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MRI Users: 5 Signs You MUST Automate Your Payables Process

Webinar Transcription

Brian: Hi folks, thanks everyone for joining today. We’re gonna do a webinar sponsored between Avidxchange and MRI. The theme of the webinar today is really the Five Signs You Must Automate Your Payables, and really what MRI users need to know. So before we begin if you have any questions during webinar, we’d love to hear from you. Feel free to use the question chat bar off to the right of the GoToMeeting. Just type your questions in there and at the end we’re gonna open it up for a discussion and will be pulling in many of those questions. There also gonna be a poll at some point during the webinar so stay tuned for that as well. I want to introduce myself, my name is Brian Thayer. I’ve been with Avidxchange for about eight years helping real estate companies evaluate AP automation solutions and understanding what’s happening in the space.

So again the theme for today and the agenda is really about the five signs it’s time to automate. So the first one might be the most obvious that hey your volume is increased, you’re growing. Another one not everyone thinks about is maybe a key member of your AP team might be retiring or leaving the company and how to plan for that. We all know some audits don’t go goes well as planned so that’s another reason to maybe look towards some technology to help. Fraud is a growing concern as well so a big sign there is if your organization has been a victim of fraud or even to prevent potential fraud. And then finally one of the areas we’re gonna spend some time on is really talking about internal controls and compliance and ensuring that those are up to par. So again thanks everyone for joining today we’re gonna get started here.

So really bullet one, one of the biggest reasons to look to automation is that your volume has increased. So what would happen if your company grew to receive maybe two or three times the volume of invoices you’re currently handling? Thanks to the recovering economy many accounts payable departments are seeing invoice volume increases which again can be a blessing and a curse. More invoices means more revenue but it’s also a challenge for AP teams that are bogged down with a manual paper based process. So great questions to kinda ask are we growing? And really what would happen? What would our team look like if we grew two or three times the size? So a real life example from one of our clients The Wilton Companies, they joined Avid back in 2003. In about five year span they grew really about four X, they quadrupled in size. So their volume increased from about 10,000 to about 15,000 in 2008, the team was really completely drowning in inefficient paper based process. So after implementing AP automation system like Avid’s the team was able to pay thousands of invoices really with a couple clicks of a mouse.

So automation creates the scalable process that allows companies to what I consider kinda this effective growth and manage increased volume without necessarily having to hire additional staff. So this is just one example of thousands of clients who have looked at us, and again growth is one of the strongest reasons to consider this, because you keep the same staff with the same knowledge but you’re able to grow your business very efficiently without having again, maybe hire a new property folks or some new accountants. So switching gears here a little bit another big reason that a lot of people might not think about is hey one of my veteran APs employee is starting to retire or leave the company, what happens here?

So Robert Huff and Associates did some research in the space and basically found that baby boomers are retiring at accelerating rate. And more professionals are leaving the finance world than are entering it right now. The younger generations might not be looking to accounting or AP and they also have this kind of general expectation that everything can be electronic and there can be technology behind it all. So it’s really gonna become difficult to attract and retain AP professionals to handle paper checks when they rarely do it in their own personal lives not to mention process paper invoices. So it’s this kind of weird shift is happening now where some really senior people might be leaving and retiring, and some new folks are coming in with this expectation that technology is gonna be in place and that everything can be maybe already automated. So this is a great time to kind of start considering this.

And one of the ways that really…well I guess if that person did leave, what would happen? What would happen to the rest of your team? So we all know that some of these people have decades of valuable knowledge about your organization’s accounts payable process. For example we’ve had some folks that really they know everything right off the top of their head, an invoice comes in they know what property it goes to. They know how to code it, they know how to apply it and none of this is written down. So before these team members leave it’s really important to capture their best practices. Again it might be second nature to them but it’s some new folks coming into the organization they’re gonna need to be well known and well aware of some of these things that are happening.

