AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, announced AvidPay is now integrated with TimberScan to create a complete purchase to pay AP solution for construction industry professionals. This new flexible API integration enables “AvidSuite for Construction,” a portfolio of construction-specific, fully automated AP products that work directly with construction accounting systems like Sage 300 CRE.
With combined TimberScan and AvidPay technology, customers like contractors, commercial developers and property managers can now match purchase orders, manage invoices, curate reports, and access stored real-time and historical payment information in one centralized platform. Coupled with automation to replace paper invoices and checks with electronic options, this functionality supports increased efficiency and profitability while delivering better visibility into cash flow.
AvidSuite for Construction also provides the opportunity to send more secure, accurate payments through the AvidPay Network of 700,000 suppliers. With multiple electronic payment methods, subcontractors and vendors can choose how they want to receive payment while working directly with AvidXchange’s supplier services team for day-to-day support. This removes the burden of fielding payment inquiries and maintaining supplier payment preferences from internal AP teams so they can save time and focus on more value-add initiatives.
“Construction projects are on the rise in 2021 so it’s the perfect time to launch this industry-specific AP platform in light of next year’s expected growth,” said Jim Campbell, Vice President of Construction at AvidXchange. “This technology will help professionals reduce the time spent on paperwork, allowing them to focus on driving revenue and business growth opportunities.”
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses with 1,500 employees supporting more than 7,000 customers across North America. AvidXchange processed 53 million transactions with over $145 billion in spend under management in 2020 and has paid more than 700,000 suppliers through its network over the last five years.
About Core Associates, an AvidXchange company
Core Associates, an AvidXchange company, is the proud maker of industry-leading AP workflow, invoice approval, document storage and forms-data management solutions. As a certified development partner for digital accounting and construction platforms such as Sage 300 CRE, Sage Intacct and Acumatica, Core Associates provides innovative software designed especially for job-intensive companies. Primarily serving the construction, property management and real estate industries, Core Associates’ product portfolio includes hosted, mobile and cloud-based applications serving more than 30,000 users.