MineralTree Rolls Out Duplicate Invoice Payment Detection Feature
For MineralTree customers, duplicate invoice payments are now a thing of the past.
Few things are more time-consuming to accounts payable managers than inadvertent duplicate invoice payments.
Not only does it cost the initial amount of time required to process and pay the duplicate invoice, but it also costs extra time (and an awkward conversation) to go back and reconcile that incorrect payment with your vendor. Multiple duplicate invoice payments can quickly turn a routine month-end close into a frustrating nightmare for any accounts payable manager.
The total cost of duplicate invoice payments can equate to a loss of $300,000 for medium-sized businesses over a three year period (Infor).
Even worse, it’s very easy to fall victim to this mistake. The leading causes of duplicate invoice payments are little things that tend to go unnoticed; vendor duplicates in your ERP, multiple source documents, and simple data-entry errors.
MineralTree realizes that if you’re a medium-sized business trying to grow, duplicate invoice payments is a burden that you could definitely do without. As a result, MineralTree customers are now benefiting from Duplicate Invoice Detection.
This feature exemplifies another step toward MineralTree’s mission to erase all inefficiency from the end-to-end accounts payable process.
What is Duplicate Invoice Detection?
Duplicate Invoice Detection is a time-saving feature that is now built into MineralTree Invoice-to-Pay.
Every invoice that is imported into MineralTree will be automatically compared with all previous invoices, and if an identical invoice number is detected, that invoice will be flagged for review.
Accounting managers will have the opportunity to verify that the invoice is a duplicate, and block it from continuing to be processed.
How do I start using Duplicate Invoice Detection?
For MineralTree customers, there is no action needed to enable this feature. It is already actively running on MineralTree, and in all necessary cases, you will start noticing flagged duplicate invoices appearing in your Invoices tab.