Streamline Your Accounts Payable with TotalAP by Mineral Tree
Regardless of whether you are a company that makes gluten free goods or the Baltimore Ravens, you have a back office, and your back office has an accounts payable department that needs to function well to run your business.
- What does your AP process look like?
- Do any of the steps shown above look familiar?
- Do you have to currently get your bills from multiple places and make sure that regardless of where they are coming from that they get signed off on by the right people?
- Once they’re signed off, do you have somebody that works above or below you that typically oversees gathering the payment information and making sure that the payments are correct before you are ready to release them?
Every department that you are working with is going to have some hand in paying bills and, you are not going to be involved in the conversation for every single one of those transactions, but you are going to be responsible for making sure that those transactions are correctly and securely executed and on time.
Mineral Tree helps you to only focus on making sure the coding and approvals are of your bills are complete. You should not have to have to put so many pieces of the puzzle together. Mineral Tree can help create an automated scenario within accounts payable to build a payment run, authorize it, and make sure your bills are paid and approved correctly, every time. Leaving you with more time to focus on what really matter.
In some cases, up to 80% of your processing time can be saved for more strategic initiatives within your business.
Once the NetSuite and Mineral Tree systems are connected, a two-way sync will take place. Your vendors, chart of accounts, and payment history will show up in Mineral Tree. Moving forward, all you need to do is get your bills emailed or scanned into Mineral Tree and the system will capture it and prepare it for review (if necessary). Once Mineral Tree has the bill, if there is a purchase order available in NetSuite, it will be linked, if not then the system will go ahead and route it for invoice approval. You can use any of the workflows in NetSuite to build your approval process. You can apply dollar amounts thresholds, or apply multiple layers of approval with multiple people in each layer, if applicable.
Once the bill is reviewed and ready for payment, all you do is hit post. Once done, the bill will be set up to be paid through the normal processes within NetSuite.
The next step is to build a payment run. To do so, accounts payable will choose which bills need to be paid and submit via your NetSuite based approval process. Once approved, Mineral Tree will send the payments directly from your bank and then make sure (whether it is a check, ACH, or wire) that each bill is paid correctly.
Watch the webinar and live demo here!
About Meridian Business, LLC
Meridian is an awarding winning NetSuite Solution Provider specializing in consulting, implementation, support, and development of the full range of NetSuite products. As a NetSuite partner, the mission of Meridian Business Services is to be an extension of our client’s advisory team to provide insight and advice to lay the foundation for the next phase of any business. Meridian has extensive experience delivering products and solutions to help clients make more effective business decisions in a wide array of industries. Visit www.meridianbusiness.com to learn more.
About MineralTree
MineralTree provides modern, secure, easy-to-use Accounts Payable (AP) and payment automation solutions to organizations that have a painful number of invoices and payments. By uniting technology and passionate people, we make the process of business payments easy, impactful, and profitable. Our solutions combine ease of use with robust capabilities that drive meaningful insights, transforming the back office into a strategic partner of the corner office. Making you proud of your back office is our purpose. Please visit us at mineraltree.com.