So we kinda remember The Wilton Companies, we used that as an example a few slides ago, so in addition to solving for their growth problem this company also had to plan for one of their longest employee’s retirement. The only job this person had was with The Wilton Companies, been there for 25 plus years. So really she had become kind of a volt of information especially around the AP side of things. Again when that invoice came in she knew exactly where to go to, what property it was associated with, anyone else that would need to be involved. And The Wilton Company realized that it’s gonna be impossible for her to really impart all this knowledge to a new employee. So they had to figure out a way to capture it.

One of the ways that AP automation helped her do this was essentially when you’re going through a new process and implementing a new AP automation solution you can attend hands-on configuration sessions that create an automated process that mimics your current world. So essentially you’re translating a veteran’s employee knowledge into new business rules and controls that come with an intelligent approval process or a workflow. So the end of the story is you might lose a coworker, you’re not gonna lose their process and their best practices. It’s a great way to capture that and again build it into an automated system that now has that knowledge and can kind of proceed without her or them.

Okay, so another one that we all know is one of the times of the year is when you get an auditor coming in. And a lot of times this not always go so well. So another big sign automate again dealing with audits and it happens to all of us, and as we know an auditor can spend anywhere from two to three days, sometimes a week with your company onsite searching through drawers, filing cabinets, dealing with paper invoices. In an automated system really we could we see that cut down to about two to three hours for an auditor to complete their entire task. The way they’re able to do this is with our system we can set up an auditor login, maybe a read-only access where they can search across groups of invoices, certain properties, really finding any bit of criteria they need review it online with a detailed audit trail behind it. Showing all the changes, who made those changes, when, and when they occurred, how they occurred, all of that is gonna be date and time stamped in a nice clean audit trail kind of history column.

So the feedback from our customers has been audits are absolute now, people are in and out of their office, allowing you to go back to your day job and continue working. And again, not having to kind of have your office taken over for a week. So again, automation helps with this because it provides visibility into the entire audit process. Literally nothing…there’s no such thing as a paper trail but there is such thing as an electronic trail. So you can log into a portal, you can see the entire history from the time the invoice came in, from the method that invoice came in, to how it was paid and everyone who might have touched it along the way. So it certainly makes things easier on your auditor but more importantly it makes things easier for you during this audit process. You don’t have to be hands on, you can really within five minutes of training and setting up a login for them, they’re often running and can handle all this on their own. Not to mention that being a cloud based system allows you to really access this data from anywhere on any device.

So one of the probably more scary topics of the day is has your organization been a victim of fraud? Or is it potentially open to fraud? So this is hands down one of the biggest drivers. If anyone experiences fraud you can count on them looking at technology to prevent that moving forward, but it’s great to be proactive as well and start thinking about some of this. So I’m gonna go through a few things, you’re seeing a big number there, this was compiled by again a few Association of Certified Fraud Examiners, they found nearly 70% of corporate respondents had been victims of check fraud. So check fraud is the most commonplace that fraud can occur still dealing with paper and paper checks. So obviously paper invoices, paper documents floating around are really leading sources for fraud. But if you think about it in a paper based environment your company’s documents are really constantly at risk. Physical copies of sensitive information can be misplaced, altered, destroyed. And if these documents are lost or tampered with, you no longer have access to the data necessary to really effectively run your business. So again, payment fraud and check fraud is really the number one area that fraud occurs in a business. And as you can see here almost 70% of people have been victim in some fashion.

So here’s a kind of a real life example of an organization that dealt with fraud and really kind of how they could have prevented some of this. So this happened in New Hampshire a few years ago basically according to the New Hampshire Union Leader there’s a gentleman John Plaza faces some felony charges for an embezzlement scheme. He was working with a…what happened essentially was Plaza stole really almost $100,000 over a 6 year span. They were managing storage units so he would rent one of these out, have easy access to them, basically he was putting the cash in there for going documents that would throw off the bookkeeping. He was taking the cash and manually advancing the date in the computer system so it looked like the customer didn’t owe a balance. After easily manipulating the accounting software Plaza could write off the amount owed and essentially pocket the cash. With an automation system we help prevent this for a few different reasons. So this could have been prevented had they had a system like Avid, because an automation solution really ensures that every invoice you process is legitimate before ever even gets into your accounting system.

