Boston, MA, February 15, 2022 – MineralTree, an Accounts Payable (AP) and payment automation solution provider, today announced the general availability of three new workflow capabilities in its TotalAP platform. The new features provide for faster and easier invoice coding and approvals, shorter cycle times for payables, and reduced workloads for overburdened AP teams.
MineralTree’s AP and payment automation solutions enable mid-market and enterprise users to automate and streamline the complete invoice-to-pay process. Real-time analytics enhance finance teams’ visibility and control over their AP processes, spend, and supplier relationships by providing actionable insights. And MineralTree’s direct, two-way integration with the world’s leading ERP systems eliminates the challenges with other AP automation systems and assures rapid implementation and time to value.
The new workflow capabilities – Copy Coding, Credit Application, and Expense Allocation – further optimize the AP process for MineralTree TotalAP users by eliminating unnecessary manual efforts, automating more tasks, and leveraging ERP integrations.
This new feature makes coding recurring invoices faster (less than a minute) and easier by reducing the amount of data entry required by AP teams.
Accounting managers can automatically code invoice lines based on a previously posted invoice for the vendor, without the need for manually referencing the previous invoice or manually coding each line/expense. AP Managers can also bypass the standard invoice capture process and code recurring invoices immediately, which can help speed up approvals and payments.
Users can now apply credits directly within TotalAP so invoices with applied credits can be paid and reconciled faster. These credits sync seamlessly with the user’s ERP.
Vendor credits are common in B2B commerce. Goods and services are ordered or billed incorrectly, goods may be damaged or lost in transit, or invoices are overpaid or paid twice. With MineralTree’s new Credit Application capability, users can quickly and easily apply vendor credits to payments directly in TotalAP, without the need to manually apply them separately in their ERP. This provides a more seamless invoice-to-pay experience, while also providing better visibility over credits to ensure they are applied correctly.
MineralTree’s new Expense Allocation templates enable allocation of shared expenses at the click of a button. Users can automatically split expenses across multiple departments – based on percentage, headcount, or other supported allocation dimensions from their accounting system. As recurring invoices arrive, users simply apply the pre-built Allocation Templates to these expenses, automatically coding and splitting them without the need for manual calculation.
“We are continuously developing new features and enhancements to add more value for our users while maintaining and improving ease-of-use,” said Elle Kowal, Chief Product Officer at MineralTree. “These new workflow enhancements provide even more tools to accelerate invoice processing and reduce the burden on finance teams, allowing them to support business growth without adding AP headcount.”
2021 State of AP Report
MineralTree provides modern, secure, easy-to-use Accounts Payable (AP) and payment automation solutions to organizations that have a painful number of invoices and payments. By uniting technology and passionate people, we make the process of business payments easy, impactful, and profitable. Our solutions combine ease of use with robust capabilities that drive meaningful insights, transforming the back office into a strategic partner of the corner office. Making you proud of your back office is our purpose. Please visit us at mineraltree.com.
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Source: Company press release.