Myro Therapeutics Selects MineralTree to Automate and Optimize its Vendor Payment Process
- 03.05.2022 04:00 pm
Biotech company looks to streamline AP processes to speed cycle time and provide foundation for rapid business growth
MineralTree, an Accounts Payable (AP) and payment automation solution provider, today announced that Myro Therapeutics, a Massachusetts-based biotech company focused on new drug treatments for central nervous system (CNS) disorders, has selected MineralTree TotalAP to streamline its vendor invoice and payment processes.
Myro’s research and development efforts involve the purchase of a variety of lab supplies and reagents. As a newly formed biotech company, Myro was looking for an AP system to avoid the processes of manual invoice input, PO matching, and invoice and payment approval and free up its staff. MineralTree’s Total AP system provided an ideal solution combining sophisticated workflow automation and ease of use to enable both its scientific and finance teams to work more efficiently.
“We’ve been using our bank’s bill payment service,” said Monica Tommet, Assistant Controller at Myro Therapeutics. “Essentially, we have to retype all the vendor information into the banking system and then once the invoices are approved, manually go back onto our bank app to initiate payments. Once the bills are paid, we have to go back into QuickBooks to manually mark them paid. It’s obviously not a process that will scale as we grow.”
With MineralTree’s TotalAP solution Myro will be able to automate its payment workflows and streamline the entire invoice-to-pay process. Supplier invoices will come into Myro’s procurement system to be matched with corresponding purchase orders, sync into its QuickBooks accounting system, and then sync into MineralTree. From there invoices will be automatically routed to the right individuals for approval and payments will be dispersed via the supplier’s preferred method, including virtual card, ACH, or check. Once a payment is made, MineralTree automatically updates QuickBooks to streamline reconciliation.
“As our scientific team continues to grow and we increase our research efforts, MineralTree’s AP automation platform and payment services will provide a scalable foundation for our back-office business functions,” added Tommet. “We won’t have to increase our finance headcount at the same rate to support that growth and my team will free up capacity bandwidth to focus on other priorities.
“MineralTree also makes it really easy for our scientists and researchers to review and approve invoices. The ease of use is an important benefit, as we don’t want them spending their time on unnecessary administrative tasks.”
“Myro is a great example of a company looking ahead and putting the necessary pieces in place to support its future,” said Elle Kowal, COO at MineralTree. “In a fast-growing segment like biotech, finance teams have to ask themselves whether what they are doing today will meet their needs as the company scales. By automating its AP process and focusing on adoption of digital payments, Myro is laying the foundation and setting the company up for continued growth and success down the road.”