Frontsteps Adds Edenred Pay Invoice Processing to Community Management Platform
Edenred Pay and Frontsteps teamed to enhance the invoice approval experience and streamline the processing and payment of vendor invoices for community management companies.
The partnership was announced by Edenred Pay, a supplier of invoice-to-pay automation, and Frontsteps, a provider of community association management software solutions, in a Thursday (Feb. 29) press release.
“By optimizing the invoice approval experience throughout the Frontsteps platform, we are delivering unparalleled value and convenience to our clients,” Frontsteps CEO Matt DeWolf said in the release. “Together, we’ve created the most elegant and streamlined experience in the market.”
By combining the capabilities of their respective platforms, the two companies aim to optimize how community management companies and the communities they serve handle vendor invoices, per the release.
Edenred Pay’s automated invoice-to-pay cycle, coupled with Frontsteps’ technology platform, will enable users to simplify the process from invoice receipt to payment reconciliation, the release said.
Users can track, manage and approve vendor invoices from the Frontsteps mobile app, according to the release. Once approved, invoices are processed by Edenred Pay using any transaction type, with automated reconciliation in Frontsteps.
With features such as user access permissions, systematic workflows, data encryption and other built-in controls, users can mitigate the risk of payment fraud, the release said.
“The joint solution will enable associations to simplify the processing and payment of supplier invoices while mitigating fraud risk and creating new opportunities to monetize the [accounts payable] value chain,” Edenred Pay Executive Vice President Allen Gracey said in the release.
PYMNTS Intelligence found that firms that invest in AP automation reduce the number of workflow frictions that can delay invoices.
Fifty-four percent of chief financial officers said AP automation significantly reduced invoice tracking delays, according to the PYMNTS Intelligence report “Solving Accounts Payables’ Top Frictions With Automation.”
Meanwhile, Edenred Pay and Data Plus said in December that they expanded their partnership to create a new embedded payments solution for hotels and hospitality businesses.
The new DPPay is designed to improve the complete AP process by increasing efficiency, closing communication gaps in data and automating reconciliation processes.
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