AvidXchange Honors Trailblazers at the Change Maker Awards
AvidXchange, Inc. (Nasdaq: AVDX), a pioneer in accounts payable (AP) automation software and payment solutions specifically designed for middle market businesses and their suppliers, has proudly announced the inaugural winners of the Change Maker Awards. This recognition celebrates individuals who have made significant contributions to the AP industry by fostering innovative and transformative change within their organizations.
Recognizing Change Makers in Accounts Payable
The Change Maker Awards were created to acknowledge individuals who embody the spirit of innovation in their AP department. These awardees not only facilitate change but also bring creativity to processes and procedures, leading to enhanced efficiency and effectiveness within their teams.
Highlighting Notable Winners
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Alexis Bates
As the Director of Construction and Development Accounting, Alexis Bates took the lead in implementing AvidXchange’s comprehensive AP automation solution for her company. This transformation addressed the need for quicker and more secure payments to subcontractors, ultimately saving the company over $100,000 annually. Her ability to streamline processes reduced the necessity for additional staffing and substantially decreased error rates through a more robust approval system.
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Ella Hu
An esteemed Corporate Accountant, Ella Hu played a pivotal role in adopting AvidXchange’s payment automation. By replacing outdated manual processes, Ella helped her company save around $45,000 each year while accelerating payment processing times from 14 days to just 5 days, significantly enhancing supplier satisfaction.
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Farzana Sarpas
As a Staff Accountant in Development Accounting, Farzana spearheaded the automation of AP processes at Rancho Mission Viejo using AvidXchange’s solution. Her initiative, which involved a new company portal for seamless invoice management, resulted in saving an astonishing 40 hours each week, allowing her team to focus on more strategic initiatives while providing comprehensive training and support during the transition.
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Ja’Net Penn
Ja’Net, as an Accounting Manager, led Peak Property Management into a paperless AP process using AvidXchange. This switch dramatically reduced invoice approval times by 30%, fostering enhanced customer retention and allowing for critical tracking of unapproved invoices, resulting in a significant increase in accountability and timely payments.
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Kelly Brummer
Kelly, the Controller AVP at Premier Bank, was instrumental in modernizing the AP and expense reimbursement procedures, achieving savings of approximately $79,000 annually. Her efforts significantly reduced administrative tasks for employees, empowering the finance team to engage in more high-level strategic work.
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Shannon Powers
The Manager of HRIS & AP, Shannon implemented advanced workflows with AvidXchange’s invoice automation, slashing approval times to under 24 hours. Her initiatives not only enhanced efficiency but also improved accuracy to near perfection, demonstrating the power of automation in the workplace.
A Lasting Impact on the Industry
Michael Praeger, Co-Founder, Chairman, and CEO of AvidXchange, emphasized the importance of innovation in accounts payable, stating, "Innovation transcends mere process improvement; it creates impactful change for financial and operational success. Our inaugural class of Change Makers represents this forward-thinking mindset, and we are proud to honor their remarkable contributions that will shape the future of our industry.”
Recognition and Future Nominations
All winners of the Change Maker Awards will experience recognition on the iconic Nasdaq Tower. Furthermore, each will have a donation of $1,000 made to a charity of their choice by AvidXchange, highlighting the company’s commitment to community and philanthropy. Nominations for the second annual Change Maker Awards will commence in the near future, opening avenues for more innovators to be recognized for their efforts.
About AvidXchange
AvidXchange stands at the forefront of accounts payable (“AP”) automation and payment solutions tailored for middle market businesses and their suppliers. With a robust software-as-a-service platform, AvidXchange digitizes and automates AP workflows for more than 8,000 companies, facilitating payments to over 1.2 million suppliers over recent years. The company continues to revolutionize the way businesses manage their expenses and payments.
Frequently Asked Questions
What is the Change Maker Awards program?
The Change Maker Awards program by AvidXchange celebrates individuals who have driven innovative changes in accounts payable processes.
Who were the winners of the inaugural Change Maker Awards?
Winners include Alexis Bates, Ella Hu, Farzana Sarpas, Ja’Net Penn, Kelly Brummer, and Shannon Powers, all recognized for their transformative contributions to AP.
What benefits did the winners achieve through AvidXchange's solutions?
The solutions led to significant cost savings, reduction in processing times, improved accuracy, and enhanced supplier satisfaction.
How does AvidXchange give back to the community?
AvidXchange donates $1,000 to a charity of each winner's choice as part of the awards, reflecting its commitment to community impact.
When will the next nominations for the Change Maker Awards open?
Nominations for the next round of Change Maker Awards are expected to open in the near future, continuing the recognition of innovation in the industry.
