MineralTree, Sage Team For Automatic Invoice Matching
Accounts payable and payments automation solution MineralTree has added automated PO and invoice matching for cloud-based accounting and financial management platform Sage Intacct, a press release says.
The new technology will enable MineralTree customers using Sage to utilize automatic matching of invoices against purchase orders or receipts, then putting them into users’ internal workflows to be approved and for payment to be sent out.
The release says this will allow MineralTree customers to save “substantial” time for finance staff, and cut costs on payment processing while doing away with overcharges and double payments.
The partnership specifically seeks to support two PO matching workflows — standard matching, wherein MineralTree automatically syncs POs from Intacct, and when invoices are received, the matching algorithm links line items in invoices to those in purchases.
And there’s receipt-based matching, which works for customers who use the Intacct PO Receivers workflow to match line items with received quantity to prevent payment happening before the order has been received.
The process of reconciling and matching invoices, when done manually, can be a time-consuming process for businesses, the release says. It can eat up accounts payable staff time and opens doors for numerous expensive errors such as overcharges, double payments and late fees.
“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.”
Earlier this year, Sage teamed with Trintech, the record to report software, to debut new financial close processes with better speed, working to grab data instantly from the reconciliation and close phases of a deal.
Trintech made the program for its Adra Suite and it became available via the Sage Intacct Marketplace.