AvidXchange Announces Strategic Partnership and API Integration with MIP Fund Accounting by Community Brands to Transform Invoice-to-Pay Processes for Social Good Entities
23 May 2024 - 11:00PM
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 StatementsThis 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.
ContactKevin Loganpr@avidxchange.com
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