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“Within a four-month period back in late 2014, we doubled in size,” says Brian Murphy, Director of J.D. Our accounts payable (AP) department, already bogged down by time-consuming, manual tasks, was overloaded by the sheer number of additional invoices. Invoiceprocessing times were slashed from an average of 18 days to three.
By 2003, their invoice approval software, AvidInvoice, was enabling companies to route invoices electronically and create intelligent workflows to automate their accounts payable processes. Is your accounts payable department stuck in the past?
In celebration of Turkey Day, we sat down with Valerie Vance, Accounts Payable Lead at Newland Communities, to talk about her experience with our AP and payment automation solutions and services. Newland Communities implemented AvidXchange Invoice back in 2014 before you joined the company. Within a month, I was a pro.
In contrast, consistent and compliant invoicing practices help maintain orderly financial records and simplify your accountingprocesses and financial management. Enhancing Credibility and Professionalism Being tax and invoicing rule-savvy helps strengthen your trustworthiness in the eyes and hearts of your clients.
The World Bank reports that two-thirds of adults worldwide make or receive a digital payment today, with the share in developing economies growing from 35% in 2014 to 57% in 2021. The cost of processing checks is about $3. Check Check processing is also slow - it can take 2-3 weeks to clear a simple check.
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