AvidXchange automates the accounts payable process for multifamily owners, cutting the days-long manual routine to a streamlined, digital workflow. In his showcase at the Multifamily Innovation® & AI Summit, Mimo Olatunji, Account Executive, explained how AvidXchange takes care of the entire process, from the purchase order stage to the final vendor payment, using a series of automated steps that keep both property teams and vendors informed.
Mimo outlined the challenges many multifamily teams face, such as the lengthy cycle of collecting invoices, scanning them into a system, waiting for approvals, and then cutting and mailing checks. AvidXchange replaces this cumbersome process with automation that can complete payments in a fraction of the time. The solution begins at your operating account and ensures every payment is only processed with your approval. Once a payment file is sent via an API connection, vendors receive their funds through their preferred payment method. Whether it’s an ACH payment, a single-use MasterCard for virtual card transactions, or another method, the system handles it seamlessly. With a money transmitter license in all 50 states, AvidXchange ensures full compliance and smooth operation across the board.
AvidXchange’s journey into this space took a decisive turn in 2014 with the launch of AvidPay. This feature provides a single, seamless platform for vendors to get paid on time, reducing the need for constant follow-ups and manual intervention. Additionally, the system includes features like ad hoc approvers, letting you set up proxy approvals when your team is unavailable, so that the process isn’t stalled by staffing gaps. Every action in the system is audit-trailed, date and timestamped, ensuring transparency and accountability. If any payment fails to process, the platform sends detailed reports, allowing for quick resolution.
For sponsor partners, the Multifamily Innovation® Council offers a direct connection to multifamily decision-makers who need practical solutions to streamline operations and improve efficiency. By aligning with AvidXchange’s approach to automated accounts payable, sponsors can show their commitment to tackling real operational challenges. This council is an opportunity to demonstrate how technology can reduce processing times, cut down on repetitive tasks, and ultimately improve cash flow and vendor relationships—key factors in maintaining a healthy bottom line.
Learn more about AvidXchange’s automated accounts payable solutions at https://www.avidxchange.com/ and explore sponsor partnership opportunities at multifamilyinnovation.com. This is a chance to connect with industry leaders who are actively seeking ways to simplify and accelerate their financial operations.