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Guide to Accounts Receivable Automation

October 26, 2023

It’s all about getting paid

for B2B platforms

Gain insights in the significant challenges SMEs face with getting paid. Explore their current solutions and how you can solve their problems incorporating AR functionality within your platform.

Getting paid fast is essential for a small business to stay financially healthy. In B2B transactions, getting paid can be a real challenge due to extended payment terms. Since payments are often delayed, it becomes challenging for SMEs to keep track of who owes them money and when to expect it.

People start businesses with the aim of generating profits – which means that making money and getting it in the bank is one of the key ongoing tasks they have to deal with. The method through which business owners can receive their payment can vary depending on the nature of their business.

Payment typeDescriptionPain level
Online payments/checkoute.g. online subscriptions or buying something on the website and paying for it with a credit cardLow – business is paid at the moment of purchase
Offline payment/checkoute.g. buying something in a store with cash or cardLow – business is paid at the moment of purchase
InvoicingSending the invoicing for services done/to be done with 0-90/other days payment termsHigh – 86% of invoices are paid late affecting SME cashflow

10 years ago the picture would have looked different – even online payments were hard. Today, there’s an abundance of players to plug in online checkouts into your website. These ranges from turnkey solutions like Shopify or Wix to versatile providers like Stripe and Checkout, as well as industry-specific options like Squire or Motive.

Offline payments have improved significantly as well. What once was a game-changer with square, now there are multiple providers such as SumUp, Zettle, Lightspeed, and other new & traditional players. There are also verticalized specialists like Toast, offering a POS sytem tailored to the specific needs of their business type they focus on.

In recent decades, we saw payments moving online, becoming more lean and automated. Yet for many B2B transactions and for some B2C transactions payments have not improved that much – mainly because the process remained largely untouched when it comes to B2B transactions.

A simplified B2B process looks like this:

In the process above, businesses heavily depend on their clients paying the invoice on time. Unfortunately, clients often prove to be inefficient in this regard — they lose invoices, forget about them, or intentionally delay payment to hold on to their cash for as long as possible.

The process of chasing down these overdue payments is mostly manual and incredibly furstrating. It also poses a significant risk to particularly small businesses. These typically lack substantial cash reserves, so if several payments are delayed, it can seriously impact their financial stability and force them into a situation where they need to seek a loan or another financial solution.

Worst of all – many of these businesses aren’t aware they’re falling into this financial trap. Most of them lack real-time visibility into their cash flow. On one hand, they struggle to keep track of which invoices are overdue or about to become overdue. On the other hand, they only see the amount in their bank accounts and remain unaware of the outstanding obligations to their suppliers — leaving them in the dark about their true financial position.

Real-time cashflow simplified:

Revenue collection – biggest pain for SMEs

Revenue collection is one of the biggest pains SMEs have. The numbers below shed some light on the scale of this problem for businesses.

Accounts Receivable process explained

Accounts Receivable (AR) is about handling outstanding invoices and payments. Small businesses specifically struggle with this due to the absence of specialized software that's within budget and is easy to use. Introducing AR automation can streamline the process, making it more efficient and cost-effective.

Simply put, accounts receivable (AR) process is the systematic management of outstanding invoices and payments owed to a company by its customers.

A simple AR process starts after service is performed or goods are delivered:

The above is just a simplification – in real life, the Accounts Receivable process is more complex than that. The full process is called Order-to-Cash – also referred to as O2C, OTC, or the quote-to-cash cycle.

A company’s business transaction begins with receiving orders from customers and performing the required services. After the work is done, they invoice the customers and then receive payment. The O2C cycle starts when an order is placed and ends when the payment is received & recorded in the general ledger.

Accounts Receivable (AR) Automation alleviates the pain

Managing orders, offers, and invoices easily becomes a nightmare for small businesses without extensive finance teams. As a result, these businesses often struggle to properly keep track of sent invoices and their due dates – meaning they fail to send timely reminders and run into serious issues with collecting payments.

Most SMEs don’t use specialized software for invoicing. Instead, they rely on basic accounting tools, Microsoft Word and Excel, or even create one-off invoices in free online applications. This makes it hard to automate payments with – for instance, payment links and payment reminders.

