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“I realised that creating a piece of software that could extract data from bills would create immense value for a larger potential customer base,” Michael says. Extracting the data. Before subscribing to an app like ours, most businesses entered all their supplier data into their accounting software manually,” Michael explains.
BPA software has a direct impact on costs, typically lowering the processing price per invoice significantly. Cut Costs Per Invoice While there is an initial cost to implementing a new Accounts Payable processing software, the long-term savings can be significant. per invoice. per invoice.
After graduating from Middle Tennessee State University with his bachelor’s degree, Bennett joined the accounting team in October 2015. Several hours a day were spent opening mail, scanning invoices and filing and stuffing checks into envelopes.
Our accounts payable (AP) department, already bogged down by time-consuming, manual tasks, was overloaded by the sheer number of additional invoices. Invoice processing time reduced by 80 percent AvidInvoice has generated even further savings. Invoice processing times were slashed from an average of 18 days to three. “AP
By 2003, their invoice approval software, AvidInvoice, was enabling companies to route invoices electronically and create intelligent workflows to automate their accounts payable processes. In 2015, AvidXchange acquired Strongroom, an industry leader in the Home Owner Associations (HOA) space.
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