AvidXchange Announces Strategic Partnership and API Integration with MIP Fund Accounting by Community Brands to Transform Invoice-to-Pay Processes for Social Good Entities

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.”