MineralTree Elevates Accounts Payable Automation to New Heights with Latest Round of Enhancements
MineralTree has taken another step forward in its mission to seek out and attack inefficiencies in everyday accounts payable with its latest round of product enhancements.
Bringing new efficiency to invoice payments is critical. After all, businesses are now typically processing over 100 invoices every month. A stable of new features and product enhancements will now enable MineralTree customers to kick up accounts payable efficiency and security another notch, and reap the benefits of an optimized end-to-end accounts payable process.
These benefits include increased simplicity, improved control over working capital, and enhanced security.
Creating Simplicity and Driving Efficiency
Detect Duplicate Invoices, Automate Purchase Order (PO) Matching, Automatically Schedule Approved Payments.
AP professionals know that paying the same invoice twice is among the costliest of mistakes they can make. It is time wasted reconciling spurious payments, time spent having awkward conversations with suppliers to recover funds, and in some cases, dealing with unexpected cash flow issues. With MineralTree, automated Duplicate Invoice Detection saves precious time during the invoice approval process and eliminates the possibility of paying the same invoice twice.
Purchase Orders (POs) provide businesses with critical controls when purchasing goods and services from suppliers. However, for the AP department, matching incoming invoices against existing POs can be a time-consuming, tedious, error-prone task. MineralTree Invoice-to-Pay now employs Automated PO Matching through advanced algorithms and AI techniques to automatically match invoices against POs — a boon for overworked AP departments seeking to follow-through on the controls promised by the introduction of POs.
Automated Payment Scheduling takes the burden of manually tracking payment deadlines and discount requirements off the shoulders of AP staff. By providing “set-it-and-forget-it” functionality for approved invoices, AP managers can now be sure to manually schedule payments, optimize cash flow, while eliminating costly fees from late payments.
Whether taken together or considered individually, these three features further streamline and simplify the AP processes that are already automated by MineralTree Invoice-to-Pay.
Delivering Discounts, Cashback, and Greater Working Capital Benefits
Automatic Application of Discounts, Vendor Payments using Virtual Credit Cards.
“2/10 Net 30.” For AP managers, that’s tantalizing shorthand for 2% return on capital over a 20 day period, or an impressive 37% annualized return. But, for most AP managers, the ability to ask for and use offered discounts is hampered by the complexity of managing discount calendars and completing the Automatic Early-Pay Discount Application rounds out the latest group of enhancements, by making it even easier for customers to reap the benefits of efficiency in the form of vendor discounts.
This feature ensures that the amount due on an invoice that is displayed in MineralTree reflects the early-pay discount, along with the due date for that payment in order to receive the discount. After the early-pay deadline passes, the amount displayed updates automatically to reflect the amount due without the discount.
Prior to this capability, AP managers were stuck tracking discount and payment deadlines with different spreadsheets and calendar apps, and needed to calculate the discount manually before sending the payment.
MineralTree customers have also seen greater working capital benefits as a result of an expanded network of merchants participating in MineralTree’s virtual card program – SilverPay.
There are now officially 500,000 vendors enrolled in the SilverPay network, enabling more MineralTree customers than ever before to benefit from the faster payments, reduced exposure to check fraud, and cash-back rebate that come with virtual credit cards.
Enhancing Security & Control
MineralTree has also built even more security into its product with fine-grained visibility into all account activity and advanced audit reporting.
With increased visibility into all account activity, customers are now able to track every interaction with the MineralTree platform, and trace updated account information back to individual employees. This improvement adds another layer of accountability to the accounts payable process, and deters internal employees from committing any kind of fraudulent activity.
Advanced audit reporting makes it easy to access approval details for every invoice that is paid by providing one centralized and searchable location that houses all invoice data. Not only does this further discourage internal employees from attempting any fraudulent activity, it also minimizes the strain on employees responsible for providing documentation during audits.
These new features add to an already robust collection of features in MineralTree’s Invoice-to-Pay software, including streamlined invoice capture and approval workflows, bank account and accounting system integrations and advanced payment security features such as payment limits, two-factor authentication and two-factor payment verification.
Curious to learn more about AP Automation for your team? Contact us to learn more about MineralTree.
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