AvidXchange Pricing Packages: What’s Included in Its Quote-Based Plan in 2024?

Accounts payable solutions have become increasingly sophisticated through the years and continue to deliver powerful features to businesses looking to streamline their invoicing and payment processes. However, the shift from manual processes to fully automated, paperless systems is still slow. 47% of United States B2B payments, for example, are still relying on manual processes for approval, while 49% of payments are still made by check. Another 36% of companies are using paper invoicing. Though AP digitalization has been slow, the good news is that more and more companies are aware of the need for better, faster, and more efficient ways to handle accounts payable. With all the benefits that come with paperless accounting, 44% of businesses are now finding ways to add automation to their AP process.

Cloud-based solutions are also the prevailing trend among many small and medium business owners when it comes to purchasing and using accounting software. Several factors lead to this preference, including the explosion of remote work and distributed teams and the need for more affordable software options. Based on recent accounting statistics,  78% of SMBs will rely exclusively on cloud accounting software by 2020, while 20.4% of businesses want cloud-based accounting software.

Overview of AvidXchange

AvidXchange is a cloud-based accounts payable process automation suite designed with middle-market businesses in mind. With cutting-edge automation features and tools, AvidXchange helps AP teams have better control over their invoices and payables. Invoice search and tracking capabilities allow you to quickly check the status of each invoice. Plus, custom workflows make it easy to receive, track, and approve invoices using your accounting department’s specific workflows for different types of transactions.

Using AvidXchange also addresses the most common challenges faced by AP teams, such as human error and fraud. Its optical character recognition (OCR) technology is just one of the automation tools you can use to eliminate manual data entry and reduce errors when recording invoice details. It also leverages e-payment so you can make fast and secure payments to your suppliers and provide flexible payment options to customers. With automated and electronic processes, your team can save time and cut losses associated with paper-based invoicing. Workflows also become more efficient since you don’t have to dig through emails and file cabinets. You can receive, code, and approve payments in just a few clicks.

Since AvidXchange is a SaaS product, it makes it easier for your team to access the platform, unlike on-premise accounting software. They can stay organized whether they are working at the office or remotely from home. All your invoice and payments records are safely stored in one place and accessible to your users 24/7. The platform also has reporting and analytics tools that can provide real-time data for the transparency of your accounts. This can help boost visibility and trust between departments, employees, and leadership.

Moreover, using AvidXchange can significantly improve the way you handle accounts payable. You simply sign and access your invoices and records in a single dashboard. It integrates with over 180 popular ERP and accounting software so you can keep all your records intact and continue using business apps that your team is currently using while implementing new workflows in AvidXchange.

What’s Included in AvidXchange’s Quote-Based Pricing Plan?

AvidXchange consists of four modules: invoice automation, purchase order automation, utility bill management, and bill payment automation. The great thing about a quote-based plan is that you can choose the modules you need, add features and tools specific to the needs of your AP team, and easily scale the platform as your business grows.

Here are some of the sought-after features included in AvidXchange pricing plans:

Automated Invoice Capture

If your AP team has been losing many valuable work hours from manual invoice data entry, AvidXchange has excellent automated invoice capture features that can help you shift to an entirely digital invoice management process. OCR technology automates the extraction of data from printed or scanned documents and loads them into the system for easy editing and searching. This speeds up invoice processing and saves on operation costs. It can also be used in conjunction with other productivity software by importing scanned or digital invoices. In this way, you’ll have all your documents in one place.

Moreover, this digital workflow also makes it easy for your AP team to stay organized because all your records are in one place. It becomes a cloud-based repository for your digital invoices, which means you can do away with the paper chase that has constantly haunted many AP teams. It also becomes easy to keep track of the status of each invoice in your pipeline. When you need to review an invoice, you simply log into the platform and search for the invoice you want to check. Everything is accessible in your dashboard, so no more foraging through filing cabinets or scanning through email threads just to find one file.

Most importantly, your team can enjoy remote access 24/7 from any location and from any computer or mobile device. This provides more flexibility and simplifies your invoice management process. All you need is to review, code, and approve payments in one platform accessible to your AP team.

Automated invoice capture via OCR technology.

Secure Payments

Online payment statistics show that e-payments are here to stay. And if you are running a business, it’s necessary to have e-payment tools in place. AvidXchange allows you to make fast and secure B2B payments through its automated bill payment solution, AvidPay. The AvidPay network consists of more than 680,000 suppliers with more than 40% already accepting e-payments. It also implements up-to-date security features that protect sensitive supplier bank details and helps you detect unauthorized and fraudulent transactions. You can get rid of risk-prone and inefficient payment processes and even benefit from e-payment incentive programs.

Aside from secure transactions, AvidPay can also help your business cut costs on bills payment processing. You can eliminate expenses associated with check printing, postage, and envelopes. Plus, unlike self-service e-payment programs, AvidPay has a dedicated, full-service support team that stays in touch with your suppliers and keeps track of their payment conditions. This means you can save time on following up uncashed checks since AvidPay can do that for you.

When it comes to payment options, AvidPay provides great flexibility to your suppliers. They can still choose exactly how they want to get paid, such as by check or electronic payments like Mastercard. All you need to do is review the bills online for approval and once approved, AvidPay sends the payment to your suppliers.

Faster, secure B2B bill payment using AvidPay workflow.

