Top Reasons To Automate Accounts Payable

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Many finance professionals are actively evaluating Accounts Payable Automation. To help you make the right decision, below are the top eight reasons to automate your accounts payable (AP) process with MineralTree.

  1. Support more strategic decisions. A study by APQC found that nearly half (49 percent) of a financial manager’s work is spent on transaction processing. In order for finance teams to focus more on corporate strategy, the time spent on paying vendors must be reduced.
  2. Effortless installation. With minimal disruption to current processes, you can automate AP in just three simple steps: a project planning call, implementation call, and role-based training.
  3. Bi-directional synchronization. With MineralTree's 2-way synchronization capabilities, payments are automatically recorded in real-time and synced with your accounting system, eliminating the need for dual data entry.
  4. Increased security. Unlike personal accounts, businesses are often held liable for unauthorized online fund transfers. MineralTree Invoice-to-Pay offers protection from online fraud with 2-factor authentication, 2-factor payment verification, and segmentation of duties for better control of your cash flow. SilverGuard, MineralTree's payment fraud protection plan, is included in every MineralTree solution and provides fraud loss protection up to $100,000 per year.
  5. Multi-entity support. MineralTree supports multi-entity set-ups by allowing customers to either sync individual entities to individual MineralTree “companies” or sync all of them to one MineralTree company via the root entity.
  6. No intermediary accounts. Many AP Automation solutions use intermediary accounts to process payments which have many downsides including no control over timing, reduced security, and reconciliation issues. With MineralTree, checks are mailed directly to your vendors using your bank account, digital signature, and account number.
  7. Constant accessibility. MineralTree has the flexibility to route invoices for approval based on vendor and the ability to follow existing workflows or create new processes so you can approve invoices at any time from any device.
  8. Unlimited document storage. With MineralTree Invoice-to-Pay, invoices, important documentation, and check payment images are stored electronically and are easily searchable, eliminating the constant hunt through paper files.

Are you ready to make the change to automated AP? Schedule a demo online today with MineralTree.

by MineralTree

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