AvidXchange

NOVEMBER 23, 2015

14 years ago, Michael Praeger, CEO and co-founder of AvidXchange, came to Charlotte, North Carolina to start a new software company. The company, which started in his basement, is now recognized as one of the fastest-growing private companies in the country. AvidXchange automates the accounts payable process , providing one platform for clients to login to for anytime, anywhere access to all invoice and payment data.

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AvidXchange

NOVEMBER 15, 2015

We’re pleased to announce that AvidXchange were finalists for the NC Tech Award for Fast Growth Large Company at 2015’s North Carolina Technology Association (NCTA) gala at the Raleigh Convention Center. The Fast Growth Large Company recognition requires the company to have 50, or more, North Carolina-based employees, and have experienced a substantial revenue increase and employee growth in North Carolina within the company’s most recent fiscal year.

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AvidXchange

SEPTEMBER 30, 2015

Over the last decade, it has become apparent that AP automation can help improve the overall financial operations of a business. Automation adds important value to accounts payable, including real-time visibility into performance and cash flow and increased reporting accuracy. Applying automation to your AP and payment processes means removing paper invoices and checks which helps make the month-end closing process a painless experience.

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AvidXchange

MAY 15, 2015

As mentioned in our last post on building a business case for AP automation, AP managers and CFOs share some similar objectives, but have very different roles. If you are the AP Manager, then in order to sell CFOs on the value of AP automation you need to find areas in which you both share similar concerns. Finding your common ground might mean identifying areas in the process in which you both would benefit from automation.

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Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

Invoicing

AvidXchange

MAY 10, 2015

We’ve already talked about ways you can “speak a common language” with your CFO, but there’s one phrase we left out: return on investment, or ROI. We didn’t include it earlier because the phrase – and the concept itself – merits its own blog post. The return on investment from automating should be one of your biggest selling points. To put it simply, your CFO wants to know what the company is going to get by automating.

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AvidXchange

JANUARY 1, 2015

According to Forbes Magazine, a leading provider of articles on finance, industry, and investing, one of their top technology trends of 2013 was that, “Corporate IT will move to the cloud.” They said that, “soon you’ll be able to read about companies with 10,000 employees who don’t have dedicated data centers.” This is a prediction that continues to come true every day, as more and more mid-market companies look to cloud-based payment and AP automation solutions.

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AvidXchange

JULY 26, 2015

For better or worse, in our profession or in our personal lives, we all like to compare ourselves to others. We do this sometimes as a validation that we’re on the right track, and other times as a means of motivating ourselves to do better. In the business world, this kind of benchmarking can be beneficial. You have to know what your competitors are doing, and how you stack up against them.

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AvidXchange

JULY 22, 2015

What comes to mind when you hear the word “network”? Do you think about meeting up with others in your industry to exchange business cards and talk shop? Or perhaps reaching out to others via LinkedIn? These are no doubt useful, but in the world of AP automation there’s an even more important network. In Ardent Partners’ new report “ePayables 2015: Higher Ground,” they define a network as “a web-based platform that enables interconnected buyers and sellers to trade, communicate and collaborate w

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AvidXchange

JULY 21, 2015

When most companies first decide to automate, they set their sights on reducing costs by eliminating paper from their AP process. This is one of the main reasons most people automate in the first place, and since the results are practically immediate this plan of attack makes perfect sense. But what do you do after the process is in place, humming along efficiently in a way you never thought possible?

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AvidXchange

JULY 8, 2015

In our last post, we talked about how getting rid of the “paper avalanche” is the first step in reaching what Ardent Partners calls higher ground. Getting rid of paper is the first step in reaching higher ground, not the last. It is absolutely critical, but there is more work yet to be done after that paper avalanche is conquered. Do you remember studying Maslow’s hierarchy of needs?

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Speaker: Ashley Harlan, MBA

What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.

AvidXchange

APRIL 28, 2015

Earlier this week, we wrote about how The Wilton Companies built a case for AP automation and saved more than $72,000 a year. Today, we’re going to look at how Humphrey Management built a case and also saved more than $70,000 in labor costs a year. How did they do it? Like The Wilton Companies, Humphrey Management had a paper problem. They manually processed more than 4,500 paper invoices a month, which was quite admirable considering all of those invoices were handled only by four AP personnel

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AvidXchange

MARCH 29, 2015

What’s it like to be the first employee of a fast growth company? At the March meeting of the Charlotte Regional Technology Executives Council, our very own Chris Elmore discussed just that. He also talked about some successes along the way and — perhaps to our embarassment — even a few “hiccups,” which may or may not have included a traffic-jamming gas generator.

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AvidXchange

JANUARY 14, 2015

If it isn’t broken, why fix it? That’s the general sentiment when it comes to companies’ current vendor approval process, and the process that’s in place for adding new vendors. Why is there so much hesitation around optimizing these processes? The simple truth is that doing anything new can be risky. The risk is that you’re talking about changing a process that, let’s face it, has worked and is probably not all that bad.

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