AvidXchange & AvidSuite for Construction
August 01, 2022
Vendor payment management embedded in TimberScan
AvidXchange, an industry leader in accounts payable automation, combines three critical business processes in one platform, offering a complete solution for AP automation, payment services and invoice acceleration. With AvidXchange products, AP departments and CFOs can increase efficiency, reduce processing costs and virtually eliminate paper with more visibility and control over cash flow.
Now with AvidSuite for Construction, you can transform your AP process with the ability to approve and manage your vendor payments from within TimberScan, eliminating even more paper from your process. This enhancement sets TimberScan apart as being the only end-to-end solution that can manage your cost effectively, in one place.
Payment automation makes it easier for payers to conform to prompt payment legislation and enables their subs to receive faster, more secure payments by aiding in payment execution and operation approvals. Construction companies that can navigate the transition from manual to modern AP systems are poised to win.
The Solution: AvidSuite for Construction
TimberScan and AvidPay together combines the invoice and document management expertise of Core Associates with the breadth and depth of AvidXchange’s payment network.
- Proof of payment is tied back to the invoice, PO and supporting documents to provide all critical information in one place.
- Remittance information is delivered with each payment, ensuring easy application for your vendors and fewer inquiries for you.
- One of the highest e-payment acceptance rates in the middle-market, ensuring timely payments to your vendors while lowering your processing costs and helping to reduce fraud risks.
- Think of AvidPay like online banking. You make the payment selection from your ERP, send it to the AvidPay Network, and you’re done. No check printing, stuffing envelopes, or paying for postage; we handle all of that for you.
Benefits of AvidSuite for Construction
1. Maximize efficiency
- Reduce manual-processing risks and end the relentless paperchase
- Drive consistency in your process for all vendor payments
- Make fast and secure payments to your vendors
2. Minimize risk
- Avoid handling vendor bank account data
- Maintain full control with payment approvals to mirror your process today
- Leverage Positive Pay to reduce the risk of check fraud
3. Increase visibility
- Near real-time view of your vendor payments status and history with an embedded experience inside TimberScan
- Substantiated billing made easy with purchasing, invoice and vendor payment management in the same platform
- As construction companies take on more projects, focus needs to shift to completing jobs rather than time-consuming paperwork typically involved with manual accounts payable processes. Automated technologies hold the promise to help construction companies, general contractors and subcontractors achieve operational efficiencies, reduce costs and improve margins.