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Industry Leader in AP Automation Announces Electronic Invoices
Charlotte, NC (May 21, 2008) - AvidXchange announces the AvidBill Network, which provides 100% electronic receipt of all invoices and facilitates how clients interact and communicate with their vendors.
"By leveraging the AvidBill Network, our clients eliminate mail handling, scanning and data entry of vendor invoices. In addition, clients are observing cost savings of up to a 70% just on labor alone," said Michael Praeger, Chief Executive Officer of AidXchange. "Moreover, vendors using AvidBill are benefitting by way of automated updates that include payment status and information, not to mention getting paid much faster," added Praeger.
"The AvidBill Network was introduced in April at the AvidXchange User Forum in Newport Beach, CA. Since then, more than 35 clients have joined the AvidBill Network and are seeing immediate advantages across all their vendors 24 hours per day / 365 days per year," further stated Praeger.
About AvidBill Network
The AvidBill Network provides 100% electronic receipt of all invoices and facilitates how companies interact and communicate with their vendors. AvidBill is designed to automate the way vendors submit invoices either electronically into AvidBill from their base accounting system or through the AvidBill vendor portal. For vendors who need to continue sending paper invoices, a dedicated AvidBill lockbox is also available. Through analysis of vendors across the entire AvidXchange client base, the AvidXchange vendor management team works directly with vendors to determine the most efficient method for invoice submission. Upon receipt of an invoice through AvidBill, it is immediately processed into an electronic format and appears automatically in the appropriate AvidInvoice workflow determined by an organization's specific business rules. Additional information on the AvidBill Network can be found at www.avidxchange.com/avidbill.
About AvidInvoice
AvidInvoice is a web-based paperless invoice management system designed to automate the way companies manage accounts payable documents. Clients are also able to leverage AvidInvoice to manage the approval and coding process in addition to directly integrating approved invoices into more than 25 different accounting systems. This module provides finance executives and AP managers with enforceable controls, powerful reporting and added "visibility" to all documents in their organization while providing invoice "approvers" with features that make it easier to apply accounting codes and approve or dispute invoices.
About AvidXchange
Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry-leading provider of paperless invoice management and electronic purchase order tools for real estate companies in the office, retail, multi-family and industrial sectors. More than 30 public REITs and over 120 real estate companies are managing their payables with AvidInvoice, the SAS 70 Certified AP workflow solution that eliminates lost invoices, minimizes late fees/overnight courier charges and reduces invoice processing costs by up to 50%. Additional information on AvidXchange can be found at www.avidxchange.com.
For Immediate Release
Contact: Michael Praeger
mpraeger@avidxchange.com
704.971.8101
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