CHARLOTTE, N.C. – AvidXchange, a leading fintech provider of accounts payable (AP) and payment automation solutions for the middle market, today announced new functionalities for its AvidXchange for NetSuite (AFN) SuiteApp. AFN, built using the Oracle NetSuite SuiteCloud Computing Platform, automates the entire invoice to payment process, allowing customers to make payments more efficiently as they scale their organizations. The new features help NetSuite users better control expenses and increase visibility into payments across their organization.
AFN product enhancements include:
- An all-new Payment Log provides in-depth search functionality that gives users better visibility into outstanding and fulfilled payments. This enables AP managers to easily see specific payment methods, category of payment, vendors and accounts all on a single screen.
- A user-friendly Payments Dashboard helps customers identify savings opportunities through a built-in maximum rebate calculator. The Payments Dashboard breaks down costs per month across payment method into easy-to-read graphs to help customers see exactly how and where money is being disbursed via the AvidPay Network and improve decision-making around expenses.
- Improved access to Cleared Check Images within NetSuite for all checks sent via the AvidPay Network helps customers with reconciliation by improving visibility into payment status.
“Organizations without automated accounts payable systems routinely deal with stacks of unpaid invoices and limited visibility into outstanding expenses. These challenges only grow as organizations and payment volumes scale,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “Automated payments streamline finance operations by increasing efficiency across the entire organization. Now our customers know they have a solution that can scale with them.”
“As an IT security company for healthcare, we rely on AvidXchange to help us spend less time processing our customers’ payments and more time helping them effectively use our products to improve clinical workflow and patient care,” said Steve Keisling, Vice President of Finance at Imprivata. “We no longer lose sleep over how challenging accounts payable processes might hinder us because AvidXchange allows us to scale day-to-day operations, while eliminating paper and late payments.”
In addition to its ERP-specific functionality, AFN gives NetSuite customers access to the AvidPay Network, a system of more than 500,000 enrolled suppliers designed to make payments faster and easier on behalf of customers. With AvidXchange managing the complete payment process and offering multiple payment methods to meet each vendor’s needs, businesses can dedicate labor to more strategic tasks and benefit from early payment rebates.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processed 9.5 million payments last year across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,300 employees in seven office locations. For more information, visit www.AvidXchange.com.
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