Best Practices for Managing High-Volume Accounts Payable
MineralTree
by Lauren Barber
1w ago
For scaling businesses, invoice payments rapidly grow in volume and complexity. However, many companies still rely on manual processes to manage accounts payable—and these outdated practices are causing problems across their financial operations. A manual approach slows down the payment process and increases the risk of errors and fraud while jeopardizing relationships with strategic vendors. AP teams already deal with limited resources and reduced headcounts. Now, they’re under greater pressure to ensure timely, accurate payments that can keep up with high volumes and demand. The question ..read more
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Migrating From QuickBooks to Sage Intacct
MineralTree
by Lauren Barber
2w ago
Optimizing your AP process QuickBooks is the obvious first choice for many small businesses seeking an accounting software solution. This ERP is easy-to-use and can help businesses fulfill many of their basic needs. While the platform continues to serve small and mid-sized businesses (SMBs), growing organizations often require a more robust solution. That’s why many finance teams have made the switch from QuickBooks to Sage Intacct. This migration necessitates thorough data testing, employee training on the new system, and a comprehensive transition plan. But the right accounts payable (AP) au ..read more
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Streamlining QuickBooks Payments: Eliminate Challenges with AP Automation
MineralTree
by Lauren Barber
3w ago
Efficient digital payments are critical for accounts payable (AP) teams to streamline the AP process and maintain strong relationships with vendors. However, managing payments through QuickBooks alone involves resource-intensive manual processes and limits teams’ ability to handle diverse invoice types. These hurdles stifle efficiency and accuracy, hindering the overall productivity and success of AP teams. But with the right AP automation solution, you can automate and simplify the entire AP process. Modern solutions address the inherent challenges of QuickBooks payments while offering greate ..read more
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Streamlining Payments in Sage Intacct: A Guide
MineralTree
by Lauren Barber
1M ago
Small and mid-sized businesses (SMBs) are the bedrock of the global economy — responsible for the majority of jobs, products, and services worldwide. However, many SMBs still rely on a patchwork of manual processes to manage their finances, operations, and people, resulting in higher costs and greater inefficiencies. As SMBs modernize back-office functions and transform financial operations, many rely on Sage Intacct to help manage and streamline processes. But are they getting the most out of the platform? By automating workflows to pay domestic and foreign invoices, SMBs can leverage Sa ..read more
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7 Steps to Improving the AP Check Run
MineralTree
by Lauren Barber
1M ago
Is your accounts payable (AP) check run holding your business back? The AP check run remains a pain point for many finance departments who rely on manual processes and outdated solutions to manage AP — in turn, causing check run delays and hiccups. This blog explores the intricacies of the AP check run and actionable tips to fortify your financial processes. From refining invoice approval workflows to embracing the digital shift, each step is a stride toward efficiency and precision. Key takeaways: Many finance departments struggle with AP check runs, facing delays and disruptions due to man ..read more
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Making Accounts Payable More Efficient
MineralTree
by Lauren Madigan
1M ago
It’s almost four years since COVID first appeared, and AP teams are still pressured to get more done despite fewer resources and persistent challenges. The pandemic dramatically exposed the inefficiencies of manual, paper-based processes and the difficulties of managing remote team members, invoice approvers, and payment authorizers. Yet, it also underscored the critical role that AP plays in enabling prompt vendor payments and strengthening relationships to keep goods and services flowing during supply chain volatility. MineralTree recently surveyed more than 800 finance professionals and ove ..read more
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7 Accounts Payable Trends in 2024
MineralTree
by Lauren Madigan
2M ago
The past year in finance was riddled with economic uncertainty, accompanied by challenges like staffing constraints and the need to optimize efficiency with limited resources. Despite the start of a new year and promises of rate cuts on the horizon, MineralTree’s 8th Annual State of AP Report revealed that many of these trends and hurdles aren’t fading away — they’re evolving. For finance professionals, understanding this landscape is crucial. It’s a call to action to recalibrate priorities and prioritize digital transformation and automation to keep pace with the shifting market. This blog ta ..read more
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Making Electronic Payments with NetSuite & AP Automation
MineralTree
by Lauren Madigan
2M ago
Embracing electronic payments is necessary for businesses seeking to enhance efficiency, reduce manual errors, and improve financial control. However, accounts payable (AP) automation can make electronic payments in ERP systems, like Netsuite, much easier. AP automation technology enables streamlined and error-free payment processing while maximizing the potential of NetSuite electronic payments and accelerating ROI. What Are the Basics of Electronic Payments? Electronic payments encompass a range of digitally conducted financial transactions, such as credit cards, virtual cards, bank trans ..read more
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Going Digital with Invoice Approvals
MineralTree
by Lauren Madigan
3M ago
What is Digital Invoice Approval? Digital invoice approval involves reviewing, approving, and processing invoices electronically prior to payment. An electronic approval workflow takes out the paper-based component of this process to improve transparency, allowing teams to accurately track the status of their invoices. As a result, finance teams increase efficiency, while reducing manual tasks. How the Traditional Invoice Approval Process Works Traditionally, the invoice approval process has been a very manual one. Accounts payable teams must either email or directly deliver invoices to the d ..read more
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ACH vs. Checks vs. Virtual Cards: Key Differences
MineralTree
by Lauren Madigan
3M ago
For accounts payable (AP) teams, vendor payments are the cornerstone of business relationships. Timely, accurate, and convenient payments are not just transactions — they’re the foundation of trust and partnership. In addition to meeting supplier expectations, choosing the right payment method can significantly improve the finance department’s efficiency and productivity. In fact, 60% of finance leaders say ease of use is the main driver for their organization’s supplier payment method. Moreover, certain payment methods offer greater security than others. This becomes even more important as th ..read more
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