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MineralTree
Heather, Jacob, Karly, Nezamuddin, Zara
Why Automate Accounts Payable?
Automating AP
- Eliminates the manual labor of entering invoices into an accounting system
- Helps reduce human error when processing invoices
- Pays vendors and suppliers in a timely manner, keeping a very good working relationship continue
- Helps prevent any fraudulent or duplicate invoices being paid
-Allows businesses to become paperless
MineralTree
MineralTree:
AP Automation System
- Founded in 2010 in Boston, MA
- Has over 1,500 customers using their software
- Main AP program is called Invoice-to-Pay which automates their accounts payable by being an add-on software to the company's current one
- Works with QuickBooks, Microsoft Dynamics, Sage100, and a few others
- Also offers a payment option called FlexPay which allows payment via credit card, checks and ACH.
-Offers a virtual credit card called SilverPay that offers cash back options like any normal credit card
Video
Demo
Similar AP Systems
Competitors
- Bill.com offers an automated accounts payable system.
-It also offers Accounts Receivable as well
-Offers a mobile app for those team members who work on the go
- Sage Intacct which MineralTree can be implemented in also as an automated accounts payable system
-Difference is Sage Intacct is an entire accounting system which will offer more than just AP and AR
- Stampli also offers an automated accounts payable system
-Only can be used by three other system compared to MineralTree who can do seven
Invoice-to-Pay
Research
- Acts as a bridge between the company's software system such as QuickBooks and their bank
- Creates an AP email address for vendors to email their invoices to
-Invoice-to-pay will capture the invoice once it has been emailed by coding the invoice with the GL accounts in QuickBooks as well as do a three way match (invoice-PO-goods receipt)
- Need the following users to have the process run smoothly
- Invoice approver: can accept, reject, and change the invoices
-Payment authorizor: can be CFO or controller of the company to release ACH and check payments
-Can set up other users if need be
-Visitor user with read only access
- Helps prevent duplicate and fraudulent invoices from being paid by flagging those that come through the email
Database and Technology
- Depending on the original accounting system, MineralTree can be cloud based or a system on the desktop
- Uses OCR Technology
-OCR stands for Optical Character Recognition
- Recognizes hand written, typed images through scanned documents, etc.
- Only difference with MineralTree is that they have a team to verify if the OCR technology captures invoices incorrectly
-MineralTree also has prebuilt in reports for businesses to use and manipulate to the information the business is looking for
-For example there is a report for all the invoices that are past due that can be exported into excel
- All reports export into excel
Database and Technology
Consumer Reviews and Interviews
Interviews
- Quickfire Restaurants
- Investing too much time in processing invoices via paper
-Started using Invoice-to-Pay in 2015
-Cut half the time on processing payments and invoices
-Saved money by not buying stamps and paper
- JustGiving
- "Not only are we saving money — eliminating thousands of dollars on temporary workers, printers, ink, paper and more — but we’re also freeing up valuable time for our staff. " Andrea Lloyd, Director of Programs
-Simplified their approving process for checks in two steps
- BlueSnap
- Can approve invoices and payments via online
-Took the manual process away and gave more flexibility to focus on other areas that needed improvement in the company
- Remote Lock
- Product did not improve over time
- Constant issues with delivery checks to vendors
- No international payment transfer option
Ratings by System
Comparison
Pros and Cons
Pros:
1. Works well for small businesses that do not have the man power for processing invoices and payments
2. Works well with seven different software systems. Do not need to get rid of what you already have
3. Allows companies to be paperless, automating AP in a simpler way; great system for small businesses
Pros and Cons
Cons:
1. Does not offer International transfers for payment
-More businesses are expanding into international countries. Some international countries will only take payment in their currency
2. Delays in the workflow
- According to Software Advice Overall Reviews when syncing with QuickBooks there has been significant delays that has hindered the workflow.
3. It is an additional system that needs maintenance and support but only offers AP and nothing else.
-Now-a-days most companies are looking for an entire software system that includes everything
Testing Plan
Security
Testing Plan
- As MineralTree would not allow us to give us a demo to their system (and we do not have an accountng system to test with it either) the following testing plan is hypothetical
-We would plan to test the application controls since MineralTree only does accounts payable
1. Input controls: when an invoice gets processed
2. Processing controls: identifying who approves the invoices, the changes that are made etc.
3. Output controls: how checks are approved, sent out, etc.
- From there we would create an audit list of control weakeness
-From the interviews and research we have identified challenges and errors of the system
-
Challenges and Errors
Challenges
and Errors
These challanges and errors were from observations:
- MineralTree application stays open even after idle use for any given period of time, causing for risks in security
- Have to manually log yourself out of system application
- SAP actually will log you out of application after 10 minutes of being idle
- OCR Technology lies within the MIneralTree software, not accounting service connected to it.
- Can cause data input problems, data does not go through correctly
- Application can lag, as a result of being an add-on application to accounting services like Quickbooks.
Final Thoughts
Conclusion
- MineralTree is better for restaurants and small businesses that want to minimize their paper footprint as well as not being able to afford an accounts payable clerk
- Security of MineralTree would have to depend on the company (per MineralTree interview)
-Cloud base
-On desktop (network)
- Since it is only AP, not many companies are looking for just accounts payable, they want an entire ERP system that has all accounting functions
- MineralTree does not do international payments, so this would hinder a company in their growth if they do want to go international
References
Laudon, K. C., & Laudon, J. P. (2016). Management information systems: managing the digital firm. Boston: Pearson.
Accounts Payable And Payments Automation Software. (n.d.). Retrieved from https://www.mineraltree.com/
Optical character recognition. (2020, April 18). Retrieved from https://en.wikipedia.org/wiki/Optical_character_recognition
Team, U. E. (2019, May 20). Evolution of AP Automation Solutions: Benefits of AP Automation Now. Retrieved from https://www.mediusflow.com/en/untapped/articles/news/evolution-ap-automation-solutions-benefits-automating
AP-Automation (n.d.). Retrieved from https://www.g2.com
22 MineralTree Case Studies, Success Stories, & Customer Stories. (n.d.). Retrieved from https://www.featuredcustomers.com/vendor/mineraltree/case-studies