So by building business rules that are custom to your company automation really strictly enforces that. So reducing the opportunity to even commit fraud or providing access outside of a structured approval path. When you have manual processes especially for post payment review to detect any of these deviations it’s already happened, the fraud’s already occurred, you’re a little late to the game at this point. And you could kind of preemptively make a plan for next time. But by having an automation up front it’s gonna catch any of these and it has these checks and balances along the way and preventing certain people from certain aspects of the business and certain permissions were able to stop this fraud before it ever occurs.

Then the final area we’re gonna talk about is really kind of are your internal controls up to par? So really another reason that people back on the fraud idea, the reason most fraud actually occurs is because your controls aren’t up to par. They haven’t put in these kind of business rules and practices to prevent it in the first place. So internal controls are checks and balances put in place to prevent embezzlement and fraud. And obviously the segregation of duties is a common control so that the certain people and the same employee can’t perform or function all the way through from start to finish. Now again Avid is gonna help with some of this and how we really address it through automation. First off is that electronic payments are much, much more secure than a paper check will ever be. With automation you can add additional approvals to the process on the invoice side, on the payment side. You can create reports that will check for duplicate invoice, or up front fraud as well, or system checks for that and alert you right of the bat before an invoice is even assigned to an approver. We’re gonna kinda mark it and claim it as possible fraud and have somebody in your team take a close look at it.

Automation solutions really track who enters an invoice, who approves it, who batches it over to MRI and it can’t be the same person for each task. So again it stops this kind of collusion right in its tracks and it gives you the visibility immediately as its happening. Okay, so we went through some of the high little things to be thinking about in your organization, some questions to be asking, and some milestones to kind of pay attention to. We’re gonna switch gears here for a moment and really dive into the product, show you a little bit how it works. So we are the preferred solution for MRI. We are a complete end-to-end AP automation solution, so from purchase order, procurement, to processing invoices, all the way to paying the bill we can help with it all.

So what we’re looking at here on the screen is a pretty basic slide, this should resonate with everyone. This is a typical manual paper based AP process, we call kind of life before automation. So if we walk through this slide we can see that invoices come in, mail is open, sometimes a purchase order is referenced. And then that routing occurs where various people now need to be involved from a coding standpoint to an approval standpoint, sometimes checking budget. Then somebody is physically doing the data entry into MRI, posting to GL, managing the cash, cutting a check when you’re ready, printing, signing stuff and mailing that, filing the invoice somewhere. And on the back end we always know there’s gonna be again vendor calls, inquiries, internal external audits etc. You’re gonna need a way to do some research and reporting against these bills.

So when I flip the screen here what we’re gonna look at is really something that’s referred to really as the kind of life after automation. And everything with a little X next to it is essentially a step in the process that can be replaced by technology. So really, I’m gonna walk through this again, but really if you look at the tasks remaining it’s coding, approving, and posting to GL, that’s really it. Everything else can be taken over by technology. So starting over again, invoices coming in, no more paper has to come to you. We can help manage the paper bills on your behalf through a P.O. Box that we can manage. We’re also offering vendors a number of electronic options from emailing an invoice, uploading it, coming to a vendor portal where they can drop a document off. So again, no paper on your end, no opening mail. If you do this purchase orders that’s great, we have the ability to match a purchase order directly to an invoice, flip over any of the coding, any of the line items and handle an approval process on your behalf.

There’s also no decision making as far as routing the invoice and routing the mail. In our system we’re gonna build predefined workflows or approval paths that are created uniquely for each one of our customers, and essentially based on the property, based on the dollar amount, based on the vendor we’re gonna know who on your team are the right people to be involved. So the first time anyone sees an invoice now is when it’s presented to the correct individual and it’s ready for coding and approving to occur. You can go through as lengthy as a process as you need on that piece. At the end of it when the bills consider fully coded, fully approved you can verify against the budget and then what happens is we will import it successfully and electronically directly to the MRI AP. So eliminating all the hand keying or data entry that occurs today and we built really kind of seamless API integration. So with a single click of a button on our end our system communicates directly with MRI and could pass hundreds, thousands of individual invoice records. They’re gonna show up in MRI and look identical as if they were hand keyed by you. The only difference is they’re also gonna come with the image of that bill that can reside in MRI.