The reason why businesses don’t use specialized software is simple — many find it impractical to use specialized software for a different operation in their business. Doing so would require them to adopt a multitude of tools, each catering to a specific area – making it too complex and expensive.

Nevertheless, SMEs would greatly benefit from Accounts Receivable Automation software, but then added within the platform they’re using every day for their business. They’d only pay a slightly higher bundled price, without needing to add or learn a new tool, while solving one of their key painpoints: collecting revenue.

AR impacts cash flow

Today’s status quo brings another challenge to SMEs. Due to the lack of proper insight or automation, business owners don’t know when they should take action regarding debt collection or consider services like factoring.

To make matters worse, hardly any invoicing or accounting tools offer a seamless integration with cash advance, factoring, or debt collection services. Instead, each of these services operate in silos: invoicing software is solely for creating and sending invoices, while factoring/cash advance providers function separately and require a business to register. In the end, uploading invoices requires many manual steps.

Invoicing → Revenue management

It becomes obvious that SMEs require more than just invoicing to address their “get paid fast” challenges; they need full revenue management functionality.

The difference between the two becomes very apparent if we look at the scope of the two solutions.

InvoicingRevenue management
Customer & product managementCustomer & product management
Send offersSend offers
Send invoicesSend invoices
Send data to accounting systemsSend data to accounting systems
Payment links
Payment reminders
Dunning mechanism
Cash advance & working capital
Factoring capability
Debt collection capability
Predictive cashflow analytics

Today, there are almost no systems in the market that offer a full revenue manage capability. While many offer invoicing software, there is a significant gap when it comes to a complete system for revenue collection. We believe this is where the opportunity is.

Why offer Revenue Management to your business clients?

SMEs struggle with revenue collection but find standalone AR Automation solutions costly and complex. Platforms that integrate AR Automation into their existing services can enhance value, become primary B2B payment providers, and attract more users, following the success of companies like Toast and Brex.

SMEs are struggling with revenue collection and need help. They are increasingly open to using AR Automation software. BUT -it’s expensive and complex to implement a standalone solution.

As mentioned, most SMEs prefer to manage their revenue within the platforms they use daily, such as neobanks, vertical Software as a Service (SaaS) providers, or other tools they’re already familiar with. Since they’re accustomed to these software platforms already to manage their business, it’s much easier to switch from Word/Excel than to buy and learn new software.

In general, most businesses want one platform to run their business – it’s easy, efficient, and inexpensive compared to using 5-7 different tools. In response to this many neobanks, vertical SaaS players, and others are expanding their financial offering, aiming to become super-apps. This wave is just starting, but there are already champions we see in some segments of the market – for example, Toast in the restaurant industry, or Brex in the scale-ups ecosystem.

Now, you might be wondering, what’s in it for you? Well, there are numerous reasons why platforms start offering AP Automation to become the one-stop-shop solution for their customer.

Offering AR Automation to your business clients allows you as a platform to:

We want to highlight one point here – being in the flow of B2B payments to your clients is key to great customer monetization.

Toast, for example, drives over 80% of their revenue from payments. However, it’s the software that enables you to monetize payments and drives the usage in the first place. So if you offer AP & AR Automation to users, you basically become their cashflow management platform, meaning you can monetize:

How can you monetize Revenue Management functionality?

You can charge for the software, transaction payments, and financial services to monetize revenue management. If you offer AR Automation as part of a one-stop solution, you can help your clients save costs. In addition, you can also earn payment fees (e.g. % of each transaction) from payment methods used to collect invoice revenue, potentially generating significant margins.

The best way to monetize revenue management functionality is to take a revenue cut from multiple sources – a fee for the software itself, payment fees for processing transactions, and financial service fees for features like cash advance or factoring.

Invoicing tools typically charge a basic monthly fee – ranging from free to $100s per month – depending on the level of automation, sophistication and their market positioning. Additionally, those that are payment-enabled can also monetize payments, attaching payment links to invoices, taking a cut when the user is paid. Depending on the client base, revenue from payment fees can account for up to two-thirds of the platform’s total revenue.

