MineralTree, an accounts payable (AP) and payment automation solutions provider, has announced the ability for users of Sage Intacct’s ERP to process multi-currency invoices and make international payments through the MineralTree TotalAP platform. These capabilities enable finance teams using Intacct to realize additional efficiency, visibility, and cost savings benefits by leveraging a single, end-to-end workflow to process and pay both domestic and foreign currency invoices.
International AP by small and medium-sized businesses totals approximately $7 trillion annually, according to Medici Research. Yet, most businesses process their international invoices using a patchwork of manual processes, resulting in longer cycles, higher costs, lack of transparency, and reconciliation challenges.
MineralTree TotalAP supports the full invoice-to-pay cycle, from automated capture and approval of foreign-currency invoices to execution of international payments in 130 different currencies. As a result, finance teams save valuable time, avoid costly errors and hidden fees, and reduce foreign currency costs significantly compared to typical bank fees.
“Sage Intacct is one of the leading ERP systems in the mid-market, and it makes up a growing footprint within our customer base,” said Matt Friend, vice president of product and program management at MineralTree. “As those businesses look internationally to source more goods and services, we can help deliver the same efficiencies, cost savings and visibility they enjoy with their domestic AP workflows on our platform. It’s another way we can continue to simplify their finance operation and support their business growth.”
The new multi-currency AP capabilities for Sage Intacct users include:
● Multi-Currency Invoice Management – Sage Intacct users can now automate the full invoice-to-pay process for multi-currency invoices, with no additional effort. This includes automatic capture and coding of English language invoices in all currencies, approval routing workflows, and posting to their Intacct ERP system where the invoice exchange rate is set.
● International Payment Execution – Users can automate the execution of multi-currency payments within TotalAP. Unlike daily bank rates, MineralTree currency rates refresh continuously, giving users the flexibility to lock in favorable rates when payments are authorized, minimizing foreign currency risk. The payment amount is automatically withdrawn from the business bank account and users have full visibility into payment status within TotalAP. Suppliers receive remittance emails with payment details in their local currency.
In addition to Sage Intacct, MineralTree also supports international invoice-to-pay for users of Oracle NetSuite, QuickBooks Online, and Xero, along with many other ERP systems.