Again the final kind of task on your end is a simple one it’s reviewing the cash, making the decision that you’re ready to pay this bill, posting it to GL, and at that point we’re gonna help finish the process as well. With this new solution called MRI vendor pay is powered by Avidxchange essentially it’s the ability to eliminate all the check cutting, printing, signing stuff, and mailing, managing more electronic payments and letting the Avidxchange and MRI team build a massive network of vendors where they can decide really the best way for them to get paid. Now of course we talked about during the audit time how to easily take a look at that stuff and the reason we can do this is because there’s no more filing cabinets, there’s no more paper. Everything is online which makes searching and reporting against an invoice incredibly easy now.

So we talked about this briefly but I’m gonna show the slide here as well. So these are all the different ways that invoice can get into our system that we can work with vendors. So along the top you’ll see about five different options, emails are very common method today. A vendor portal is something pretty exciting that we just launched a brand new vendor portal, and essentially it’s a way for vendors to communicate with you us clients, drop off documents like invoices and other W2 and other supporting documents as well. The vendor portal also even gives them some tracking. So it can cut down on inquiries and calls to you guys where they know hey this bill has been received by my client or you know what it’s being processed, or it’s been selected for payment. So they won’t actually see what’s going on in your world but at least some high level milestones they can cut down on those inquiries and calls to you guys.

We also have EDI or API integration so this is the ability to communicate electronically right to our system, and we see this more common with some of the larger more nationwide vendors like an HD supplier, Grainger for example. We also know especially in the property world you’re always gonna get some random one off invoices delivered to a particular location or entity. Maybe somebody mows the lawn and hand writes a bill and hands it off to you. So you can always self-scan or get the invoices in yourselves and some of our clients choose to actually still manage the paper so that’s also an option.

Now these are all the different receive methods so regardless of how it comes in from the vendor it’s gonna go down to a very important step the next step here is called the extraction piece. Now during this extraction step essentially what we’re doing is we’re pulling off all the types of information that, one, that MRI needs, and two, it’s gonna help us define and select the correct approval path. So some of the information we’re looking for is obviously a date, a dollar amount, an account number, an invoice number, a property name, vendor ID, vendor name. We’re gonna capture all that information, extract it, verify that it’s correct, fill in all the missing blanks as well, run a quick analysis of that information again trying to determine the appropriate approval path. Once that’s been determined we’re gonna deliver it into the system and send out an email notification to whoever the first person you defined in that workflow.

So people aren’t gonna get an email for every single invoice but typically you might set the frequency up to maybe once a day, 9:00 o’clock in the morning you get an email and lets you know that you have six new invoices in the system that need your attention from a coding or approving standpoint. Okay, so let’s kind of give you some screenshots here, walk you through a brief demonstration of how the Avidxchange solution looks, how it works. And certainly would encourage anyone on the line here today to kind of raise your hand if you’re interested in seeing a much more…kind of a deeper dive demonstration something where we can actually jump in the software, spend some time talking about your world and we’d love to set that up. So today’s gonna be a little brief but it will give you some insight into what it looks like and how it can fit in your world.

So the first thing that kinda happens is you get that email in the morning or you can just log in the system any time you want, and as soon as you log in it brings you right into a screen called My Invoices, my pending approval, what’s sitting out there that needs attention from this person. For example here’s one individual invoice with an invoice number, also some high level data around it who the vendor was, maybe what entity or property it was assigned to, if it was ordered by somebody from a purchase standpoint. This invoice number is also gonna be hyperlink so by simply clicking that it’s gonna bring you into a little more detailed screen where I can now see one, the image of the invoice, and off to the left in that header section is really all of the key information that we extracted and pulled off that bill.