If you’d offer the full revenue management, you can potentially increase your earnings up to 2-5x the monthly + payment fees combined.

So when you offer Revenue Management software to your clients, you can monetize through:

SaaS fees

Even though AR Automation functionality is adding a ton of value, you can’t offer it for a similar price like Radius or other competitors in the space. These companies specialize exclusively in AR Automation, so they can’t reduce their prices. As a result, they might lose potential clients who find their services too costly.

Being a one-stop-shop solution with AR Automation included allows you to offer more competitive prices to users – you could save them 2-5 times the costs compared to a standalone player.

Payment fees

Almost any payment these days costs money – and businesses are used to that. Moreover, they’re usually happy to pay extra for automation, convenience, and speed. When it comes to AR Automation, having payments as a part of your flow is invaluable – it helps your clients get paid faster and solves the reconciliation pain – as in that case payment is auto-connected to the invoice.

Here are the main payment methods you can monetize

How hard is it to build AR Automation functionality?

To create a best-in-class AR Automation product, it's essential to provide all of the core functionalities. In addition, having accounting integrations seamlessly synchronized, ensuring regional tax compliances and adding integrated payments is what makes building AR automation complex.

Core AR Automation functionality

To develop a complete AR automation product that works smoothly, you need a robust set of core functionalities to bring it all together.

Data integration and extraction

Customization and structuring

Compliance

Invoice creation

Payment processing

Additional features

Accounting integration

To effectively implement AR Automation for clients, a seamless accounting synchronization is crucial. This often involves a complicated process, including the development of multiple API connections, data processing logic, conflict resolution mechanisms, and more.

In the AR process, one of the first steps your client would take is transferring data from their accounting systems into the platform. However, creating these integrations is more challenging than it might initially appear.

Small and medium-sized enterprises (SMEs) use a diverse range of accounting systems – there is not a single dominant platform. So it may as well be that you need to integrate with 15+ accounting systems to fully serve your customer base effectively.

Each accounting system has its unique way of handling data, ledger management and other functions. This means that there’s no one-size-fits-all approach to integrating accounting systems; each requires a tailored approach with customization. While integrators like Codat or Rails are available to streamline this process and save time, they’re expensive and often lack essential features such as data model standardization, API versioning and conflict resolution capabilities.

Developing such an integration typically requires a year of dedicated effort from a senior developer. The workload is evenly split, where half of the time would be allocated on solving the standardization issue, and the other half focused on a solution for conflict resolution. This shows how complex building a best-in-class accounting integration system can be.

Regional tax compliance

Invoicing is usually highly regulated by tax authorities and there are a lot of requirements regarding document format, mandatory fields, VAT rate assignments, and more. Adhering to these regulations is necessary for all documents – ranging from invoices to delivery notes – otherwise, they might be inadmissible for tax purposes.

Developing and implementing compliance logic and engine can be one of the most challenging aspects of establishing a robust AR product. These engines must operate across multiple geographical regions, accommodate various business types, and address numerous edge cases.

This is where Monite comes in. Our solution comes with regional tax compliance included, covering document formats, VAT logic and more. Essentially, it’s a plug-and-play system.

Payments

The AR process is largely to collect money from customers. That is why a robust payment infrastructure is required to support this.

Payment links

The most basic version of to get paid is by attaching a payment link to every invoice that goes out or sending the link through email or text. While many invoicing solutions only offer payment options with cards or local methods (e.g. iDEAL, Bancontact, Cartes Bancaire, over 50% of invoice payments are still processed through ACH/SEPA banking networks. That’s why we emphasize the importance of incorporating ACH/SEPA payments within payment links – next to cards and local payment methods.

To design and offer a strong payment links product, platforms need to:

Financing options

For a comprehensive revenue collections process, it’s also crucial to provide solutions like factoring and cash advances. This by itself requires a wide set of logic and functionalities that contextualize the offering of these financial services and present the right offers and the right time to the right customer.

