Peak Property Management
Property Management Company Cuts Invoice Processing Time by 75%
Peak Property Management is a residential and commercial property management company serving the Richmond, Virginia area for more than 10 years. With a goal of fostering prosperous relationships between its owners and tenants, the company recognizes the importance of timely invoice and payment processing. Accounting Manager Ja’Net Penn implemented AvidXchange when she started at Peak Property Management after experiencing success with the solution at another company.
Peak Property Management was growing steadily but struggling with AP inefficiencies. The finance team processed up to 1,600 invoices each month, spending nearly 40 hours a week manually managing approvals. Without a standardized submission process, invoices were often misplaced, leading to payment delays. The lack of tracking also meant employees had to field frequent inquiries from frustrated suppliers, putting additional strain on the team. On top of that, delayed financial reporting made it challenging to plan resources and meet compliance requirements.
To address these challenges, the company sought a more efficient AP solution to streamline operations and enhance financial visibility. Recognizing the need for automation, Peak Property Management’s Accounting Manager, Ja’Net Penn leveraged AvidXchange to improve invoice processing speed, deliver on-time payments, and enable timely financial reporting. The intelligent software streamlines invoice approvals, ensures accuracy with machine learning, and provides real-time financial insights for smarter decision-making. Additionally, AvidXchange’s payment automation software eliminates manual, risk-prone tasks, accelerating payments and improving financial control. With these improvements, Peak Property Management transformed its AP processes, increasing efficiency and reducing operational risk.
AvidXchange transformed Peak Property Management’s finance operations, saving the company approximately $79,000 annually in labor and administrative costs. Automating their AP reduced invoice processing time from 40 hours per week to just 10, significantly boosting staff productivity. Within six months, overdue invoices dropped by 50%, leading to a 15% increase in supplier satisfaction scores. Financial reporting is also 30% faster, enabling better planning and decision-making. As Penn put it, “I don’t even know how we were functioning without AvidXchange.
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