mineraltree Reviews & Pricing

by MineralTree | Founded 2010, Cambridge, MA

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What is mineraltree?

Industry Specialties: Healthcare, Fitness, Non-profit, Life sciences

MineralTree is an accounts payable automation software that improves and automates critical financial processes. It eliminates manual issuance through automated invoice recordings, online invoices and payment approvals. Organizations can customize it according to different user types. It centralizes the payment modules by clubbing them into a single, manageable and unified digital file.

Customers can automate B2B payments and business invoice processes. It simplifies payment operations, provides access to auditing information and saves records with two-way synchronization. Companies can retain the current setup and workflow and integrate with Quickbooks, Intacct, Microsoft Dynamics GP and NetSuite.

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User Sentiment

Based on 77 reviews:

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mineraltree Pricing

Based on our most recent analysis, mineraltree pricing starts at $5,000 (Annually, Quote-based).

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Starting From: $5,000
Pricing Model: Annually, Quote-based
Free Trial: No

Training Resources

mineraltree is supported with the following types of training:

Documentation
In Person
Live Online
Videos
Webinars

Support

The following support services are available for mineraltree:

Email
Phone
Chat
FAQ
Forum
Help Desk
Knowledge Base
Tickets
Training
24/7 Live Support

mineraltree Benefits and Insights

Why use mineraltree?

Key differentiators & advantages of mineraltree

Invoice Scanning: Scan invoices and convert them into PDFs for quick and easy access. Link invoice documents with related information and post them to the user's accounting application. Email and upload files by integrating with the current accounting system.
Endorsements: Endorse approvals by invoice data or vendor names. Minimize approval waiting time with a single-click option. Approve and manage invoices before payments.
Mobile Integration: Schedule, review and authorize payments using mobile devices anywhere, anytime.
Security: Ensure robust safety with a two-factor payment verification process. Eliminate fake or unauthorized transactions and authorize checks and ACH payments. Get dual approvals, audit trails and integration with Positive Pay and mitigate internal and external fraud risks.
Accounts Payable: Automate AP processes and minimize processing costs. Get early-pay discounts and cashback from virtual card payments.
Controlled Cash Flow: Maximize control over outgoing cash flow by determining how and when to pay the vendors. Avoid late fees, duplicate payments and overcharging.

Industry Expertise

MineralTree is a software solution that specializes in automating accounts payable processes, making it ideal for businesses of all sizes that want to streamline their financial operations and reduce manual tasks. It is particularly well-suited for companies that handle a high volume of invoices and payments, as it can significantly improve efficiency and accuracy.

mineraltree Reviews

Average customer reviews & user sentiment summary for mineraltree:

77 reviews

87%

of users would recommend this product

Synopsis of User Ratings and Reviews

Based on an aggregate of mineraltree reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

Automated Invoice Processing: MineralTree automates the entire invoice journey from receipt to payment, eliminating manual data entry and reducing the risk of errors.
Improved Visibility and Control: The software provides real-time analytics and reporting, giving businesses clear insights into their AP processes and enabling better cash flow management.
Enhanced Security: MineralTree prioritizes security with features like dual-factor authentication and tokenization, safeguarding businesses against fraud and unauthorized access.
Seamless Integrations: The software integrates smoothly with popular accounting systems like QuickBooks and ERP systems like Oracle NetSuite, ensuring data consistency across platforms.
Time and Cost Savings: By automating tasks and reducing manual effort, MineralTree enables businesses to process invoices faster, capitalize on early payment discounts, and optimize their AP operations for maximum efficiency.

Cons

Limited Global Reach: MineralTree's primary focus on the US market may present challenges for businesses with international vendor payments.
Search Functionality Needs Refinement: Users desire more granular search options within the platform to quickly locate specific invoices or payment details.
Occasional Navigation Roadblocks: Some users find the navigation requires multiple clicks for certain tasks, which can slow down workflow efficiency.

Researcher's Summary:

Is MineralTree the "root" of efficiency for your business? User reviews from the past year paint a largely positive picture of MineralTree, particularly for its impact on Accounts Payable (AP) automation. Users consistently praise its ability to streamline workflows, making invoice processing, payment approvals, and reconciliation significantly smoother. This efficiency boost is often cited as a key differentiator, with some users reporting time savings of up to 75% compared to their previous manual processes. The software's seamless integration with popular ERP systems like QuickBooks and NetSuite is also frequently lauded, simplifying data synchronization and reducing the risk of errors.

However, some thorns prick the side of this otherwise sturdy "tree." A recurring complaint revolves around the software's navigation, which some users find less intuitive than desired, requiring multiple clicks for seemingly simple tasks. The lack of a free trial is also a common gripe, particularly for businesses hesitant to commit without a hands-on experience. While MineralTree excels in automating core AP functions, its focus primarily lies within the US market, potentially limiting its appeal for international businesses.

Overall, MineralTree blossoms as a robust solution for mid-sized businesses processing a high volume of vendor payments. Its strengths in automation, integration, and user-friendliness make it a valuable tool for companies seeking to ditch manual AP processes and cultivate a more efficient financial ecosystem. However, businesses outside the US or those requiring more advanced features might find its limited global reach and occasional navigational quirks a bit hard to "digest."

Key Features

Payment: Transfer funds between entities electronically. Process multiple financial transactions with the Automated Clearing House. Use corporate debit and credit cards for B2B payments.

Payment Processing: Process payments by batch without manual intervention and schedule them at a predetermined date and time. Submit invoices on the self-service portal through mobile apps and track payment history. Cross-check invoices and bank statement information. Offer one interface for in-store, online and on-the-go setup for different acceptance points.

Security and Compliance: Transform confidential financial details into indecipherable codes with end-to-end encryption. Maintain compliance with information security standards in credit card processing. Secure credit card details with fraud management. Encrypt electronic data via the Secure Socket Layer. Ensure vendor compliance with the Association of International Certified Professional Accountants.

Risk Analysis: Minimize future risks with root cause analysis and process improvement. Improve efficiency by identifying threats and reducing errors. Use risk factors to score suppliers and vendors.
Recovery: Mitigate mistakes by identifying and recouping funds. Reduce future lost profits and set up breakdowns with reporting tools.
Audits: Discover AP outliers outside the company using a library of audit-tested filters. Track historical payment inaccuracies through post-audit data analysis and generate claims automatically. Determine and prevent overpayment or duplicate payment errors.
Frauds: Set up automatic new vendor checks to tackle potential billing schemes. Perform a thorough investigation with easily digestible data. Monitor frauds across different systems and data formats.

Integration: Integrate with products like accounting and financial management software. Create custom integrations with different plugins and APIs. Combine with payment gateways and enterprise payment systems. Transfer amounts for approved invoices by syncing with company accounts.
Invoice Management: Record import or scanning invoices. Let suppliers submit bills through the online portal. Provide a central repository for AP documents.
- Invoice Processing: Check AP invoices with POs, contracts and payments. Determine incomplete or late supplier payments. Guarantee compliance with local and govt tax regulations for collections. Consolidate various invoices and process them in batches. Review invoices with purchases and sales orders and payments. Generate invoices at predefined dates and times automatically.
Analytics: Identify overdue payments by tracking invoices based on due dates. Compare different AP automation factors with other organizations. Track KPIs like payment errors or time taken in processing invoices and payment methods, such as deposits or partial payments. Control incoming and outgoing cash flows.