Charlotte, NC (February 13, 2014) - AvidXchange is pleased to announce the successful completion of its 2013 SSAE 16 – SOC 1Type II Audit. New AICPA reporting standards enhance Service Organization Control (SOC) reporting by adhering to the enacted Statements on Standards for Attestation Engagements No.16 (SSAE 16) auditing procedures. The SSAE 16 – SOC 1Type II Audit reports on controls in place for AvidXchange’s applications and services, and tests the effectiveness of those controls for the period ended November 30, 2013.
The AvidXchange Service Auditor’s SOC 1 Type II report, issued January 31, 2014, concludes that all available AvidXchange applications including: AvidPay, AvidInvoice, AvidBuy, AvidContract; AvidSync, AvidReport, the AvidBill Network, their Monitoring Services and integration Bill Processing Center (BPC) meets, or exceeds, the audit standards established by the American Institute of Certified Public Accountants (AICPA). The auditor’s examination of AvidXchange’s control environment included the following areas:
Application Implementation and Change Management
Backup & Disaster Recovery
Organization & Human Resources
An SSAE 16 – SOC I Type II audit gives AvidXchange customers the highest level of assurance that their data is in a safe environment. AvidXchange’s processes and controls ensure their clients ongoing safety and integrity. The SSAE 16 – SOC 1Type II audit report is designed to be incorporated into your Sarbanes-Oxley compliance program.
AvidXchange’s Service Auditor confirmed that all SSAE 16 – SOC 1Type II controls are in place as stated, suitably designed to achieve specified control objectives, reasonably effective in meeting those objectives and there is minimal risk in utilizing AvidXchange applications or services. SSAE 16 – SOC 1Type II audits are performed annually. This audit marks the ninth (9th) consecutive year that AvidXchange has met the required audit criteria for service organizations ensuring their applications and services meet the highest operational standards.
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automation increases control and visibility into the bill payment process to reduce processing time, allow early payment discounts and eliminate late fees. Automation eliminates paper by electronically capturing invoices, using intelligent business rules to route invoices for approval and storing all information electronically providing anytime, anywhere access to invoice status and history. AvidXchange makes it easy to automate and backs this great customer experience with a 45-day implementation guarantee. As the first SaaS technology vendor to automate invoice processing, AvidXchange works with suppliers to electronically send and receive all invoices through the AvidBill Network. Standard integration to more than 40 accounting systems speeds adoption and simplifies setup. AvidInvoice significantly reduces operating costs and improves productivity in a company’s accounts payable department. AvidPay eliminates 100% of paper checks from company’s payment processes, maintains vendor information and payment preferences, and facilitates payments for every invoice, every vendor, and every bank. Headquartered in Charlotte North Carolina, AvidXchange is privately held with over 150 employees nationwide. Contact us at 800.560.9305/ info@AvidXchange.com