Reasons Your Business Should Invest In AP Automation In 2017
2017 is here and automation is leading the charge. Finance departments have an overall goal of being efficient and strategic. One of the easiest ways for finance departments to improve efficiencies is to modernize the AP process.
So, why should you automate your Accounts Payable process?
Because you know too much not to. You know that paper-based, manual processes are inefficient and risky. You know that technology helps other parts of the business move forward. And you know that you can add more value than chasing down approvers and paying bills.
Still not sure? Here are a few reasons why AP Automation should be a priority for your business in 2017.
- Automatic invoice capture. Say goodbye to keying in invoice data and hello to automatic invoice capture. Your invoices will be presented to you for review with all header and line item information extracted.
- Approval routing and workflows. Upon review, invoices will be routed to the appropriate department based on vendor name, location, or even dollar amount.
- No settlement accounts. Payments sent from MineralTree are are mailed directly to your vendors using your bank account, digital signature and account number. (Hint: everyone else uses them!)
- Rebates and rewards. Earn cash rebates with MineralTree’s secure electronic payment program that provides vendor enrollment services and cash back on all payments sent to enrolled vendors. Or, use your own corporate credit card!
- Constant accessibility. No matter where your team is, they can easily route invoices for approval or authorize payment on-the-go.
- Greater security. 2-factor authentication, 2-factor payment verification and segmentation of duties give you better control of your cash flow. And, our solution offers fraud loss protection up to $100,000 per year.
- Multi-entity support. Have more than one business entity? Don’t worry, MineralTree makes it easy to manage your business entities in one system.
- Electronic document storage. No more paper! Vendor invoices and check payment images are stored as searchable documents at no added cost.
- Painless installation. In about two weeks, we can have your business up and running!