Also, financing products are usually very focused on a specific region (e.g. UK vs US) or business type (eCommerce vs Construction company), meaning that you will need to build a layer to connect multiple providers.

To offer robust financial services upsell functionlity, platforms need to:

KYC/KYB for payments

To use payment links or any other payment services, those sending invoices are typically required to complete a basic KYC/KYB (Know Your Customer/Know Your Business) process mandated by the payment provider. Often, different payment providers are used for different payment methods. This means that the client needs to undergo multiple KYC/KYB processes in order to use payment links. During this procedure, they are often required to provide information that platforms partially already have the initial onboarding. Such complexity can easily affect the adoption rate for payment links or other payment options.

To make this process smooth, Monite offers a unified onboarding product that allows platforms to:

So what’s the alternative?

Strategy 1: Building Your Own AR Automation

You can either build AR Automation in-house, which takes a lot of time and money and might not be as competitive as specialized providers, or you can consider acquisitions as a quicker way to add invoicing automation, though it can be expensive.

There are a few large players that invested millions in building their Invoicing module in-house – e.g. Revolut or Oxygen. For players this size when the market offers cheap capital it’s a possible solution if they see AR capability as a core one for their strategy.

Finance automation products are complex to build – especially because they require covering a lot of edge cases. This is why to build a robust AR Automation solution you’ll likely need:

What’s important to remember here though are two things:

As a result, in-house builds take long and require a large investment. 

M&A (Mergers & Acquisitions) is another route to add invoicing automation for your clients. It is very costly, but allows to go to market quicker and also grow your user base. For instance, SumUp, a leading European POS, acquired invoicing software Debitoor. Of course, this is an option for those who can afford an acquisition.

Strategy 2: Embedding AR Automation functionality

Monite, as an API-first player, offers flexible building blocks for AR Automation. This approach allows platforms to quickly add advanced AR Automation features, control the user interface, and expand modularly.

Up until 2022 M&A and building in-house were the only options. In 2022 a new market emerged in Embedded Finance – called Embedded ERP or Embedded AP/AR. We at Monite were the first international API-first player in the segment.

What we basically did is we built functionalities like Freshbooks and other AR Automation players – but we built them as flexible API blocks. This means that any platform can save 90-95% of development and maintenance costs and plug in those pieces in the way that works best for their clients in a couple of days. The backbone and all key functions are there, so all you need to do is to present the experience and interface that are optimal for your business users.

We made a $10mn+ investment to date into building a robust AR Automation solution, and we’re far from being done here. It’s expensive to build. The good news is that you don’t have to spend that money now – using our API you can go to market not with an MVP but with a product that is on the top players level and makes you very appealing compared to even specialists in the space.

3 great things to point out here

What’s included in Monite API? 

Monite provides a robust API that allows you to roll out a highly competitive AR Automation solution for your clients in just two weeks. Your users will have top-tier features, equivalent to or better than those offered by leading providers like Bill.com. These features are seamlessly integrated into your platform, branded under your name, and supported by our API.

Monite provides a developer-friendly API platform with a lot of different functionality that is essential to launch a competitive AR Automation product.

Platform

AR Automation functionality

How to get started?

Learn more about our AR Automation solutions and features on our Accounts Receivable page.

A great way to get started is to get a demo of Monite – just request it via a link and we will find the time to connect you with one of our product experts.

As we continue the talks, we will help you build a business case and a revenue projection for AR Automation functionality. At the same time, we will provide all the necessary tech & product documentation, so you can assess the Monite API from the perspective of shipping the right value to your users.

High priority for your roadmap

Become a one-stop-shop before your competitors do

Get Demo

Guide to Accounts Payable Automation for Founders and Product Leaders

October 19, 2023

Understand the key pains SMEs have in Accounts Payable (AP) area and how you can solve it for them by adding AP functionality inside your platform.

What are Accounts Payable?

Accounts Payable (AP) are expenses and invoices that are yet to be paid by a business – e.g. an unpaid supplier invoice. In B2B transactions, these invoices often come with payment terms, making transactions more complex and extended in nature, requiring extensive tracking and maintenance.

