#USA #Duluth #CINC Systems #AvidXchange #Payables+

CINC Systems Launches Payables+

CINC Systems, a leader in technology for community association management (CAM), has made a significant stride in enhancing accounts payable processes with the launch of Payables+, a state-of-the-art solution powered by artificial intelligence. This advanced platform integrates multiple functions aimed at streamlining financial operations for CAM companies, ultimately transforming their accounts payable from a traditional cost center into a robust revenue-generating function.

Key Features of Payables+

Payables+ promises a powerful combination of features that significantly enhance the efficiency of invoice management. Key functionalities include:

• - Automated Invoice Ingestion: This allows invoices to be inputted without manual entry, minimizing errors and speeding up the process.
• - Ledger Coding: Smart algorithms assist in accurate ledger coding, which helps in maintaining financial compliance and precision.
• - Digital Vendor Payments: The platform enables seamless electronic payments to vendors, reducing the time and effort previously required to process payments through traditional methods.

These features not only improve operational efficiency but also mitigate common manual errors and the risk of fraud, a critical concern in financial management.

Enhancing Operational Efficiency in the CAM Industry

With expectations for high operational efficiency rising, the introduction of Payables+ stands out. CINC Systems recognized that many companies in the CAM sector were struggling with the operational challenges posed by outdated manual processes in accounts payable. The automated workflows provided by Payables+ allow businesses to grow without the need for a proportional increase in staffing, thereby optimizing resources.

Through this single platform, CINC Systems merges AP automation, intelligence, and payment execution, allowing finance teams to redirect their focus on more strategic tasks rather than getting bogged down by manual entry and error correction.

Collaboration with AvidXchange

One of the standout aspects of Payables+ is its partnership with AvidXchange, a renowned leader in accounts payable automation. By combining CINC's proprietary Cephai+ AI with AvidXchange's payment capabilities, the solution offers end-to-end automation of invoice processing and vendor payments all in one place. This collaboration promises real-time visibility, allowing managers to track and manage payments effectively, thus reinforcing accuracy and compliance.

Bryan Chan from Neighborhood Community Management lauded Payables+ for its user-friendly integration with existing CINC software and AvidXchange’s esteemed payment solutions. He described the previous manual process of reviewing invoices followed by manual payment as tedious. Now, with Payables+, he verifies invoices and pays vendors electronically at the click of a button, resulting in substantial time savings.

Industry Response and Future Prospects

Ryan Davis, CEO of CINC Systems, emphasized that Payables+ addresses the prevalent need in the industry for effective and secure vendor payment methods. He stated there has already been considerable interest from current clients eager to leverage the operational benefits, which not only enhance productivity but are also economically favorable for the companies' bottom lines.

Looking ahead, CINC Systems is hosting a webinar on March 12th to delve deeper into the capabilities of Payables+. Interested parties can register to learn how to optimize their accounts payable processes utilizing this innovative tool.

About CINC Systems and AvidXchange

CINC Systems, founded in 2005, serves as the largest technology partner in the CAM space, currently powering over 50,000 communities and more than 6 million doors. Their integrated AI-enabled platform unifies accounting, banking, operations, and resident engagement for various types of communities.

AvidXchange, with over 25 years of experience, revolutionizes the accounts payable landscape by offering intelligent AP software tailored for mid-market businesses. Boasting a wide network of suppliers and meticulously processing B2B payments, AvidXchange is licensed in several states, showcasing their commitment to securing and enhancing financial operations across various industries.

In summary, the launch of Payables+ by CINC Systems marks a turning point in the capabilities of accounts payable within the CAM industry, setting a new standard for efficiency and financial management in an increasingly competitive landscape.