Vestar Automates Complex AP Processes with AvidXchange and MRI Software

Vestar is a development and property management company primarily focused on retail properties. Their portfolio includes owned, joint-venture, and third-party managed properties. Since 2006, Vestar has been leveraging MRI Software solutions and AvidXchange to streamline its accounts payable (AP) operations.

Business Challenge

When the Vestar AP department leadership changed in 2018, the new goal was to automate the AP process. The previous staff believed the complexity of their operations made automation unfeasible. However, after attending a conference and learning about AvidXchange’s indexing and automated payment services, Vestar decided to implement these solutions.

Initially, Vestar faced several challenges:

• Manual Processes: The AP staff manually scanned and uploaded invoices, which was time-consuming and prone to errors.
• Complexity: Vestar’s diverse property management operations, including owned, joint-venture, and third-party properties, added layers of complexity to the AP process.
• Resistance to Change: Prior staff were skeptical about the feasibility of automation due to the perceived complexity of their operations.
• Efficiency: There was a need to improve efficiency and reduce the time spent on repetitive tasks.

Solution

To address these challenges, Vestar began by automating invoice processing with MRI Vendor Pay (MVP) powered by AvidXchange. This initial step demonstrated that automation was possible despite the complexity. By 2019, Vestar had fully automated their AP processes with MVP, which proved timely when the COVID-19 pandemic hit, allowing them to maintain operations smoothly despite disruptions.

The embedded MVP integration and automation have reduced the need for manual invoice scanning and uploading, allowing Vestar’s AP staff to focus on more strategic tasks. The MVP integration has further streamlined processes by consolidating proof of payment information across systems and banks.

Business Impact

The tangible benefits of the integration between MRI’s property management solution and AvidXchange’s AP automation software include time savings, cost reductions, and error minimization. Specific metrics that improved after automation include:

• Reallocation of AP Staff: Vestar reduced their full-time AP staff from three to one, reallocating headcount to other critical business areas.
• Time Savings: Automation saved many hours per month for field staff who previously scanned invoices manually.
• Efficiency: The integration of MVP optimized operations by consolidating proof of payment information across systems and banks, reducing the time spent on these tasks.

Conclusion

The combined use of MRI’s property management solution and AvidXchange’s AP automation software has provided Vestar with seamless embedded integration, enhanced automation, and improved decision-making capabilities. These solutions have allowed Vestar to scale their operations efficiently and manage fast growth. The partnership has resulted in significant time and cost savings, reduced errors, and streamlined processes, positioning Vestar for continued success in the property management industry.

Vonavie Leonard, Accounting Systems Manager at Vestar, emphasizes the value of MVP: “If you’re thinking about using the AvidXchange MVP product, you will wonder why you didn’t do it sooner.”