AP (Accounts Payable) software has become an indispensable tool for organizations to operate smoothly and effectively. Without it, manual, time-consuming tasks associated with tracking invoices and processing payments would consume significant resources and lead to errors. Lacking visibility and control over cash flow would even put the organization’s financial stability at risk. Furthermore, organizations would have limited insights into their overall financial health without the ability to integrate with other financial systems.
The founders of AvidXchange understood that implementing AP software is essential for companies to meet the demands of a fast-paced and competitive business environment. Without it, companies would struggle to function efficiently and effectively. In 2000, with a humble start in Charlotte, North Carolina, Michael Praeger came up with the idea for this company. He had one simple goal: to transform the way middle-market companies make payments of their bills.
They’ve come a long way since then; they have seven offices across different cities in the US, helped over 8000 North American companies, and made trustworthy relationships with over 825,000 suppliers. With 62 million transactions in 2021 alone and 180 billion dollars processed, they’ve truly shown the world what growth represents.
Praeger, the co-founder and CEO of AvidXchange, believes in creating quick and innovative solutions that would fast-track the process of payments. While talking about one of their products, Invoice Accelerator, Praeger said, “Our product gives the supplier the opportunity to immediately advance an invoice for next-day immediate payment. They have quicker access to their capital to better run their business. Again, a revolutionary change in how suppliers are paid. We’ve averaged over 30% growth for the last 10 years. You can’t have that kind of growth without significant innovation.”
They have had an uphill journey in terms of success. Many companies, business journals, and magazines have commended the success of AvidXchange, and they have also been featured in the Top 10 Fastest Growing Payment Solution Providers to Watch in 2023.
Today, the company serves multiple industries. Whether real estate, healthcare, hospitality, or construction, their AP software has helped several companies make payments seamless. They have multiple products, from AvidInvoice, which provides advanced paperless invoicing, AvidPay, which makes electronic transactions and bill payment easier, to AvidStrongroom, which deals with end-to-end AP automation- they cover every aspect of Accounts Payable. That’s not all; they also have integrations with software such as Microsoft Dynamics, Netsuite, MRI, Acumatica, Sage, and more. They have created a comprehensive system that provides complete and holistic services to clients.
AvidXchange believes its team is what indeed does the magic. They have a saying, “Our Culture is Our DNA.” The company especially hires forward-thinking individuals with a passion for innovation. They value collaboration and teamwork. They often equate this with the letter “X” in their company name. Just as in the letter X, two separate lines intersect at a point, and the people in the team, who are exceptionally talented, come together to create something phenomenal for the company. Most importantly, they strive to create a workspace that belongs to everyone. Be it underrepresented groups of women, or the LGBTQ+ community, they provide opportunities to all.
Customer satisfaction is a major driving force for the employees at AvidXchange. They are enthusiastic about giving the best service possible to their customers and solving every challenge they might face along the way. This vision and indisputable skills make AvidXchange one of the best AP software companies in the US.