Startup Check-In

AvidXchange Deepens Strong Relationship With Software Provider SWK

AvidXchange

While AvidXchange, Inc. has traditionally had a partner referral program in the past, the startup has elevated four of its top strategic partners to reseller status. As a result, these partners now have access to wholesale pricing and can sell AvidXchange to their customers. SWK, the largest Sage partner in North America, with over 2,500 customers in the Sage enterprise resource planning (ERP) ecosystem, is one of those elevated partners.

AvidXchange and SWK have a strong relationship. In fact, Partner Alliance Manager Marc Palombo recently presented AvidXchange at the SWK Empower 2018 Conference. His goal was to increase awareness of AvidXchange, while highlighting some of the company’s key benefits that finance teams in the small- to mid-market space can realize, such as control and visibility. In addition to those features, Palombo said that executives can approve invoices on mobile devices.

Chief financial officers, chief executive officers, vice presidents of finance and controllers can also look at their accounts payable process on a 24/7 basis, no matter where they are. “That’s important for cash flow,” Palombo said.“It’s important for growth in terms of adding new locations.”

In addition, AvidXchange can help with spend management by looking at month-end/quarter-end processes as well as annual audits. And, by putting all of this information into the cloud, AvidXchange can simplify the ability to look up information, putting an end to having to go through that old filing cabinet or desk drawer. Instead, companies can simply look up information through AvidXchange’s portal in the cloud.

One of the benefits that SWK loves about their partnership is that AvidXchange has up to 450,000 suppliers in its network. These suppliers work with AvidXchange’s customers and have been enrolled to accept payments from AvidXchange, whether via paper check, virtual card, electronic payment or automated clearing house (ACH) commercial direct deposit. On the supplier side, AvidXchange has a portal that allows vendors and suppliers to log in for free and verify if their invoices have been approved. Additionally, vendors and suppliers can also see when to expect their payments. With this feature, AvidXchange’s clients can cut down on the number of emails and phone calls they get asking about the statuses of payments.

SWK, too, is growing fast. It recently acquired reseller Information Systems Management, Inc. (ISM), and, as a result, it has added new sales people. AvidXchange expects its business with them to grow substantiality over the next 6 to 12 months.

With the new arrangement through AvidXchange, SWK will be able to realize top-line revenue as well as an increased gross profit margin. Beyond this partnership, SWK is one of the company’s partner advisor council members, and AvidXchange meets with them on a quarterly basis as part of its strong relationship with the firm.

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