Integrations

AvidXchange has more than 180 available integrations with leading ERP systems, accounting software, and other business apps. These include QuickBooks, Oracle Netsuite, SAP, and Microsoft Dynamics. Thus, you don’t need to worry about scrapping your entire accounting system just to automate your AP processes. Your team can continue using the workflows they have gotten used to and create new, custom workflows in AvidXchange.

With more integrations, AvidXchange ensures you can streamline your payment processes and keep your AP records intact. For QuickBooks Desktop users, for instance, AvidXchange supports two- and three-way PO matching, which makes reconciling an invoice to the appropriate purchase order more efficient.

Moreover, AvidXchange integrations make e-invoicing fast and simple since it can send information directly between a supplier’s and buyer’s accounting systems. You can say goodbye to paper invoices and PDF files and set automated entry and processing of payments. Once integrated with your business apps and accounting software, AvidXchange can reduce inefficiencies of manual tasks in your AP process.

AvidXchange integrates with leading ERPs and accounting systems.

Reporting and Analytics

AvidXchange acts like an electronic file cabinet for your AP team as it makes it easy for them to access, review, and keep track of every invoice and payment. Within the platform, users can search invoices based on their approved roles and permissions. They can look up invoices based on the invoice number, date range, invoice status, invoice type, and work order number, among others. With these features, your team can quickly create ad hoc reports since every key invoice and payment detail they need is just a click away.

Reporting tools are also very important for audit management. Your AP professionals can use them for reconciling or checking transactions or updating supervisors and managers. AvidXchange also allows your accounting team to review and route invoices to the appropriate workflow or team members. For example, you can assign invoice search permissions to your auditors without paper.

Users can search by invoice number, date, status, etc. to complete ad hoc reports.

Simplify Your AP Workflow

As you can imagine, the automation features and tools included in AvidXchange pricing packages can simplify your AP workflow and lead you to a more efficient but less costly invoice and payment process. These are just a few of the features you can have with your customized plan. As not all businesses are the same, talking directly with the vendor can help you learn more about the modules that make up the entire AvidXchange suite. Reading the pros and cons of AvidXchange will also be helpful before you decide to use the software.

The good thing about AvidXchange’s quote-based plan is that you can have a subscription that suits your AP team’s needs. For example, if you only want a way to manage utility payments, then you can just opt for AvidXchange’s utility bill management module. You can also combine different modules or get the entire suite to fully benefit from its features and capabilities. The vendor does not offer a free trial for this product but you can schedule a demo to see if the platform can be a good addition to your AP technology investments.

Key Insights

• Automation Efficiency: AvidXchange offers advanced automation features like OCR technology for automated invoice capture, which reduces manual data entry and human error, speeding up the invoice processing.
• Secure and Flexible Payments: The AvidPay network ensures secure and flexible B2B payments, supporting multiple payment options and protecting against fraud.
• Integration Capabilities: With over 180 integrations, AvidXchange seamlessly connects with leading ERP systems and accounting software, ensuring a smooth transition and continued use of existing workflows.
• Comprehensive Reporting: The platform provides robust reporting and analytics tools, facilitating real-time data access, audit management, and ad hoc reporting for better financial oversight and decision-making.
• Customizable Plans: AvidXchange offers quote-based plans tailored to the specific needs of businesses, allowing for modular adoption of features such as invoice automation, purchase order automation, utility bill management, and bill payment automation.

FAQ

1. What types of businesses can benefit from AvidXchange?

AvidXchange is designed for middle-market businesses that need to streamline their accounts payable processes. It is particularly beneficial for companies looking to automate invoice capture, secure payments, and improve workflow efficiency.

2. How does AvidXchange automate invoice processing?

AvidXchange uses Optical Character Recognition (OCR) technology to automate the extraction of data from printed or scanned documents. This data is then loaded into the system for easy editing, searching, and tracking, eliminating the need for manual data entry.

3. Is AvidXchange secure for making payments?

Yes, AvidXchange’s AvidPay network ensures secure B2B payments with up-to-date security features that protect sensitive supplier bank details and detect unauthorized transactions, reducing the risk of fraud.

4. Can AvidXchange integrate with my current accounting software?

AvidXchange integrates with over 180 ERP and accounting systems, including popular ones like QuickBooks, Oracle Netsuite, SAP, and Microsoft Dynamics, allowing businesses to maintain their existing workflows while automating AP processes.

5. What are the key features included in AvidXchange’s quote-based pricing plans?

AvidXchange’s quote-based pricing plans can include features such as automated invoice capture, secure payments through AvidPay, extensive integration capabilities, and comprehensive reporting and analytics tools.

6. How can AvidXchange improve my accounts payable workflow?

AvidXchange can streamline your AP workflow by automating invoice capture, providing secure and flexible payment options, integrating seamlessly with existing software, and offering robust reporting tools for real-time data access and audit management.

7. Does AvidXchange offer a free trial?

AvidXchange does not offer a free trial. However, businesses can schedule a demo to explore the platform’s features and capabilities to see if it meets their needs.

8. Can I customize my AvidXchange subscription?

Yes, AvidXchange offers customizable, quote-based plans allowing businesses to select specific modules such as invoice automation, purchase order automation, utility bill management, or bill payment automation based on their unique requirements.

By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.