Again, you can see everything from invoice numbers to dates, dollars, vendors, your entity. Right next to the header tab will be a distribution or a line item tab. This is where coding can take place. Now part of our integration with MRI is gonna bring over your vendors, you’re gonna bring over your vendor IDs. We’re also gonna bring over your chart of accounts so all of your coding can reside right here in the Avid system to make coding really easy through a number of coding options. One of the most basic ones is you;re just self-defining, and searching, and selecting the code that you think needs to apply here. We can also let the system do some of this work as far assigning what we call a default code. So if this works great with recurring bills perhaps utilities or landscaping for instance, every time this vendor submits invoice it’s assigned to landscaping code 234. So we can default that, assign it to the vendor, and let the system take care of the coding for you. Of course you can always override or make any changes but the idea is you want the system to kinda work for you.

Another example might be something referred to as smart coding. It’s a way for our system to learn more about how individuals on your team code and manage invoices and actually get smarter and smarter. The idea here is that if you code an invoice one time the next time that same vendor submits to an individual property the system can recognize the kind of used previous, and it’ll assume that because of the same vendor submitted to the same property that you would manage it in the similar way that you did last time. So the system can start making some historical assumptions based on your work and again try to help speed things up. And then finally when it comes to coding we have something called kind of allocation codes. So think of these as more of a predefined template for multi-line split or allocating across multiple properties, instead of having to figure that out and break out 15, 20 lines we can import through Excel, through MRI, or build templates and store them in our system to again, make that a little bit easier.

So the invoice is in, you’re reviewing it, you’re seeing the image, you’re putting your coding in. And then very simply at the end you’re gonna come up here to the top and you’re gonna have the option to either approve it, voided it, escalate it, dispute it, and certainly kind of approve and comment as well if you wanna pass a note onto that next individual. Now, we also mention we’re cloud based which is great because our system can be accessed from any device, as long as you get on the Internet the system’s gonna format itself to work on that individual device.

Now, the final step here is that when an invoice is fully coded, fully approved it’s gonna get passed over to MRI and it’s going to show up in AP. At this point you’ll essentially gonna select it for payment. So we’re gonna walk through how MRI Vendor Pay works and the customer experience here. So we’ve received the bill, we’ve processed the invoice, we’ve coded, approved it now it comes time to pay it. So the way it works is that right within MRI you’ll be able to select the invoices for payment just like you do today. And I’m gonna show you a screenshot in a moment that will give you the next option. Essentially you’re gonna select the invoice for payment.

You’re gonna have the additional layers of payment approval that can be done right within MRI to approve any of these payment batches that have been selected. At this point you’re gonna have the option to print a check in-house where we’re gonna select the option to send this payment to MRI vendor pay. Essentially what happens here is that if you choose to select this payment option the client…is you guys would fund that payment amount from whatever account you wanted to pay out of. When we receive the funds essentially what we’re gonna do is we’re gonna look up into this vendor network and determine if this vendor decided that they want an e-payment either ACH, or credit card, or if they wanted to continue to receive a check. Either way we’ll be the ones to help facilitate that all for your behalf.

And to provide a little context here this vendor network is something we’ve built over the last four-five years. This vendor network actually is exceeding 350,000 vendors in the US today. And essentially what these vendors are doing is they’re getting paid through all their clients and they’re submitting invoices for our clients. The great news is we are the leader in the real estate space so the vast majority of our clients find that most of their clients and most of their vendors are actually already in this network. So it becomes really easy to get set up and get enrolled in this system where if you think about it maybe 80% of your vendors might already exist today submitting and receiving payments across all their clients. And now the best part is the status settlement method all that is gonna be visible in real time right within your MRI system. So you never have to leave MRI from selecting your payment, to reviewing clear payments, voided payments etc. All of that can live right inside your MRI system now.

So let me kinda show you how the set-up is and kinda how it looks within the MRI system. Now very simply you’ll be able to go into Administrative Options, there’s an interface set up. We provide you kind of a web service URL work with MRI to set up a specific username and password for this. But if you are on MRI version X it literally is this quick within 30 seconds we can configure and turn this model on for you. Once the MRI Vendor Pay exists basically you’re gonna have a screen that looks like this. You have all your available invoices for payment, very simply you could select all of them in a batch or individually select the invoices you want. Once you’re going through that selection process it gives you the option to make a decision, do I wanna still print a check or maybe I have a vendor who’s gonna come on site tomorrow and expecting payment right there, I wanna manage this one in-house still. And we realize that’s gonna happen so we wanna give you this option.

