MineralTree, an Accounts Payable (AP) and payments automation solution provider, has announced the addition of a new integrated analytics and interactive visualisation tool to its software platform. The offering unlocks valuable insights into AP workflows, payments optimisation, cash flow, and security. The new capability is available immediately to all MineralTree Invoice-to-Pay users.
Finance leaders increasingly require real-time visibility and control over their processes to ensure timely decisions that are aligned with business priorities. In fact, a 2020 survey conducted by Grant Thornton found that 78% of CFOs are looking for quick access to the right data to support their decision making. This need exists due to the challenges of aggregating data from multiple systems and then presenting it in a way that facilitates immediate understanding and action.
MineralTree Analytics provides comprehensive, real-time visibility into every aspect of the AP process, including vendors, purchase orders, invoices, and payments. Building upon MineralTree’s seamless integration with customers’ financial systems, the new offering consolidates data from multiple workflows to provide rich visualisations of best-practice KPIs. Users can visually explore and interact with the data to gain a deeper understanding of their AP performance and make more informed business decisions.
“The visual dashboards in MineralTree Analytics are extremely useful when trying to get a quick glimpse into invoices versus payments at different stages of the AP process,” said Uma Ganijee, Accounts Payable Supervisor at Seismic and MineralTree user.
The real-time dashboards in MineralTree Analytics enable users to track metrics such as invoice aging, discounts, rebates earned, and payment mix. As a result, accounting managers spend less time seeking data and processing reports, and more time analysing the impact of AP on their business. At the same time, finance leaders are able to leverage that visibility to optimise working capital and align their AP activities with strategic priorities and industry best practices.
“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 Elle 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.”
Kowal further went on to say “Accounts Payable is a critical component of key business value drivers including cash flow and supplier relationships. In order to maximise that value, finance leaders need visibility into AP metrics and KPIs in order to make timely, data-driven decisions, but aggregating and organising the data in a usable way is a huge challenge. Either there is too much data to work with, the data sits in different systems and is difficult to match up, or they just don’t have the right tools to analyse it. Our new Analytics capability makes all that data more accessible enabling finance teams to gain data-driven insights, unlock new value and shape the strategy for their businesses.”