For anyone running a business, there is always the sales side of things and the spending side of things. The spending side includes multiple aspects that could generally be split up into

±20% of expenses±10% of expenses±70% of expenses
Expenses that are paid on the spot – e.g. buying construction materials in a store with a credit cardReimbursable expenses – e.g. reimbursing a sales person for a flight they paid themselvesExpenses or invoices that are yet to be paid – e.g. paying suppliers for goods

This last part is exactly what Accounts Payable are – these are basically all outstanding payments the business needs to make. Usually, it’s as simple as payments to suppliers. 

So, why do Accounts Payable even exist? In B2B (business-to-business) transactions, payment terms are typically more complex than simply paying cash up-front. Most transactions involve getting goods first and then paying for them 30/60/90 days later. Unrealized payments flow in and out – which means accurate tracking and accounting require increased effort and specialized software.

A simple AP process consists of:

However, the above is just a simplification – in real life Accounts Payable process is often more complex than that. The full process is called Procure-to-Pay (P2P) – it is an end-to-end purchase process that includes order requisition, vendor selection, PO (purchase order) creation and submission to suppliers, receipt of goods/services, and processing of invoices for payments.

In simple terms, it’s exactly how real business works – it starts with vendor search and selection, then come purchase orders, and only then come invoices and payments, followed by reconciliation, accounting, and reporting.

Challenges in AP Management:

  1. 01

    Lack of process:

    Many companies, especially SMEs, lack a well-established AP process, often resulting in a disorganized approach to financial management. A lack of unified tracking tools further complicates AP management.

  2. 02

    Manual operations:

    Resource-intensive manual AP operations heavily rely on forms and spreadsheets, consuming substantial resources in terms of time, effort, and personnel. The manual nature of these processes increases the risk of errors and inefficiencies, leading to potential financial discrepancies, duplicate payments and losses. 

  3. 03

    Inadequate Approval Processes:

    The convoluted approval processes within many companies can be so intricate that even large corporations may inadvertently miss payments or fall victim to fraudulent activities. Even Finance teams at giants like Google and Facebook can be fooled by fraudulent invoices

How big is the struggle?

Account Payable and bill payments are an overlooked pain, many don’t realize how big it is. The numbers below shed some light on the scale of this problem for small businesses: 

How can AP Automation help?

In an effort to reduce the burden, SMEs are increasingly turning to specialized AP Automation software. Tech tools provide organizations with better control over their supplier relationships, payment processes, and the automation of critical internal tasks, leading to a wide range of significant advantages:

Why offer AP Automation to your business clients?

Businesses prefer to have a one-stop-shop solution to manage their business, so if they already manage a part of it with you, you might as well help them with AP Automation. Doing so enables you to earn more per client, drive more engagement, and become their core B2B payments provider – making you more competitive and allowing faster growth.

While AP Automation software is very useful, it’s expensive and requires integration into company’s processes, onboarding training, and more.

Also, a small business owner is already using a dozen tools to run the company. Does she really want to add one more and then change your processes that require learning a new platform and training your team, all while paying $50-300 per month? Many would likely argue that this doesn’t seem appealing. 

What most SMEs prefer is to get AP Automation within the platform they use every day – e.g. neobank, vertical SaaS, or something else. They’re used to the software, they use it to manage the business anyway, and now they can switch from Excel to a new feature in the existing platform – a lot easier for them than buying and learning new software. 

In general, most businesses want one platform to combine all of their business processes – it’s easy, efficient, and inexpensive compared to using 5-7 different tools. In response to this, many neobanks, vertical SaaS players, and Accounting platforms have started becoming “super-apps” – becoming one-stop-shop solutions for their users. This wave is just starting, but there are already champions we see in some segments of the market. For example, Toast – a platform for restaurant owners, or Brex, offering a comprehensive corporate expense management system for startups and scale-ups.

Why should you consider offering AP Automation to your business clients as a platform? 

Well, there are several compelling reasons why platforms choose to embrace AP Automation and evolve into super-apps. 

