MineralTree, an accounts payable (AP) and payment automation solution provider, has announced the expansion of its integration capabilities in a move designed to help more middle-market businesses automate their AP processes. The new capability adds hundreds of accounting and enterprise resource planning (ERP) software options that can integrate with MineralTree’s AP Automation solution. This opens up modern AP automation capabilities to a much larger segment of middle-market businesses while also supporting new remote work requirements that finance teams face during the COVID-19 crisis.
There are roughly 200,000 middle-market businesses in the US with revenues ranging from US$10m to US$1bn, making up about one-third of the annual US$30 trillion in US private-sector gross receipts. Many of these business struggle to automate AP processes because of the complexity they face connecting their existing ERP systems to a comprehensive AP automation solution.
“Middle-market businesses are absolutely critical to the US economy, and some of the most vulnerable during economic downturns, yet their needs are overlooked by financial technology solution providers that limit compatibility to a small number of ERP systems,” said Elle Kowal, Chief Product Officer at MineralTree. “Back-office processes like AP are very time-intensive and inefficient, and many of these companies are left to choose between lightweight solutions designed for small businesses and overly complex and costly enterprise systems.”
MineralTree’s additional integration capabilities with hundreds of accounting and ERP systems provide more middle-market users with the ability to automate the complete AP process - from invoicing through payment - while also allowing finance departments to work from anywhere they have an internet connection. This greatly reduces the challenge of remote work requirements currently in place.
“By expanding our ERP integration capabilities, we’re making it much easier for these middle-market businesses to automate their inefficient AP processes and translate that into huge operational efficiencies and cost savings,” Kowal added. “Whether a company is looking to automate the entire invoice-to-pay process or start with just a payment automation solution, our quick implementation process can have new clients realising significant value in days.”
MineralTree’s new integration capabilities allow for ‘bi-directional synchronisation’ between the MineralTree platform and many ERP systems used by the middle market. These integrations are designed to ensure everyone involved in the AP process has accurate and up-to-date information while eliminating inefficient manual processes, reducing fraud and enhancing cash flow management.
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