Latest addition expands automation of AP processes for larger middle-market businesses with support for both standard and receipt-based matching
CAMBRIDGE, Mass., Oct. 20, 2020 (GLOBE NEWSWIRE) -- MineralTree, an Accounts Payable (AP) and payments automation solution provider, today announced the addition of automated PO/invoice matching for Sage Intacct, a cloud-based accounting and financial management platform. The new capability equips MineralTree customers using Sage Intacct to automatically match incoming invoices against purchase orders or receipts and then insert them into users’ internal workflows for invoice approval and payment. As a result, Intacct users can save substantial finance staff time, reduce payment processing costs, and eliminate overcharges and double payments due to manual error.
The announcement coincides with the start of Sage Intacct Advantage, the premier user event for Sage Intacct customers, partners, and prospects which takes place virtually Oct. 20-21. MineralTree will be a featured presenter at the event and will also be part of the Advantage Sponsor Showcase.
For many middle-market businesses, manually matching and reconciling incoming invoices against purchase orders is a tedious and error-prone process that consumes AP staff time and results in a variety of costly errors including overcharges, double payments, and late fees.
As part of MineralTree’s end-to-end AP and payments automation solution, automated PO matching eliminates those challenges and increases financial control while improving cash management.
“As companies grow and look to better manage their spend, the use of purchase orders becomes standard operating procedure, especially in industries such as manufacturing, retail, and healthcare,” said Elle Kowal, Chief Product Officer at MineralTree. “With the addition of automated PO matching for Intacct, we can better serve the needs of larger middle-market businesses and continue to expand the footprint and value of their AP automation efforts.”
Thanks to its deep, two-way integration with Sage Intacct, MineralTree uniquely supports two PO matching workflows:
- Standard matching - MineralTree automatically syncs POs from Intacct. When new invoices are received, MineralTree’s PO matching algorithm intelligently links line-items from invoices to line-items in purchase orders and automatically applies the proper coding.
- Receipt-based matching - For customers who use the Intacct PO Receivers workflow to track receipt of ordered items, MineralTree can uniquely match invoice line-items against received quantity. With receipt-based matching, customers can prevent payment from being made before goods have been received.
With MineralTree’s flexible invoice approval routing rules, users can define approval workflows for both PO and non-PO invoices. They can also take advantage of a dedicated exception handling workflow for mismatched PO invoices to ensure quick resolution. Completing the loop, MineralTree automatically syncs vendor invoices to Sage Intacct with links to the original purchase order, ensuring that the PO-to-Invoice reconciliation is complete.
Sage Intacct is the latest ERP system for which MineralTree supports Automated PO Matching. The feature is also currently available for NetSuite, Sage 100, and Xero, along with hundreds of leading ERPs through MineralTree’s Universal Connector.
Resources:
Intacct Advantage 2020 Presentation: Smarter, Faster, Better AP with AP Automation for Sage Intacct
Webinar: A Guide to Automating B2B Payments for Strategic Advantage
Industry Report: The State of AP 2020: A Research Report
Product Overview: End-to-End AP Automation – How it Works
About MineralTree
MineralTree provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk, while improving cash flow. More than 3,000 mid-market and mid-enterprise companies, as well as more than 30 financial institutions rely on MineralTree to digitize and optimize the entire AP Automation and Payments process, preserving control over the complete invoice-to-payment workflow, improving vendor relationships, maximizing ROI, and transforming the finance function from a cost center to a profit center. For more information, visit https://www.mineraltree.com.