Intuit QuickBooks Online Customers Increase Efficiency with Fully Automated AP and Payment Solution by AvidXchange

PRESS RELEASE

CHARLOTTE, N.C., Dec. 06, 2022 — AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced an invoice-to-pay application programming interface (API) integration with Intuit QuickBooks Online (“QuickBooks Online”). This new offering provides customers who rely on QuickBooks Online, a fully automated, end-to-end, cloud-based AP and payment solution.

Built on the AvidConnect platform, this seamless integration enables automatic syncing of accounting codes, vendor information, invoices and payments via combined AvidInvoice, AvidPay and QuickBooks Online technology. This helps customers with complex needs, especially those who have outgrown their AP solution provider or processes, save time spent on manually handling these crucial AP tasks.

Additionally, when compared to manual processes or using paper checks to pay vendors, this end-to-end automated process is overall more efficient as the AP process is conducted through a singular cloud-based platform. This also provides more insight and transparency into the payment data which allows customers to learn from each transaction, finding patterns, repeat payments and more. Furthermore, its digital nature enables customers to reduce accounting costs by reducing the need to buy envelopes and stamps to mail paper checks and make trips to the bank to pay vendors.

“Adding an integration for QuickBooks Online to our existing QuickBooks portfolio showcases our dedication to improving our solutions to meet the needs of our customers today,” said Dan Drees, Chief Growth Officer of AvidXchange. “This is an exciting new integration for us, as well as the middle market as a whole, as we expand our capabilities across more existing platforms.”

To learn more, stop by the AvidXchange booth (#B3) at QuickBooks Connect in Las Vegas, NV from Dec. 7 – 9, 2022, or visit: https://www.avidxchange.com/solutions/avidsuite-for-quickbooks/.

About AvidXchange®

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years.

AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.

To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.

Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Contact
Olivia Sorrells
[email protected]
386-848-3656

Olivia Sorrells

Olivia Sorrells

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