To help additional middle-market companies automate their accounts payable (AP) processes, MineralTree announced that it has grown its integration abilities, according to a press release.
The new functionality brings in hundreds of enterprise resource planning (ERP) and accounting software options that can integrate with the AP automation solution of MineralTree.
“Middle-market businesses are absolutely critical to the U.S. economy, and some of the most vulnerable during economic downturns, yet their needs are overlooked by financial technology solution providers that limit compatibility to a small number of ERP systems,” said MineralTree Chief Product Officer Elle Kowal in the release. “Back-office processes like AP are very time-intensive and inefficient, and many of these companies are left to choose between lightweight solutions designed for small businesses and overly complex and costly enterprise systems.”
As it stands, there are approximately 200,000 middle-market companies in the country with revenues between $10 million and $1 billion. Many of these companies have difficulty with automating their AP processes due to the complexity they encounter with linking the ERP systems that they already have to a full AP automation solution, per the release.
The additional integration functions of MineralTree with ERP and accounting systems offer additional middle-market users with the ability to automate their entire AP processes spanning between invoicing and payment. They also let finance departments work from any place where an internet connection is available.
“By expanding our ERP integration capabilities, we’re making it much easier for these middle-market businesses to automate their inefficient AP processes and translate that into huge operational efficiencies and cost savings,” Kowal noted.
In separate news, OpenText unveiled its new Trading Grid with a rollout that connects ERP with AP, among other systems. The launch connects multi-enterprise cloud integration functions with microservices architecture and visualization.
The offering came as companies contend with a new reality of unstable worldwide markets and changing supplier relationships due to the coronavirus pandemic.