avidxchange.com

AVIDXCHANGEFOR CONSTRUCTIONFocus less on all that paper and more on getting the job done.

As construction companies take on more projects, the focus shifts to completing the 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, thereby reducing costs while improving margins. 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

AvidXchange delivers a complete invoice-to-pay solution to automate the accounts payable processes, helping construction companies increase efficiency and profitability while providing better visibility into cash flow. The prompt delivery of payments is a practical issue that technology can help solve, paving the way to better relationships through smoother payment processes. Automating the payments process with solutions from AvidXchange gives subs an easier way to transfer compliance documents to GCs and receive faster, more secure and accurate payments.

Pay

Create-A-Check™

“Prior to implementing AvidXchange, we would spend 8-12 hours a week dealing with the manual AP processes—gathering invoices, inputting them into our accounting system, printing, packaging, delivering for approvals, scanning, etc. Now I probably spend only 3-4 hours a week. It’s just so much simpler.” - Matthew Weinert, Accounting Manager at Abdo Development

TITLE OF FACT SHEET 2Learn more at avidxchange.com

AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processed 9.5 million payments last year across its network of more than 500,000 suppliers,

transforming the way 5,500 customers in North America pay their bills.

500,000+enrolled suppliers in

our network

24/7 visibility on outstanding invoices &

payments

Benefits of AvidXchange for construction

1. Increase productivity Leverage a unified solution for invoices

and payments

Eliminate manual data entries and paper invoices

Grow without the need to add headcount

Review, code and approve from mobile devices

2. Decreased risk Gain visibility and control over cash flow

and cost

Automate document compliance tracking and alerts

Increase billing accuracy

Facilitate subcontractor progress billing

3. Streamlined and secure supplier payments Offer flexible payment options, including

virtual card, enhanced ACH and check

Give vendors self-service access to payment status

Gain cost savings through rebates and early payment discounts

Increase security with multiple vendor e-payment options

60% reduction in invoice-processing

costs