AvidXchange reveals businesses leverage new technologies to combat COVID-19 stress

By Pavithra R

AvidXchange, a FinTech provider of accounts payable (AP) and payment automation solutions for the middle market, has announced that after surveying around 500 finance executives from U.S. businesses, the FinTech found how they are coping with the stress incurred from COVID-19.

The research revealed that 66% of finance professionals, ranging from middle-management to CFOs, have experienced heightened levels of stress directly related to the impacts of the pandemic, and as a result are turning to technology to help combat increasing pressure and workloads.

The key insights from the study show that three out of four respondents work at businesses that have implemented at least one new technology or system in the wake of the pandemic, and 78% agree new automation and technology would help to reduce rising stress further. 84% also believe emerging technologies would help them work more efficiently both during and post-pandemic.

Despite increased reliance on technology and automation, AvidXchange’s research found a critical disconnect in the addition of new solutions to a finance team’s tech stack. Only 35% of businesses are leveraging fully integrated systems to manage their financials. With more than 75% of finance teams relying on at least two, and sometimes four or more different applications to govern day-to-day processes, this can have a significant impact on workplace efficiency and productivity.

“As finance teams are considering returning to the office, a long-term work from home scenario or even a combined approach, they’re trying to figure out the best way to operate effectively in an environment that continues to change. Building the right tech stack gives businesses the agility needed to help employees work smarter and reduce their stress, while also helping to prepare for the future in a time when it’s difficult to plan ahead,” said Joel Wilhite, Chief Financial Officer at AvidXchange.

According to AvidXchange, ensuring connectivity between solutions is critical in simplifying processes, reducing costs and ensuring free-flowing information and data from one application to another, which impacts strategic decision-making while enabling transparency and control over cash flow.

Founded in the year 2000,  AvidXchange provides automating invoice and payment processes for mid-market businesses. The company’s solution portfolio includes Purchase Order Software, Automated Invoice Management Software, Bill Payment Software, Check Printing Software, Utility Bill Management Software. The company recently secured $128 million, soaring its latest financing to $388 million.