B2B Payments

AvidXchange Deepens AP Integration Into NetSuite

AvidXchange

Accounts payable automation firm AvidXchange is deepening its integration into NetSuite by adding new features to its AvidXchange for NetSuite (AFN) SuiteApp.

AvidXchange's SuiteApp, built to operate within NetSuite, is adding new tools designed to strengthen control and visibility into company expenses and spending, the firm said in a press release Tuesday (Sept. 24).

The updates include the addition of search functionality via its Payment Log, which shows outstanding and fulfilled transactions and enables accounts payable (AP) professionals to search for and view transactions based on payment method, category, suppliers and accounts. AvidXchange is also adding a Payments Dashboard, another visible feature connecting AP managers to insights and potential savings opportunities via an integrated rebates calculator. The feature shows professionals how company funds are disbursed via the AvidPay Network. The company is also making it easier for users to access cleared check images within NetSuite.

“Organizations without automated accounts payable systems routinely deal with stacks of unpaid invoices and limited visibility into outstanding expenses,” said AvidXchange Co-Founder and CEO Michael Praeger in a statement. “These challenges only grow as organizations an payment volumes scale. Automated payments streamline finance operations by increasing efficiency across the entire organization.”

Earlier this year AvidXchange announced another integration with SAP Concur, enabling users of SAP Concur's Concur Invoice solution to integrate the AvidPay Network and processing payments to vendors based on their payment method of choice, including AvidXchange's ACH tool AvidPay Direct.

In August, AvidXchange announced the acquisition of BankTEL Systems, a company that provides accounting technology to financial institutions. At the time, AvidXchange said the acquisition would enable it to expand its invoice-to-payment capabilities to the banking community via BankTEL, while existing BankTEL clients will also be offered AvidXchange solutions including AvidPay and access to the AvidPay Network.

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