Last week, September 12-16, we celebrated AvidPay Appreciation Week at our Silver Hammer location at the AvidXchange Music Factory! AvidPay allows you to select payments from your accounting system just like you do today, but instead of printing them you pay them! Your company can transmit payments faster than you and your coworkers can decide where to go to lunch - literally seconds!Read More
Did you know that 58% of small to medium sized business are planning to automate their accounts payable process this year? Over the last decade, research has shown that automating AP processes can significantly improve an organization’s overall financial operations.Read More
AvidXchange™, the leading provider of AP and payment automation solutions to the mid-size market, is thrilled to announce that we are finalists for the Top Mid-Size Company Technology Award at this year's NC Tech Awards! Sponsored by Cherry Bekaert, the North Carolina Technology Association's (NCTA) 's annual Tech Awards recognizes technology companies for innovation, excellence, and growth.Read More
Continuing Professional Education (CPE) is required for CPAs to maintain their professional competence and provide quality accounting services. With tax laws and regulations in a constant state of flux, expanding your expertise is a must. CPE is also needed to meet your state board's requirements for CPA license renewal, as well as for meeting certification requirements for any membership associations and other professional certifications, such as the CMA or CFP®.Read More
Topics: CPA Credits
Next Money CLT is hosting its first event, focusing on the emergence of FinTech partnerships at a meetup at Packard Place on Sept. 13. The event will feature Mike Praeger, CEO and co-founder of AvidXchange™; Frank Farro, senior vice president of development and engineering at Bank of America; and Holly Eskridge, with Charlotte's Neighborhood and Business Services Dept. Sponsored by AvidXchange, this meetup will bing together a FinTech company, a large bank, and the city representative to discuss how startups, corporations, and the cities they operate in can thrive together.
I sat down with Jay Plueger, VP of Strategic Initiatives and Corporate Development at AvidXchange and Next Money CLT member, to find out more about the financial technology industry, Charlotte as a hub for startups, and Next Money CLT's event on Tuesday.
How is the relationship between startups, corporations, and civic organizations changing?
Jay: "Startups may be disruptive to many businesses, but it also invites the opportunity to work together. I believe it's beginning to mesh, as the combination of the three allows for each party to gain something. For the startups, it's knowledge from a corporation or business through partnership. For a corporation, it could be access to new technology or provide agility to move faster to market with new product offerings. For civic organizations, it helps build the community. Startups tend to create a great vibe in the community, and everyone wants to see them succeed. Who doesn’t want to be part of a success story? Charlotte is becoming a hub for successful startups and entrepreneurs supported by corporations."Read More
Ah, the glorious year of 1982. Remember? Films like E.T. the Extra-Terrestrial, Fast Times at Ridgemont High, and Poltergeist dazzled audiences at the multiplex while Survivor’s “Eye of the Tiger” and Olivia Newton-John’s “Physical” climbed the Billboard charts. The Commodore 64 8-bit home computer took video games to the next level, and Time Magazine named the Personal Computer as its first Machine of the Year!Read More
Topics: ap automation
AvidXchange™, leading provider of accounts payable and payment automation solutions for midsize companies, recently exceeded 800 employees. This is a major milestone for us, since we were nearing the 80 employee mark at the end of 2011. We've been on a fast trajectory with just over 300 employees at the beginning of 2015, and starting out 2016 with just over 500 employees. 2015 was a record year for us, with more than a 60% growth in the employee base, but 2016 is set to outpace this with a 50% increase year-to-date alone.
AvidXchange has a commitment to the state of North Carolina as part of the Job Development Investment Grant Program to hire 600 workers between 2014 and 2018, which the company’s current hiring growth rate is on track to exceed by 70% for this year. The average salary and benefits for these new roles is $80,000, which is higher than the average annual salary wage in Mecklenburg County of $59,046. Our company has an emphasis on diversity, which is reflected by a workforce comprised of over 50% females and minorities.
In a recent employee engagement survey conducted by Quantum Workplace, AvidXchange surpassed national benchmarks in both participation and engagement levels, which demonstrates the type of employee base we're fostering. Our focus on maintaining our unique culture and providing opportunities for employee advancement and professional development is stronger than ever. Our recent partnership with Central Piedmont Community College (CPCC) is just one example of the opportunities we provide to employees. We received more than $700,000 in training support for current employees from CPCC under a state-sponsored grant!Read More
An audit is an objective examination and evaluation of your company’s financial statements to make sure that the records are a fair and accurate representation of their business transactions. Audits can be performed internally by employees of the organization, or externally by an outside firm. Audits, public or private, can be stressful for not only the finance and accounting team but the organization as a whole, as time and resources are diverted from daily tasks and routines.
The audit process is painful enough as it is, but are you making it harder on yourself? If your organization is still using a paper-based accounts payable process, you may be doing just that! In today’s blog, we’ll look at the stages of the audit process and how an audit, public or private, can be made more manageable and less stressful by utilizing an accounts payable (AP) automation solution.
The Office of Internal Audit at Iowa State University says the audit process typically consists of four stages:
- Planning / Preliminary Review
- Audit Report
- Follow-up Review