AVIDXCHANGETM USERS CONFERENCE

AVIDXCHANGETM USERS CONFERENCE

Meet Your Speakers

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Justin Nelson

Director of Product Management Integrations and HOA

AvidXchange

Geremy Eiland

Manager of Professional Services

AvidXchange

AVIDXCHANGE USERS CONFERENCE

BEST PRACTICES:

AVIDXCHANGE PAYABLES LOCKBOX

ADMIN TIPS AND TRICKS

But First...https://www.youtube.com/watch?v=Ml92QEqE-RQ

https://www.youtube.com/watch?v=Lrv8i2X3gnI

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AGENDA▪ Invoice Processing

▪ Setting Up / Utilizing Missing Invoice Alerts▪ Setting Up eBills

▪ Approval Process Optimization▪ GL Line Item Defaults▪ Optimizing Workflows

▪ Payment Tips▪ Cash Management using Sort Priority▪ AvidPay Payment Reports

▪ Reporting Tips▪ Vendor Data Reporting▪ Approval Process Reporting▪ Some Statistics

▪ Selling to Boards▪ Value of the system from an audit perspective▪ Value of AvidPay – how to explain the differences

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Invoice ProcessingTips to ensure invoices are received and to help receive utility invoices faster

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Missing Invoice Alerts

▪ Must enable functionality from ‘Site Setup’

▪ Must enable accounts. Best way to do this is by utilizing the ‘Recommended Accounts’ feature

▪ If you have recurring invoices for vendors that send recurring bills and non-recurring bills, you may want to add account numbers on the recurring invoices if the vendor doesn’t currently use account numbers

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Utility eBillsStep 1: Identify if there are currently suppliers available for eBills that you could start using this functionality for

Step 2: Ideally, set up a singular email account on your side to use as the ‘eBill’ inbox for ALL eBills. This email address is not used to retrieve invoices, but is important for setting up the account

Step 3: You would then want to set up your accounts to receive eBills

Step 4: Consider trying a few accounts first to get familiar

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POLLING QUESTION

Given the value of this eBill functionality:▪ Receiving utility invoices days faster

▪ Ability to route these invoices differently

▪ Creating custom missing invoice alerts

And the current per invoice price of $1.00/$0.80…

Would you pay $0.95/eBill?

(1 – Yes, 2 – No)

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Approval WorkflowTips for improving the invoice coding process and the approval workflow

GL Line Item Defaults

▪ Ensure you have the right permissions enabled for the right roles, so that they can create templates ‘on the fly’

▪ If different account numbers will be used for the selected company / supplier, be sure to only add the template for ‘this account #’

▪ Multiple templates can be added for suppliers commonly doing different types of work

▪ Templates can be edited directly from the Invoice Details by clicking on the Vendor Code

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Optimizing Workflows

▪ The ‘route by attribute’ can be utilized in multiple ways to easily accommodate approval process changes without requesting a new approval process or an edit

▪ Examples include:▪ Associations where certain

contract amendments are in place for approvals

▪ Designate when alternate managers are required for approval due to one manager being out

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Payment Processing TipsImprovements to AvidPay to provide more transparency and less exceptions

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Cash Management Tips

Step 1: Determine if the Vendor Type Priority is something that you may want to utilize

Step 2: Then decide how you would prioritize invoices for payment based on particular invoice criteria

Step 3: Set the default at the site level so that the priority sorting is defaulted at the company level for every user

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AvidPay Payment Reports

▪ The Payment Delivery Status Summary report can be used to easily check the statuses of payments processed through AvidPay

▪ The Void Reconciliation report can be used to see where AvidPaypayments have a status of Void, but don’t have a Void status in Lockbox

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Reporting TipsNew reports to provide more visibility to data changes and approval holdups

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Vendor Reporting Data

▪Under the Vendor Detail, there is an ‘Audit Vendor Data’ link that will provide an audit history of some changes made to a vendor record

▪ There are additionally vendor spend reports now available that may provide some additional information not available in your accounting system

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Approval Process Reports

▪Use these reports to understand where you may have approval process holdups

▪Use these reports in combination with Pivot Tables in Excel to add your own analysis and graphics

▪ This information can be useful to see if approval performance is improving

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A Look at the Data

% of Invoices

Utilities Non-Utilities

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1

2

3

4

5

6

7

8

9

Bank Draft In-House Check In-House ACH Check (AvidPay)

3.87

7.07

8.77

5.655.56

7.12

8.83

6.28

3.21

6.796.16

3.7

Days to Paid Status by Pay Type and Vendor Type

All Non-Utility Utility

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70%

30%

POLLING QUESTION

Who thinks they have the fastest approvals to Paid status amongst the attendees here?

• If you raise your hand, and you are the fastest, you win a $25 gift card to Starbucks.

• The catch: If you raise your hand and you’re not the fastest, we get to share your approval times with the group ☺

Selling to Boards/ManagementNew reports to provide more visibility to data changes and approval holdups

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Selling Payables Lockbox in General

▪ Easier Approvals means Faster Approvals

▪ Protections for the board and management to ensure you have visibility into the payments being approved

▪ Easy search and export capabilities to analyze spend

▪ Invoice history and audit information on approvals available as an export, even if you switch management companies or accounting software

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What are some selling points you have made to boards / management?

Selling AvidPay

▪ Vendors want more options on how they get paid

▪ Vendors want to receive payments faster

▪ For utilities accepting electronic payments, this is faster than a paper check, which means less likelihood for late fees or utility shut-offs

▪Minimizing the number of checks sent decreases the chance for check fraud (the most common type of payment fraud) on your account

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What are some selling points you have made to boards / management?

THANK YOU!

@AvidAutomates @AvidXchange

#REVCLT

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