Austin, TX (September 21, 2021) – Rabbet, the leading provider of real estate development management software, today announced a partnership with AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market to enhance the invoice management process for real estate development teams.
Rabbet’s technology will now communicate with AvidInvoice, AvidXchange’s AP solution designed to shorten lifecycle times and streamline workflows with electronic invoicing. This new functionality reduces the need to duplicate invoice data, allowing invoices to be paid more efficiently and with less errors to minimize costs and time spent with manual processing.
“This partnership not only deepens our position within the real estate industry but will also provide a better experience for Rabbet’s customers,” said Joe Fox, Chief Product Officer of AvidXchange. “As we work together, our hope is that customers will see a significant impact on collaboration between their development teams and accounting teams, and transformation in their day-to-day invoice processes.”
Real estate development teams often rely on accounting teams to compile invoice information, and much of their work is managed in spreadsheets that don’t tie to accounting’s records.Through this partnership, AvidXchange will help Rabbet customers improve collaboration between those teams and maximize efficiency. Stream Realty Partners, one of the fastest-growing full-service commercial real estate companies, and a mutual customer of Rabbet and AvidXchange, is already seeing the benefits of the partnership.
“Now, with the partnership between Rabbet and AvidXchange, both our accounting team and the development team can trust their information and carry out their respective processes with ease,“ said Albert Jarrell, Partner and Managing Director of Construction Management for Stream Realty Partners. “By using both AvidXchange and Rabbet, managing invoices has become significantly more efficient.”
Will Mitchell, CEO of Rabbet says, “Our most recent construction payments report showed that slow payments cost the industry over $100 billion last year. By collaborating with AvidXchange we are taking an exciting step towards our goal of streamlining payments in construction finance, allowing real estate development companies to save time, reduce errors, and build stronger relationships with all project stakeholders.”
About Rabbet
Rabbet provides cloud-based solutions for commercial construction lenders and real estate developers to organize construction finances, automate administrative tasks, and improve collaboration. Based in Austin, TX, Rabbet was founded in 2017 and offers visibility and efficiency across billions of dollars in commercial construction projects.
