AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Tuesday launch of new functionalities for its AvidXchange for NetSuite (AFN) SuiteApp. AFN, built using the Oracle NetSuite SuiteCloud Computing Platform, automates the entire invoice to payment process, allowing customers to make payments more efficiently as they scale their organizations.
According to AvidXchange, the AFN product enhancements include:
- An all-new Payment Log provides in-depth search functionality that gives users better visibility into outstanding and fulfilled payments.
- A user-friendly Payments Dashboard helps customers identify savings opportunities through a built-in maximum rebate calculator.
- Improved access to Cleared Check Images within NetSuite for all checks sent via the AvidPay Network helps customers with reconciliation by improving visibility into payment status.
While sharing more details about the enhancements, Michael Praeger, CEO and Co-Founder of AvidXchange, stated:
“Organizations without automated accounts payable systems routinely deal with stacks of unpaid invoices and limited visibility into outstanding expenses. These challenges only grow as organizations and payment volumes scale. Automated payments streamline finance operations by increasing efficiency across the entire organization. Now our customers know they have a solution that can scale with them.”
AvidXchange went on to add that in addition to its ERP-specific functionality, AFN gives NetSuite customers access to the AvidPay Network, a system of over 500,000 enrolled suppliers designed to make payments faster and easier on behalf of customers.