Accounts payable (AP) and funds agency AvidXchange has acquired AP software program options platform Core Associates, to advance funds automation within the building business and mid-market companies.
“We have spent greater than a decade dedicated to serving to our clients simplify the way in which they course of invoices and funds,” Core Associates Founder and CEO Frank Grenci mentioned in a press release on Monday (Jan. 4).
He added that becoming a member of AvidXchange offers Core the power to increase the center market’s “solely full purchase-to-pay expertise,” whereas additionally lowering the processing time from one month “to solely two or three days utilizing a single answer.”
The acquisition of Core Associates positions AvidXchange as one of many main AP automation platforms serving the mid-market building business. One of many few end-to-end, purchase-to-pay options, AvidXchange presents a number of automated instruments, together with Sage 300 CRE (previously Timberline), Sage 100 Contractor, Acumatica and Sage Intacct Development. Core Associates, creator of TimberScan and different complementary AP instruments, is utilized by over 30,000 companies throughout the U.S.
“There is no such thing as a higher method to begin 2021 than by welcoming Core Associates clients, companions and staff to AvidXchange,” mentioned Michael Praeger, CEO and Co-Founding father of AvidXchange. “With this acquisition, present Core Associates customers and new clients will profit from the mix of TimberScan’s purpose-built AP automation platform and e-payments processed via the AvidPay Community to rework the way in which they pay payments.”
As a part of AvidXchange, Core Associates will nonetheless work to help building business shoppers — together with contractors, business builders and property managers — with TimberScan to facilitate the pivot from guide AP processes to digital invoicing. The combination of TimberScan and AvidPay offers customers a single, automated answer to automate procurement and funds processing.
Core’s construction-sector clients will get entry to AvidPay’s 680,000 suppliers, which advance AP effectivity whereas additionally extending a number of digital fee choices. Digital funds take paper checks out of the equation, thereby lowering the chance of test fraud.
AvidXchange lately launched its “Enhance Your Enterprise” program to assist companies make the pivot from guide AP to digital billing and funds. In a PYMNTS interview, AvidXchange CFO Joel Wilhite mentioned that enterprise continuity planning is crucial for companies dealing with unsure instances.
A PYMNTS research on the development business and funds processing indicated that to ensure that building corporations to outlive post-pandemic, automation is essential.