Anaheim, CA and Cambridge, Mass., March 20, 2017 – MineralTree, the leading provider of Accounts Payable (AP) and Payment Automation solutions for middle market companies, announced today at GPUG Amplify, the availability of new purchase order (PO) matching and PO-to-Invoice reconciliation enhancements for Microsoft Dynamics GP users. These enhancements complement the PO functionality of accounting/ERP systems, enabling more businesses to automate their everyday AP tasks.
The enhancements are now available for customers of Microsoft Dynamics GP and NetSuite, and will be available in the spring of 2017 for QuickBooks customers.
Growing businesses use purchase orders to streamline and control purchasing activity, while gaining visibility into the impact of spending on budgets. Approved purchases result in purchase orders being issued to vendors by buying organizations. 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.
“Ardent Partner’s research has shown that organizations that automate and connect their procurement and accounts payable processes can increase process efficiencies by more than 40% while also improving visibility and compliance,” said Andrew Bartolini, Chief Research Officer at Ardent Partners. “The ability to match and reconcile POs generated from an ERP system is a natural extension of MineralTree’s solution and a nice value-add for those ERP users seeking to automate the AP processes.”
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.”
About MineralTree
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.
About GPUG Amplify
GPUG Amplify is quickly evolving into THE conference for decision-makers all across the Dynamics GP landscape. Join us at GPUG Amplify to discover the latest solution innovations, attend educational breakout sessions, and connect directly with Microsoft to learn about the latest release of Microsoft Dynamics GP.