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50 Smartest Companies of the Year 2019

AvidXchange: Liberating AP, one company at a time

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AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000,  the company processed 9.5 million payments last year across its network of more than 500,000 suppliers, transforming the waycustomers in North America pay their bills. It is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,300 employees in seven office locations.

The venture set out from Charlotte, North Carolina, in the year 2000 with a simple mission in mind: Transform the way companies pay their bills and free up their AP from all that paperwork. It has grown quite a bit since then, continuously expanding its team, footprint and capabilities in order to become industry leaders in AP automation.

Today the company has helped more than 5,500 North American companies cut costs, improve visibility and increase efficiencies. It has earned the trust of more than 500,000 businesses in its supplier network, processing over $120B in invoices and payments in 2018 alone.

The AvidXchange Foundation

“The AvidXchange Foundation is dedicated to making a difference in the lives of children where we work and live.”

AvidXchange formed the Foundation to make a difference in children’s lives. It enables employees who are passionate about helping others give back to the community, and live up to their core value, “Have a Blast,” along the way! The company has active Foundation leaders at all of its locations, and are making a difference across the country thanks to all of the volunteers. In 2016, the foundation volunteered more than 1,000 hours of its time whilstconstantly looking for community partners to help them expand their reach and help out with awesome programs that are already in the works!

ONE MISSION, MULTIPLE SOLUTIONS

Software solutions that enable you to automate your entire accounts payable and payment process, providing you remote access, 24/7 visibility and no more paper invoices or checks.

PROCURE- CONTROL SPEND AND AUTOMATE PURCHASE ORDERS

  • Free up time to focus on perfecting the workflow process by creating requisitions for frequently purchased products
  • Gain control of the who, what and when of your purchasing process
  • Automatically send orders to vendors, receive invoices in your inbox and leave the invoice and PO matching to us

INVOICE- ELIMINATE PAPER INVOICES AND STREAMLINE APPROVALS WITH MORE VISIBILITY AND CONTROL

  • Receive, track and approve invoices in the workflow you follow today, but without the inefficiencies and paper
  • Eliminate manual data entry, reduce errors and save valuable time for your AP team
  • Gain more visibility and control than ever before by checking invoice statuses from anywhere, anytime on your mobile device

PAY- FLEXIBLE, MANAGED PAYMENTS BACKED BY THE LARGEST SUPPLIER NETWORK

  • Make fast and secure payments to suppliers backed by the largest supplier network
  • Create custom workflows with 24/7 visibility into payment status and approvals
  • Reduce processing costs by eliminating check printing, envelopes, postage and time spent following up on uncashed checks

SUPPLIER MANAGEMENT- TOOLS AND SERVICES DESIGNED TO STREAMLINE, PREDICT AND ACCELERATE ACCOUNTS RECEIVABLE

  • Suppliers receive education, easy enrolment and data management, facilitated by a services team of 300
  • Free up time by having invoices sent to us to process and route to your inbox—paper free
  • Pay suppliers on time, in their preferred payment method with 24/7 visibility into payment status

Meet the Chief Executive Officer and Co-founder, Michael Praeger

Michael Praeger is the Co-founder and Chief Executive Officer of AvidXchange, the leading provider of on-demand accounts payables management and automated payment solutions. Since founding AvidXchange, Michael has led the company to secure the coveted title of Global Unicorn by CB Insights three years in a row, with a $1 billion-plus valuation by investors and 5,500 customers and 470,000 suppliers nationwide.

An expert on fintech, payments innovation, entrepreneurism and leadership, Michael has been an active participant and speaker at various industry conferences, including the 2018 Collision Conference and Money20/20. A Forbes contributor and having appeared in Authority Magazine, Business Insider, Inc., and The Wall Street Journal, he is considered a thought leader in developing creative solutions for mid-sized companies to grow their businesses, increase revenue and drive efficiencies.

“We’re the ones who believe there’s a smarter, more efficient way for middle-market businesses to process invoices and make payments.”