"Over the past three years we’ve grown to 60 branches. AvidXchange is a central role into that growth.”
SmartBank emerged when long-time executive bankers decided to start the process of organizing a bank with the image, values and service that would be incomparable to any other bank in the market.
Recruiting the best people, delivering exceptional client service, strategic branching and a conservative approach to lending have all given rise to SmartBank’s success. Committed to creating a better bank, they continue to work hard and capitalize on opportunities to build value for shareholders, clients and associates.
Tara Phillips, AP Manager at SmartBank is an experienced financial professional who oversees the AP automation process and relationships with several corporate vendors.
Paper-Based Process Led to Multiple Errors and Wasted Time
Before integrating AvidXchange’s AP automation solutions, SmartBank relied on a paper-based accounts payable system, susceptible to errors, duplications, and payment mismanagement. With new vendors added daily, there was no centralized platform for tracking invoices and payments. The team wasted valuable time sifting through extensive data, highlighting the urgent need for a transformation.
Increased Financial Security with a Trusted Partner
As a financial institution, trusting a partner with their client’s information is imperative. Thanks to AvidXchange’s security features like fraud prevention around check payments, Phillips’ stress level has decreased exponentially. Seamlessly integrating with all SmartBank’s core banking platforms, Phillips and her team saw a significant time reduction in processing payments without adding headcount. Their vendors couldn’t believe how fast they were being paid which strengthened relationships tenfold.
Automated AP Process Means More Time to Give Back
Prior to adopting AvidXchange, it took roughly 60 days to receive, process and issue payment. Now, the process has been cut down to seven days, reducing AP time by 2,000 hours and cutting costs by roughly 30% annually. With all the time-savings Phillips and team transitioned their focus on other projects like supporting their community by collecting donations for the homeless shelter. Over the last three years, SmartBank has grown to 60 branches in the Southeast. Phillips exclaims AvidXchange has played an integral role in that growth through seamless integration.
Receive curated insights and resources directly to your inbox.
AvidXchange HQ
1210 AvidXchange Lane
Charlotte, NC, 28206
800.560.9305
SOC Report | PCI DSS | Privacy Notice | Terms of Use | Customer Notice | Site Map | NMLS ID #: 1494826
AvidXchange, Inc. is licensed as a Money Transmitter by the New York State Department of Financial Services.
We use cookies to improve your experience, personalize content and analyze our website’s performance. For more information on how we collect and use this information, please review our privacy policy.