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AvidXchange CEO Presents SaaS AP Automation at IAPP Conference

ashville, TN (May 11, 2010) - AvidXchange CEO presents a case study featuring a SaaS platform for Accounts Payable Automation in an IAPP 2010 Fusion conference workshop. 
AvidXchange Chief Executive Officer and co-founder, Michael Praeger, presented an AvidXchange client case study illustrating how Software-as-a-Service (SaaS) for accounts payables (AP) automation transformed a client’s accounts payable department. This interactive workshop explained why SaaS is ideally suited to companies that process up to 250,000 invoices per year and how eliminating paper from their AP process reduced costs and improved productivity.
By grounding all participants in what is SaaS, architecturally and as a subscription model, he contrasted it to a traditional on-premise, perpetual licensing model to clearly articulate the business advantages of SaaS for small to medium sized business, chiefly: cost of ownership, performance, security, and rapidity of deployment. 
The core elements of his SaaS AP automation model include electronically capturing invoices, integrating with core accounting systems and automating the approval process workflow. By automating his client’s traditional paper-based accounts payable process to a SaaS-based electronic process, his client turned their accounts payable process into a strategic function.
The results of eliminating paper from their bill pay process were dramatic:

 

  • Increased visibility of pending invoices from a 7 day lag to just 1
  • Reduced the average time to approve an invoice to less than 3 days
  • Achieved 100% data accuracy of electronic invoices
  • Reallocated eight FTEs to more productive tasks
  • Increased their Rate of Return on Early Payment discounts to 36%
     

A step-by-step demonstration of the automated accounts payable process gave participants a thorough understanding of how it works and what to expect when automating their accounts payable process with AvidXchange. Highlighting some of the specialized analytics and reports including fraud monitoring, citing the rapid average implementation time of 30-60 days and immediate access to invoices for review and approval with  wireless devices were just a few of the process improvements gained by his client in this case study.

This workshop, “Using Software-as-a-Service (SaaS) for Payables Automation” at IAPP’s 2010 Fusion Conference was well attended by conference attendees and generated a lively question and answer session.

About the IAPP

International Accounts Payable Professionals is internationally recognized as the trustworthy guidance-setting association for the accounts payable profession. Serving members throughout the world, IAPP is the AP professional’s global voice, chief advocate, recognized authority, acknowledged leader, and principal educator on all AP operational, regulatory, leadership, tax, control and fraud related topics. IAPP has more than 70 chapters throughout the United States, Canada and the United Kingdom. Additional information about IAPP can be found at http://www.iappnet.org/

About AvidXchange
Founded in 2000, AvidXchange, Inc., headquartered in Charlotte, North Carolina, is the industry leading Software-as-a-Service (SaaS) provider of AP automation and electronic purchase order tools for mid-sized companies primarily in real estate, banking, insurance, distribution and other financial sectors. Over 200 organizations and more than 40 public companies have automated their AP process with AvidXchange. Additional information on AvidXchange can be located at http://www.avidxchange.com/.
 

 

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