AvidXchange and Timberscan to power accounts payable solution

Monday 8 April 2019 09:29 CET | News

US-based B2B payments network AvidXchange has announced a partnership with Pallestine-based Core Associates to integrate AP solutions with Timberscan.

The combined solution will deliver an end to end invoice-to-pay solution for Sage 300 CRE users. The accounts payable function in the construction industry is a task that lends itself to automation. The combined solution allows users to automate much of the often time consuming manual work that besets the accounts payable teams. It enables better oversight on payments and therefore cash flow, faster payments to vendors and a higher rebate potential to offset cash flow challenges.

Both solutions offer integration points to Sage 300 CRE, which is used across the construction industry. The joint solution offers additional advantages to construction companies. Timberscan offers a four step process for purchase invoice processing: acquire Invoices and other documents, enter and code data, automatic approval routing, final review

TimberScan uses Open Data Base Connectivity (ODBC). This allows direct access to the Sage 300 CRE and 100 Contractor data for Committed Cost (purchase orders and subcontracts) Job Cost codes and budgets, and Compliance items, such as current Certificate of Insurance on file.

The TimberScan solution then passes the invoice for payment. AvidXchange picks this up and makes the payment automatically and securely. It does this through its Create-A-Check product for integration. This facilitates a secure, encrypted payment file transfer from the ERP system to the AvidPay Network. AvidXchange has validated relationships with over 470,000 suppliers. In short, reducing the risk of fraud. As vendors are paid faster, this helps to build trusted relationships between businesses.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: AvidXchange, TimberScan, Core Associates, Palestine, Ramallah, UK, Europe, partnership, construction industry, accounts payable automation, AP automation
Countries: World

Industry Events