You looked at accounts payable automation and are ready to move forward with a project. Now it’s time to investigate pricing. The truth is that every AP automation solution offers different pricing depending upon their offerings and capabilities. But there are a few things to consider when evaluating a solution that may impact pricing. Let’s take a closer look.
What Affects the Cost of AP Automation?
The cost of an AP automation solution is affected by several factors, including:
The Size of Your Business
Larger and more complex businesses have more users, a higher volume of invoices to process and more complex AP workflows. For this reason, larger businesses will traditionally need to invest more in an AP automation solution. However, some solutions, like MineralTree, don’t charge per-user fees, so all members of the AP team can access their AP automation solution.
Features of the Solution
AP automation solutions can vary in terms of features and functionality. Some provide basic options, while others provide a range of features, such as two-stage invoice capture for greater accuracy, purchase order matching, approval workflows, supplier enablement, and real-time insight into payment analytics.
Deployment Method
AP automation solutions can be deployed on-premise or in the cloud. Cloud-based AP solutions are generally less expensive than on-premise solutions since they don’t require capital expenditures on hardware and software.
White-Glove Service & Customer Support
Some AP automation solutions offer training, vendor enablement, implementation assistance, ongoing technical support, and more, which can influence the total cost of the solution.
How Much Does AP Automation Cost?
The cost of AP automation can vary widely depending on the volume of invoices you process and the features your business needs. Some solutions are a few thousand dollars, while others are over $50,000. Depending on the solution, this will either be a one-time cost or an annual cost.
How to Implement AP Automation
In order to implement an AP automation solution, you must first identify a few key metrics about your AP process to understand which solution is the best for you. Having insight around your accounting system, the number of invoices you process, and your average monthly payments will help vendors prepare a quote and price estimate for your business.
Your Accounting System
MineralTree’s AP Automation product integrates with Oracle NetSuite; Sage Intacct; QuickBooks (Desktop, Online); Microsoft Dynamics Great Plains; and Xero – plus more! If your AP process is currently operating through one of the above ERP solutions, MineralTree two-way integration makes it easy to join systems. Your ERP system remains the system of record for all accounting debits and credits after invoices are posted.
The Number Of Invoices You Process
We’ll need to know the number of invoices you process monthly. Our invoice capture process consists of two pricing options: summary information or header and line-level information. Summary information includes the vendor name, date, and amount. Line-level information includes extracting of all line-level details. It’s up to you which you prefer.
Your Average Monthly Payments
In addition to invoice volume, we’ll need to know the number of invoice payments you process each month. Our pricing model makes it easy to pay vendors via check, ACH, credit card, or a virtual card. Unsure of your volume? We’ll work with you to figure it out.
How Much Does MineralTree AP Automation Cost?
At MineralTree, our all-inclusive pricing is a volume-based approach that’s straightforward and easy to understand. When you add MineralTree to your business, you pay a one-time fee for onboarding, ERP integration and training and an annual fee based on invoice and payment volume.
With MineralTree, your organization benefits from unlimited users, unlimited document storage, automated invoice capture, and increased fraud protection. And if your invoice or payment volume changes, we will work with you to update your contract to avoid overage charges.
Ready to take the next step and add automation to your AP process? Get a pricing quote from MineralTree now.
AP Automation Cost FAQs
How Much Does AP Automation Cost Per Invoice?
The cost of an invoice with AP automation is typically between $1 and $2 per invoice, but it can vary depending on the vendor and features you choose.
What Factors Affect the Cost of AP Automation?
There are several factors that affect the cost of AP automation, including the number of invoices you process, the size of your business, and the features you need within the solution.
Do I Need to Pay a One-Time Fee for AP Automation?
Most AP automation solutions charge a one-time fee for onboarding and training of the software.
Can I Get a Free Demo of AP Automation Software?
Yes! MineralTree offers free demos for both of our AP automation solutions. If you’re interested in one, you can request a demo here.
How Long Does it Take to Implement AP Automation?
Some MineralTree clients have fully implemented the solution in less than 12 days. The process is very dependent on if the client dedicates some time and effort to set-up and learn how to use MineralTree’s intuitive interface.
