AvidXchange (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced a strategic partnership with MIP Fund Accounting by Community Brands (MIP) in combination with a new invoice-to-pay application programming interface (API) integration.
This partnership grants MIP – a cloud-based, SaaS fund accounting solution purpose-built for nonprofits and government organizations – the ability “to market and offer AvidXchange as an AP automation solution to its 6,000 customers across the country.”
Through this partnership, AvidXchange offers MIP customers “a more seamless and efficient way to process invoices and make payments, freeing up their time to focus on more strategic work to drive their mission forward.”
The API integration between AvidXchange and MIP enables customers “to sync GL codes, vendor lists, invoices, and payments, reducing time spent on manually executing these time-intensive and repetitive tasks.”
Together, this provides a fully digitized invoice-to-pay process, “including configurable user permissions and transparency into dataflows between the systems, offering more visibility and control than if a customer completed this process using paper-based methods.”
In addition, custom workflows support additional “layers of control on the platform, creating security gateways to help reduce the risk of fraud. Real-time data and insights through AvidXchange’s reporting capabilities allow for increased visibility into the organization’s finances than if executed offline.”
Dan Drees, President of AvidXchange, said:
“We’re familiar with the unique challenges that social good entities face when operating manual back-office processes. We have a long history of providing services to these organizations and are thrilled to announce our partnership with MIP, as well as this API integration, to continue offering relief and time back to the people working hard to make a difference in our communities.”
Neil Taurins, General Manager of MIP at Community Brands, said:
“We’re proud to collaborate with AvidXchange and are confident this partnership will help many of our customers with their invoice-to-pay process. We’ve been in the business for more than 40 years and realize that now more than ever, it’s important to focus on efficiency and security, and we’re excited to now offer both with this partnership and integration.”
As noted in the update, AvidXchange is a “provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers.”
AvidXchange’s Software-as-a-Service (SaaS) based, end-to-end software and payment platform digitizes and automates the AP workflows “for over 8,000 buyer customers, and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years.”