Details

AvidXchange by AvidXchange automates the entire accounts‑payable lifecycle—from invoice capture and coding to approval, payment and reconciliation—so finance teams can spend more time on exceptions and analysis. Invoices arrive via email, drag‑and‑drop or EDI and flow into an OCR engine that extracts header and line‑item data. Machine‑learning validation checks vendor, PO, and contract details, flags anomalies, and proposes GL codes. Configurable workflows route each bill through multi‑level approvals based on thresholds, cost center or project, while real‑time dashboards surface bottlenecks, discount opportunities, and fraud risks. On approval, AvidXchange can schedule ACH, virtual card, or international payments and post journals back to your ERP automatically. Built‑in supplier portals keep vendors informed of status changes, reducing “where’s my payment?” emails. Compliance is embedded: audit trails on every touch, three‑way matching, duplicate detection, and role‑based permissions satisfy internal controls and external auditors. Native support for multi‑entity, multi‑currency, and tax calculations means the platform scales globally without manual workarounds. Implementation best practices: sync your vendor master and chart of accounts early, pilot with a high‑volume subsidiary, and use straight‑through processing KPIs (touchless rate, first‑pass match) to benchmark continuous improvement. By eliminating paper and repetitive data entry, AvidXchange typically cuts invoice processing costs by 60‑80 % and accelerates close, freeing AP staff to focus on supplier relationships and cash‑flow optimization.