Media Agency Streamlines AP and Enhances Supplier Satisfaction with AvidXchange
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Adams Knight is an integrated marketing agency. We create websites, we create TV commercials, we produce all of our creative, and we place media plans for several of our clients, and they range from very small to very large corporations.
AP used to be an all day affair. Our credit cards were a very, very large time suck. All of our social media platforms process through our credit cards, and that would take many, many hours for us to reconcile those transactions.
I process about four hundred transactions a month, and we actually pride ourselves here that we pay our vendors within thirty days. Prior to using AvidXchange, we are having checks being lost in the mail. Our vendors were not being paid on time, and I would be getting emails constantly, asking where our payments are. When I started using AvidXchange, it felt very technical driven and innovative. I was really excited for the ghost cards and how I could have an individual ghost card per social media account per client. Our social media director will let me know what platforms we're running media on, and then will let me know how many ghost cards he needs.
We do reconcile on a monthly basis, and that reconciliation is much faster. Along with our clients needing constant backup of our vendor invoices and our payments, it's very easy to go into AvidXchange and see what we have processed all in one place. When we need a payment made very quickly to a vendor, I can actually process through our ghost cards and create a virtual card to give to our vendor very quickly. Since we've been using AvidXchange, I have saved about eight hours a week. Since I've gained so much time back, I'm able to create better financial processes along with higher financial analysis on a regular basis for our CEO.
We're able to be more competitive and faster in our processes along with being able to bring clients on board faster and have media up and running much faster. Being able to focus more on the revenue side and not the expense side has been huge. AvidXchange has been such a miracle for us.
