Property Management Company Cuts Invoice Processing Time by 75%

We strive to be the best property management company in Richmond. Most of our properties are single family homes. We have multifamily properties, and we have about five hundred thousand square feet of commercial space. The mission of our business is to maintain a healthy and prosperous relationship for our tenants, our owners, and our clients. I don't even know how we were functioning without AvidXchange. Vendors mailing the invoices or emailing them over, printing them out to get coded by the property manager, reuploading them, manually entering them, and then manually printing checks, which is crazy. We're at about sixteen hundred invoices a month. The vendors get frustrated because they've already sent the invoice and they're calling to follow up on it. We want to maintain healthy vendor relationships. If we don't have a good relationship with the vendors, we're not going to be able to call on them when we need them in a crunch. Before we implemented AvidXchange, the property managers didn't have a lot to do with the invoicing and payables, and it was very frustrating trying to put their hand in accounting when they had no idea what was going on. But now that we have AvidXchange, they have more ownership in it. The training was great. It was fairly easy to jump into and get rolling. When the bills come through, we, as in the property managers, look through them and make sure the amounts are correct. It's very great for vendors because they have a specific space where they can submit their invoices. With AvidXchange, the vendors can log in to the vendor portal. They can monitor everything, track their payments, which is a huge thing for them. Vendor satisfaction has increased significantly, about thirty to thirty-five percent. The implementation team was great. They're beyond helpful. They were awesome in helping with the different workflows that we need for the different properties. I definitely have to say that AvidXchange is a smart software. It's fully integrated with an accounting system that we use to manage the properties. The invoice approval time has decreased by thirty to forty percent. It's freed up so much time for the finance team as well as property managers. At the end of the day, it's given everybody time back to really focus on our mission statements, which is to take care of our tenants, our owners, and our clients.