When using an accounts payable (AP) automation system, it’s important to find a solution that integrates with your existing technology. A full application programming interface (API) integration between your property management accounting software and AP automation solution can offer a more efficient AP process.
API integrations, like AvidXChange and ResMan Software, replace a manual, file-based process with a secure, automated sync of GL codes, suppliers, payment details and invoice batches.
Real estate industry leaders Michael Dunn, CEO at ResMan Software, and Brian Thayer, VP and Business Line Executive, Real Estate at AvidXchange, recently sat down to discuss the integration and the value it brings to accounts payable (AP) professionals within the real estate industry.
Let’s take a closer look at how the API integration can help streamline your AP processes.
Here are three benefits of the AvidXchange and ResMan API integration:
1. Grow your portfolio with faster, better cash management
“We know in real estate, margins are everything,” Thayer said. “Growth is important, so we built our software with real estate in mind to help customers grow their business effectively without having to add overhead and staff every time they add a new property.”
Businesses find it much harder to scale when paper invoices and checks are involved. AP automation helps get rid of paper, reducing time-consuming, labor-intensive manual aspects of an accounting practice.
“We saw a huge opportunity to help real estate companies speed up payments, create efficiencies and create a path for growth,” Thayer added.
2. Work more efficiently with one centralized platform
“Real estate companies have properties everywhere – sometimes out of state, sometimes even out of the country. Centralizing AP processes in a way to pay bills in 30 days was nearly impossible,” Thayer explained. “By the time AP departments got checks out the door, they were bumping up into due dates and late fees.”
Property managers can work more efficiently and ensure they make payments on time with seamless, cloud-based solutions. The API integration brings together all the information real estate companies need to process invoices, match them against purchase orders and get suppliers paid quickly and securely, from anywhere – all within one centralized platform.
“Many of our customers were asking for deeper integrations between ResMan and our strategic partners so they’re not bumping out of systems. They want it to feel like a seamless workflow,” Dunn said. “We’ve embedded the visibility within ResMan for all invoices, payments and approvals.”
3. Gain a central network of suppliers and increase speed to market
Real estate companies can benefit from an integration between their core accounting system and an AP automation platform that provides a strong network of suppliers.
“The other thing ResMan customers don’t realize is they gain a large expansive network of vendors that they have access to as well through AvidXchange,” Dunn said.
Property managers often make the same type of purchases for landscaping, maintenance and appliances. Integrating with an AP automation system that has already enrolled hundreds of thousands of suppliers, which likely means their suppliers are already enrolled.
“The lift to get going is nothing, the suppliers know who we are, and we can be that conduit between buyer customers and how they interact with their vendors,” Thayer explained.
Ready to streamline your AP?
If it’s time to free yourself from the costly, inefficient paper chase of manual payment processing, look to a partner who gets your pain.
AvidXchange has a rock-solid partnership with ResMan to service the real estate industry. That means you get a complete AP solution that is fully integrated with your current system and existing processes.
And, you get a dedicated team of experts that’s up to speed on the ins and outs of suppliers that are critical to your business and committed to ensuring they’re accurately and promptly paid.