The secondary option and probably the preferred method is gonna be sending those payments to what we call again MRI Vendor Pay. By selecting the vendor pay option what happens is a payment batch has been sent into the system and it begins processing. So it’s gonna tell you kind of what’s going on and essentially what’s happening here is determining are these fully approved payments, and it’s trying to figure out who this vendor is and how this vendor has requested to be paid. I should mention here too that when we help enroll your vendors, again, a lot of times your vendors might already exist in the system, but for those vendors that don’t, we’re gonna reach out through a series of coordinated letters and emails together that explain all the various options and let the vendor decide which is the best fit for them. At that point we can gather the necessary information from a remit address to incoming big account etc. And we’re gonna store all that and tag that vendor for example as an ACH vendor moving forward.

Something that’s pretty cool you’ll see right inside MRI is the status column always. So this one is telling you hey this payment is being processed still. When I show the next screen it’s gonna give you a few more options as far statuses go. This one you can see cleared, the date it cleared this one is still in process, so you can see an ACH might be initiated, a check is in transit. All that is gonna be communicated back to you in real time. So having this detailed understand where my payments are, how they’re going out of the system, when I can expect them to be cleared etc. You’ll notice at the top here this actually gives you a search bar as well, so I can put in a particular vendor, search for every payment I’ve ever issued, within a date range, within a period range, from a specific bank or entity on your end. So you can run a very detailed payment search now, in this case it was against a particular bank account and it tells me the status of every single payment that’s gone out, and it also tells me the method of payment how it was issued to that vendor. So really making this process incredibly easy and honestly reconciliations don’t even change anymore.

So to recap really how does AP automation add value to MRI? So first off is the ability to receive 100% of your invoices electronically. Again some vendors might submit the paper but we can manage that for you. So as a client you could be a 100% electronic just essentially waiting for invoices to hit your approval queue. Again a 100% data capture so no more data entry, no more information on your end being pulled off, we handle this with a 99% accuracy guarantee. We have very detailed custom enhanced work flows and approvals. So an example here could be even conditional steps. So maybe a particular invoice comes in for property and normally would be routed to these three individuals, if it happened to be over $5,000 it might add a 3rd layer of approval or 4th layer. Over 10,000 might require an owner CEO to take a look at it. So we can build these very detailed conditional steps and again work in an online real time world.

One of the biggest timesavers of all is no more data entry for you guys. So we pass information electronically through an API from our system directly to MRI in literally a matter of seconds. Hundreds, thousands of invoice records can show up and again look identical with the bonus of the image of that invoice. And then finally something we’re really excited about again is this facilitation of 100% of your payments with the MRI vendor pay again powered by Avidxchange. So regardless of the vendor, regardless of the payment method we’re able to handle it and issue it according. Okay, so let’s pause here, we’re gonna do open up to a quick poll, and then we’re gonna have some time for some Q&A.

Brittany: Thanks Brian. So everyone I’ve launched the poll, if you could just take a few minutes or second to go and make your selection, this will help us follow up with you. And Brian, I’m gonna leave this poll up while we jump into the Q&A. Because we’ve been receiving tons of questions throughout the webinar and I wanna make sure we have enough time to answer them all.

Brian: Yeah, perfect and just in case we don’t get a chance to answer them all, please feel free to follow up afterwards we can spend some one-on-one time to really dig into some of these questions as well.

Brittany: Perfect. So the first question is when talking about copies of invoice and checks how long do we keep that information?

Brian: Yeah, that’s a great question. So we actually keep it essentially forever or as long as you’re a client. So we go beyond just the typical seven years, we will store this essentially as long as you are a client. And should we ever decide to part ways for various reasons we’re gonna provide you all that historical backup, all the copies of your invoices, every bit of information that’s ever come in the system. So yeah, kind of twofold you’re always gonna have it and if for some reason we ever part ways we’re gonna provide you all that back up as well.

