AvidXchange Launches New AP Solution for Construction Industry

With companies working to reduce the time they spend on paperwork so that they can focus on their core mission, solution providers are equipping them with automated platforms that free them from accounts payable (AP) chores. 

One provider of these tools, AvidXchange, has expanded its range of AP automation software and payment solutions for midmarket businesses and their suppliers to include a new offering for the construction industry. 

“Construction professionals often use outdated and disconnected products in an attempt to manage their AP processes and as a result, they are stuck in their offices, reliant on their filing cabinets, buried in manual work, and constantly chasing and shuffling paper around,” AvidXchange Vice President of Construction Jim Campbell said in a Monday (Aug. 8) press release. 

To make the process more efficient, the company has added a complete purchase-to-pay solutions for the construction industry. With TimberScan Titanium, which is now integrated with AvidPay and available to Sage Intacct users, construction professionals’ finance tasks can be managed remotely and more efficiently via a fully automated platform, per the release. 

PYMNTS’ research has found that implementing automation for invoice processing can help cut down on wasteful tasks such as typing invoice data, correcting typos and chasing down the status of invoices. 

Read more: Automated Invoicing Breaks Ground in the Construction Industry 

Additionally, as reported in the “AP Automation Tracker,” automation can boost efficiency and productivity, leading to major improvements in a company’s bottom line and reducing the threat of fraud and errors. 

Physical documents and manual workflows are holding up construction firms’ back offices from focusing on more strategic initiatives, Doxa Holdings co-founder Leon Yeo told PYMNTS in an August 2021 interview. 

See also: How Bank Collaboration Sets the Stage For Construction Procure-to-Pay Efficiency 

“The biggest pain points start from their procurement workflows and processes, which have been predominantly manual and require physical documentation,” Yeo said. 

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