AvidXchange, a U.S. fintech that provides accounts payable and automated payment solutions to midsize businesses, announced on Wednesday it has launched accounts payable automation with its AvidXchange Strongroom product to more than 500 community management companies and 50,000 homeowners associations (HOAs). According to AvidXchange, the AvidXchange Strongroom product helps companies scale and add communities to their portfolio by providing a faster, more reliable way to process invoices and make payments. AvidXchange Strongroom provides a full audit trail, greater accuracy in reporting and the ability to give board members full insight into spend.
As part of the announcement, AvidXchange reported it has formed a partnership with Vantaca, an end-to-end software solution designed specifically to meet the complex needs of association managers, accounting teams, board members and homeowners. Tyler Gill, Vice President of Home Owner Associations at AvidXchange, stated:
“The momentum behind AvidXchange Strongroom has only continued to build over the past four years, solidifying its position as the leading purpose-built solution for community association management. We are excited to deliver new enhancements like the Vantaca integration and look forward to partnering with a fellow innovator in the industry to bring more value to our customers.”
Dave Sweyer, CEO of Vantaca, went on to add:
“Vantaca provides an end-to-end software solution that is adaptable to community association businesses’ unique needs, providing real-time communication and service between the company, homeowners and board members. Now, through the integration with AvidXchange Strongroom, our solution is making the lives of our users even more efficient because they can automate manual invoice and payment processes, while keeping data in a single platform.”