AvidXchange Announces Strategic Partnership and API Integration with MIP Fund Accounting by Community Brands to Transform Invoice-to-Pay Processes for Social Good Entities
AvidXchange (Nasdaq: AVDX) has announced a strategic partnership with MIP Fund Accounting by Community Brands. This partnership includes a new invoice-to-pay API integration aimed at streamlining financial processes for nonprofits and government organizations. MIP, a cloud-based SaaS fund accounting solution, will now offer AvidXchange's AP automation tool to its 6,000 customers. The integration will sync GL codes, vendor lists, invoices, and payments, reducing manual tasks and increasing efficiency. It also provides enhanced security and real-time data insights. This collaboration aims to give organizations more time to focus on their missions.
- Strategic partnership with MIP expands market reach to 6,000 nonprofit and government organization customers.
- API integration reduces manual invoice processing, increasing operational efficiency.
- Enhanced security features through custom workflows help reduce the risk of fraud.
- Real-time data and insights improve financial visibility and control.
- Partnership aligns with AvidXchange's goal of supporting social good entities.
- No immediate mention of financial gain or revenue impact from the partnership.
- Implementation and integration might require additional resources and time from customers.
- Dependence on the success of MIP's customer base and their adoption of the new system.
CHARLOTTE, N.C., May 23, 2024 (GLOBE NEWSWIRE) -- AvidXchange (Nasdaq: AVDX), a leading 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 leading 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.
“AvidXchange’s integration with MIP has been a key element for creating efficiencies and has helped streamline our back-office accounts payable immensely,” said MIP and AvidXchange customer Nick Riso, who serves as the Director of Finance at New Hampshire Children’s Trust. “Our work at New Hampshire Children’s Trust centers on ensuring children in our state grow up in safe, nurturing environments, and leveraging this technology allows us to spend more time focusing on our mission rather than our bills.”
“We’re familiar with the unique challenges that social good entities face when operating manual back-office processes,” said Dan Drees, President of AvidXchange. “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.”
“We’re proud to collaborate with AvidXchange and are confident this partnership will help many of our customers with their invoice-to-pay process,” said Neil Taurins, General Manager of MIP at Community Brands. “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.”
To learn more, visit: https://www.avidxchange.com/solutions/avidsuite-for-mip-fund-accounting/
About AvidXchange®
AvidXchange is a trusted, leading 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. Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license. To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit AvidXchange.com.
About MIP Fund Accounting®
MIP is the industry’s leading fund accounting solution for nonprofits and government organizations across the country. Designed to track unlimited funds and manage financial complexities of nonprofit accounting with ease, MIP streamlines critical accounting and human capital management activities to track every fund, follow every dollar, and flex and scale based on organization needs of today and tomorrow., For more information, visit mip.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Contact
Kevin Logan
pr@avidxchange.com
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