SmartBank Scales for Growth Thanks to AvidXchange
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I really love working at SmartBank because it's not just a place to come and work. We care about the community. We plan for the future. We try to offer all different solutions to really protect our customers and our communities.
Prior to AvidXchange, everything was paper-based. There's a lot of room for error. We were either paying people twice or not paying people at all. On a daily basis, we probably run anywhere from 50 to 150 payments through the system.
We add at least a few vendors every day. And so that's a lot of information to keep track of. What we were doing in the past was more of a manual process, tracked in Excel sheets, and we really couldn't get good solid numbers. If I was looking at a specific vendor, I'd have to dig through mountains of information and compile that myself.
Since we've implemented AvidXchange, the stress level has definitely come down. As a financial institution, trust is key for us. We are audited multiple times a year. In the past three audits, we have not had any audit findings since we've transitioned into AvidXchange.
Our vendors, when they're paid, the feedback that we hear is that they're really appreciative of how quickly we're able to get payments out to them. In the climate that we're in, we have to really be careful over the information that is out there. That trust is solid with AvidXchange. Prior to the implementation, it took us roughly 60 days to receive, process and issue payment.
Now we've cut that down to 7 days. That reduced our time and cost by roughly 30% annually, and we're saving around 2,000 hours annually. We've transitioned that time into other projects. Supporting the community is the foundation of our business.
Currently, we're collecting donations for the homeless shelter. Over the past three years, we've grown to 60 branches. AvidXchange has played a central role in that growth.
