Avidxchange Alternatives & Competitors

Overview of AvidXchange Alternatives

AvidXchange is an accounts payable automation tool for the middle market. The software integrates with multiple accounting software and automates supplier payment processes, eliminating manual account payments. With the help of this automated AP tool, users can make secure one-time payments to suppliers and transform paper invoices into electronic invoices.

Despite its various benefits and features, users look for AvidXchange alternatives because of the high cost of operations, delayed payment processes, slow response time from the support team, and complex learning curve. People generally look for alternatives to AvidXchange which offers seamless integration with accounting software for complete AP automation.

Why are People Looking for Software Like AvidXchange?

People are looking for software like AvidXchange for accounts payable automation because of the expensive payment costs, delays in paying suppliers, inaccurate indexing, lack of flexibility in customizing reports, and several other reasons, as discussed below:

• Time to Process Payment: Some of the AvidXchange users face delayed payments due to the lengthy approval process for invoices. People looking for alternatives to AvidXchange might seek software with low processing time to make faster supplier payments.
• Limited Customization: AvidXchange lacks the flexibility to customize reports, restricting users from obtaining the information they need. Users may seek AvidXchange alternatives with customizable report-generation capabilities to overview transactions and audit invoice data.
• Inaccurate Indexing: A common issue faced by users looking for AvidXchange alternatives is the inaccuracy in indexing basic invoice/bill data. The indexers often make mistakes in entering invoice data for sending this information to the proper workflow to be reviewed, approved, and paid.
• Customer Support: Another disadvantage faced by users is the slow customer support extended by the company. The turnaround time after raising a ticket can extend up to 24-48 hours and at times, the support team may take weeks to resolve an issue. People looking for alternatives to AvidXchange may seek software with faster support services for seamless AP automation.
• Learning Curve: Lastly, users look for alternatives to AvidXchange as the learning curve for the software is steep. Setting up the software, learning the software reporting, entering new users, and establishing new entities can be complicated for new users and may require technical training to operate.

Must-Have Features in Any Alternative Solutions to AvidXchange

When looking for alternatives to AvidXchange, it is crucial to look for features like invoice capturing capabilities, PO matching features, workflow automation, payment execution, and supplier management:

• Invoice Capture: AvidXchange competitors must have invoice capturing and processing capabilities. The software should offer the ability to transform paper invoices into digital invoices with standardized format, minimizing invoice processing time and eliminating the time-consuming task of manual data entry.
• PO Matching: A key feature to look for in AvidXchange alternatives is PO matching, that is, matching purchase orders with invoices and receipts. The tool must offer streamlined matching of purchase orders for accurate supplier payments.
• Automated Approval Workflow: The workflow automation feature allows you to create custom workflows for automating the approval process. A must-have feature in alternative solutions to AvidXchange is automated approval workflow creation with real-time access to invoice status.
• Payment Execution: When looking for AvidXchange competitors, seek software with electronic supplier payment execution. The software should offer various payment options, including checks, virtual cards, or direct payments.
• Supplier Management: In addition to workflow automation and payment processing, the alternative solutions to AvidXchange must also allow supplier data management for automating accounts payable.

What to Consider When Looking for Competitors to AvidXchange?

When looking for competitors to AvidXchange, it is important to consider the price of the software, integration capabilities it offers, workflow management features of the software, security protocols, and the flexibility to scale up:

• Integration Capabilities: The alternative solutions to AvidXchange should automate workflow by working with your existing accounting system. When looking for AvidXchange alternatives, check whether the software provides integration capabilities with your existing accounting systems.
• Workflow Management: The key functionality of an AP automation tool is to free you from the manual task of payment approvals. Consider the degree of customization offered by AvidXchange to automate your current approval workflow.
• Security and Compliance: An important consideration for searching for the best alternative solutions to AvidXchange is the security and privacy policies of the software. AvidXchange alternatives must comply with regulatory regulations for a secure payment process.
• Payment Options: To maintain supplier relationships, the alternative solutions to AvidXchange must support timely payments to suppliers in their preferred mode of payment. The software must offer various payment options to automate the supplier payment process.
• Reduced Cost: An important consideration for choosing alternative solutions to AvidXchange is the pricing options offered by the AP automation tools and the cost of scaling up with an increase in the supplier database.

What Type of Users are Looking for AvidXchange Competitors?

Users across various industries including real estate, finance, healthcare, hospitality, and media are looking for AvidXchange competitors to automate their accounts payable processes:

• Real Estate: Real estate agents look for alternatives to AvidXchange to help them in managing and growing their portfolios by automating AP and business payment processes more efficiently.
• Financial Services: Financial institutions seek alternatives to AvidXchange for managing their expenses with complete transparency and compliance.
• Healthcare: Alternatives to AvidXchange help users in healthcare industries maintain financial efficiency by eliminating manual AP processing costs.
• Hospitality: The users in the hospitality industry look for alternatives to AvidXchange for automating invoice automation and making paperless payments.
• Media: Media houses look for alternatives to AvidXchange with seamless integration to accounting software and media buying platforms for automating supplier payments.
• Technology and Software: Users in the technology and software industry look for AvidXchange alternatives to accelerate their financial processes and streamline invoice and payment processing.

Best Tools like AvidXchange

Given below is a comparison to the best tools like AvidXchange based on their pricing, mobile compatibility, status tracking, and supplier management features:

• AvidXchange vs Stampli
• AvidXchange vs Tipalti
• AvidXchange vs SAP Concur
• AvidXchange vs Oracle Netsuite

What is the ideal alternative solutions of AvidXchange for Mac, Windows and Linux?

The Best alternatives to AvidXchange for different operating systems are mentioned below:

• Best alternatives to AvidXchange for Mac: Tipalti, SoftCo AP Automation, and SAP Concur
• Best alternatives to AvidXchange for Windows: Sage Intacct, Stampli, Tipalti, and QuickBooks Online
• Best alternatives to AvidXchange for Linux: Pipefy, Precoro, and Ottimate

Techjockey’s Verdict

AvidXchange is a streamlined accounts payable automation tool that offers seamless integration with accounting software and efficient supplier payment processes. However, users often seek alternatives due to concerns regarding high operational costs, delayed payments, slow customer support, limited customization options, and the steep learning curve.

AvidXchange competitors like Stampli, Tipalti, SAP Concur, and Oracle Netsuite offer competitive pricing, faster payment processing, enhanced customization features, responsive customer support, and user-friendly interfaces, making them more appealing options for businesses seeking efficient AP automation solutions.