This led Krishna to found MineralTree, which offers robust Accounts Payable (AP) and payment automation software for mid-market finance professionals. The solution provides unparalleled visibility into financial data and significant cost savings in an integrated platform that is guaranteed secure.
Today’s businesses need efficient operations in their AP department, and require an easy-to-use solution that can handle their invoice payment workflow, integrate with their accounting system, and keep the whole process efficient and secure. MineralTree’s Invoice-to- Pay is an end-to-end AP and Payment Automation solution firmly rooted in secure payments. The software automates and improves all integral parts of the AP process from invoice capture to payment execution with greater efficiency, reduced costs, and less risk while eliminating manual invoice entry. “We enable businesses to securely manage AP and make business payments without worrying about potential online fraud risk associated with those payments,” says Krishna.
For companies managing large monthly payment volumes, typically 500+, MineralTree’s FlexPay—an enterprise payment automation product—streamlines their AP process by consolidating multiple payment types into a single electronic file, utilizing the most efficient payment methods.
At MineralTree, we are committed to giving our customers the best tools available to improve the way they manage AP and payments
Krishna also points out that payment fraud manifests in a number of ways, and there is no single approach to address all the risks. MineralTree takes a “Swiss knife” approach to mitigating risk. “We incorporate a number of security features: two-factor authentication, multi-layered approval workflow rules, payment limits, bank positive pay and strict segregation of duties,” states Krishna.
“At MineralTree, we are committed to giving our customers the best tools available to improve the way they manage AP and payments,” says Krishna. In one instance, Ladera Winery, in the Napa Valley, saw some remarkable results with Invoice-to-Pay. Prior to implementing MineralTree, Ladera’s AP process was manual, labor intensive, costly, and inefficient due to multiple touch points required at multiple locations. “The time spent on AP processing at Ladera Winery was reduced from 15 hours per week to 3 hours per week enabling them to recover the costs of MineralTree within the first 60 days of use,” adds Krishna.
Forging ahead, “We will continue to strive to be the top choice of AP automation solutions for mid-market companies and non-profit agencies by addressing customers’ and prospects’ concerns,” says Krishna. He also reveals that the next big step for AP departments is automated purchase order (PO) matching capabilities to streamline and control purchasing activity and provide visibility into the impact of spending on budgets— another task that is laborious, expensive, and error prone.