Accounts payable (AP) and payments automation provider MineralTree has rolled out a new ingrained analytics and interactive visualization tool, according to a Thursday (June 10) press release, which will unlock insights into AP workloads, payments optimization, cash flow and security.
“Businesses are already using MineralTree to gain valuable time savings and cost efficiencies from not having to perform tedious manual tasks in the invoice-to-pay process,” said Elizabeth Kowal, chief product officer at MineralTree. “By embedding real-time analytics into the platform, we are enhancing our customers’ visibility and control over their AP processes, and providing valuable, actionable insights.”
MineralTree Analytics gives insight into the AP process, encompassing vendors, purchase orders, invoices and payments.
The new program consolidates data from several sources in order to give visualizations of best-practice key performance indicators (KPIs). Users will be able to visually explore and interact with the data, which they can use to make better business decisions.
The dashboards let users track things like invoice aging, discounts, rebates earned and payment mix, which will enable accounting managers to save time on looking for data and processing reports — they can spend the time saved by analyzing how AP impacts their businesses.
Finance leaders will now be able to use the visibility to optimize working capital and put their AP processes in line with their priorities and various industry practices.
AP digitization is high on the list for businesses, as there are numerous technologies ready to help ease various burdens.
CEO Ken Virgin of iPayables said there were reasons that some AP tools were failing, including a lack of change management. He said there was a disconnect between chief financial officers (CFOs) and those who run AP departments.
“It used to be that when we came in with portals, the AP team was pretty aligned with the controller and the CFO on what they wanted to do to modernize their AP departments,” Virgin said, according to PYMNTS. “A disturbing trend is that they are not aligned nearly as much as they were in the past.”