The enhancements are now available for customers of NetSuite and will be available in the first quarter of 2017 for customers of Microsoft Dynamics GP and Intuit QuickBooks.
Growing businesses resort to the use of purchase orders as a way to streamline and control purchasing activity, while also gaining visibility into the impact of spending on budgets. Approved purchases result in purchase orders being issued by buying organizations to their suppliers and vendors. Vendors fulfill purchases – by delivering goods and services – and then present invoices for payment against the purchase orders.
While purchase orders provide greater visibility and control, they also create new work for AP departments. For instance, invoices presented against purchase orders may cite the original purchase order, but it is rarely the case that invoice data – header and line-level information – precisely match the cited purchase order.
The result is that AP departments must manually match and reconcile the presented invoice against the cited purchase order – a task that is laborious, expensive, and error prone.
“The ability to match POs to invoices can significantly streamline the invoice approval process for AP departments—reducing costs, shortening cycle times, and improving early payment discount capture,” said Jimmy LeFever, Director, Research and Consulting for PayStream Advisors, A Levvel Company. “This new functionality from MineralTree is perfect for organizations using NetSuite who are looking for PO matching functionality.”
MineralTree’s new functionality is simple and elegant. By integrating directly with the accounting/ERP system, MineralTree –
“Retrieving the original PO from the accounting system and associating the incoming invoice to the original PO is a critical part of the PO matching process. Simply matching the invoice line items against the purchase order is necessary, but not sufficient,” said Phoebe Caldwell, MineralTree Senior Product Manager. “Our approach to PO matching saves time, improves visibility into PO status, reduces errors and ensures that the accounting/ERP system is always the system of record.”
“We’ve been eagerly awaiting the release of this new feature,” said Jessi Tena, Accounting Manager at Mentoring Minds. “Already, MineralTree has significantly improved our AP processes for non-PO invoices. Now we'll be able to match our internal vendor POs to the correct bills without having to match them manually, which will save us a lot of time. We will scan all bills into MineralTree for processing, matching and approval - all within the same step."
MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals. MineralTree streamlines AP, giving customers unparalleled visibility and significant cost savings in an affordable, integrated platform that is guaranteed secure. For more information visit www.mineraltree.com.
MineralTree Invoice-to-Pay enables businesses to pay vendors by check, ACH, virtual card, or their own corporate credit card. MineralTree integrates directly with a company’s bank account and eliminates settlement accounts for check and ACH payments. Additionally, businesses are able to earn rebates and cash back rewards by processing vendor payments on virtual cards or their own corporate credit card. For all electronic payment methods, remittance details are automatically sent to vendors.
MineralTree FlexPay, an enterprise integrated payables product, works with any accounting system and is designed for businesses making 500+ payments monthly that need to automate their payments. The unified payment execution process allows businesses to release a high volume of payments while following the approval controls that suit their business and compliance needs.