Brittany: Perfect. The next question is, “During the check cutting process are we able to choose which property is okay to pay? For example if we have multiple properties if one doesn’t have enough cash and we still want the invoice entered into MRI but we don’t want it paid can that happen?”

Brian: Yes, it can. This is probably the best part, is it all that control, all the decision making is still controlled right within MRI just like you do today. You can override the primary bank account, select from a reserve, hold the payment until the funds are there. You get to control and make all those decisions. Essentially the part that’s changing is the labor and cost on your end to print, sign stuff, mail a check. We’re just helping facilitate the delivery method to the vendor in a more efficient way and offering a few more options. But as far as what’s coming to us, what’s decided from one account all of that is still determined by you guys right with an MRI.

Brittany: Thanks Brian. And just a reminder to answer that poll question it looks like about 81% of our audience has made their selection, so I’ll just leave it up for another minute or so to let the rest of you choice how you wanna be followed up with. And Brian next question to you is can the default code be setup by vendor and by property? For example commercial and different codes but the invoice will be the same code each time.

Brian: Yes, absolutely great question and absolutely yes you can. So there’s that flexibility we understand people have a mixed portfolio, and we want you to be able to take advantage of that. So yes you certainly can.

Brittany: Great next question is, “We have multiple bank accounts will the property code tell Avidxchange which bank account to pull the money from if we use MRI Vendor Pay?”

Brian: It will and actually the good news is MRI understands that information already. So the very, very common thing in real estate is that usually every property, every entity does have its own operating account and its own bank account, so for you to build or run your business the way you do and to not really change things we needed to accommodate that. So that was a really big concern of ours from the start and something we addressed. So you can absolutely pay out of any account you want and the good news is MRI kind of knows that already which entities, which properties are tied to what account. So when you make that selection it’s gonna present the assumed account and let you kind of confirm that as well.

Brittany: Great, another question is, “Will we need to set up ACH pull for each account?”

Brian: No, we can we can set up one kinda common one for you. So that’s a great question, whoever asked that one I’d love to have you follow up with us, that’s a little more of a detailed response we can give and something I think I can show you that will help make a little more sense of that. But it is actually really easy to do and no, you don’t have to set up an individual one for every side.

Brittany: Okay. And another question is, “Do we have to use the web version of MRI or does this work with the Windows version as well?”

Brian: That is an MRI question I do believe you can use it for both as long as you’re on version X, is the first version that comes with MRI Vendor Pay installed. Now you can always still use Avidxchange and AvidPay if you aren’t on version X and as soon as you migrate to that version it’s a really easy transition and it gives you a few of those additional enhancements that can sit right inside of your system. But really there’s no reason to wait, if you’re an MRI customer you can actually take advantage of this today and again the only thing that changes is really kind of how you access the software depending on what version you’re on.

Brittany: Okay, great. Another question is, “Do I have to pay like a monthly fee for this or is the pricing transaction based?”

Brian: Yeah, great question. So it is transaction based so it is dependent on the number of invoices and the number of payments that get processed in a given month. So all the billing is monthly in arrears based on your actuals. And the great news is there is that we take into consideration that hey properties might come and go, seasonality might affect the volume during certain months. So this is a very true fair transaction system where again you only pay for what you process in a given time frame.

Brittany: Great, well Brian that’s all the questions we have in the Q so if anybody has any more just go ahead and type those in that questions box and we’ll answer them. But yeah, I know we went through a lot in a short amount of time. Just as a reminder we will be sending out a copy of this recording tomorrow so keep your eyes open for that. Brian any closing thoughts?

Brian: Yes, sure. So thanks everyone for attending today. The theme of this was again pay attention to some of these signs. Be aware for some of these kind of markers that might really give you the insight that automation is the right time now. We’d certainly love to chat with anyone further. We have some live demonstrations we can show you for both MRI Vendor Pay, of the Avidxchange system. So again we have reps all throughout the country local to work with you guys and we’d love the chance to talk to everyone a little bit further. So thanks again for joining and hopefully we’ll have a chance to talk soon.

Brittany: Okay, thanks everyone, have a great afternoon.

 

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Hosted By:
Brian Thayer
Vertical Sales Manager at AvidXchange