Offering AP Automation to your business clients allows you as a platform to:

Being in the flow of B2B payments to your clients is key to great customer monetization. Toast, for example, drives over 80% of its revenue from payments, despite being primarily a restaurant management software. However, it’s the software that enables you to monetize payments and drives usage in the first place. 

Similarly, if you offer AP & AR Automation to users, you basically become their cash-flow management platform, meaning you can monetize:

How can you monetize AP Automation functionality?

Platforms can monetize AP Automation functionality via SaaS fees (extra fee or premium plan) and payment fees (e.g. % of each transaction).  Given the high costs of this functionality in the market, platforms can easily earn 3-5x ARPU on businesses using their AP module.

AP Automation is one of the most expensive software solutions on the market. The likes of Bill.com can easily cost $300/mo, and we are talking only basic AP Automation functionality for a smaller company. More comprehensive Procure-to-Pay solutions like Stampli or Tipalti can easily cost $1k/mo+. These platforms also monetize payments on top of SaaS fees, with payment fees often being hefty and containing a lot of hidden charges (e.g. fees for currency conversion).

When you offer AP Automation software piece to your clients, you want to mimic the existing market model and monetize both SaaS fees and payments. 

SaaS fees

The market tells us SMEs value AP Automation functionality – but that doesn’t mean you want to price like Bill.com or a similar player. Remember – for those companies AP Automation is the only thing they do – which means they also miss out on a lot of clients for whom this is very expensive.

Being a one-stop-shop solution with AP Automation included allows you to offer more competitive prices to users – e.g. you could save them 2-5x compared to a standalone player.

Payment fees

Payment processing costs money – and businesses are used to that. Moreover, they’re usually happy to pay extra for automation, convenience, and speed. When it comes to AP Automation, having payments as a part of your flow is invaluable – as it saves your clients a lot of time.

Here are the main payment methods you can monetize:

How hard is it to build AP Automation functionality?

Core AP Automation functionality

To craft a smooth AP Automation workflow that works seamlessly and sets up apart, you’ll need a solid set of core functionalities to make it all come together.

Below are some of the key categories:

Data Integration and Extraction:

Document Processing:

Approval Workflow:

Payment Processing:

Data Integration and Reporting:

Additional Features:

Accounting Integration & Data sync (must-have)

To implement AP Automation successfully for clients, accounting synchronization is a necessity. Enabling this is usually extremely complex and requires building multiple API connections, data processing logic, conflict resolution engines, and more.

In the accounts payable process, one of the final steps involves transferring data into various accounting systems, but building these integrations can be more challenging than it seems.

SMEs use many different accounting systems, so to fully serve your customer base effectively with automated accounts payable (AP), you often need to integrate with 15+ accounting systems, which is a significant challenge.

Each accounting system has their way of looking at the data, running a ledger, etc. This means that there is no standard way to integrate an accounting system, each would need a specific approach and customization. While integrators like Codat or Rails are available to simplify the process, and can save you time, they tend to be expensive and still lack certain essential features, such as data model unification, API versioning, and functionalities like conflict resolution. 

Conflict resolution

One of the trickiest parts of accounting integrations is solving conflicts. This happens when data doesn’t match up between two connected systems. To handle this, you need a smart system that can spot these differences. Here are 2 examples:

Building such an integration is no small feat. It typically demands a year of dedicated work from one senior developer. The workload is split almost evenly, with half the time devoted to standardization and the other half focused on building the conflict resolution functionality. This highlights the considerable time and effort required for this complex task.

Strategies to add AP Automation functionality

Strategy 1: Building Your Own AP Automation

Building AP Automation functionality in-house requires hiring a specialized team and committing to an investment of $1-2 million, along with 1-2 years of development time. Ongoing maintenance and development are necessary to remain competitive in this space.

There are a few large players that invested millions to build their AP Automation module in-house – e.g. Brex or Ramp. For players this size when the market offers cheap capital via VC or loans it’s a possible solution if they see the AP capability as a core functionality for their strategy. 

Finance automation products are complex to build – especially because they are required to cover a lot of edge cases. This is why building a robust AP Automation solution likely requires something like:

9-28 months of time – depending on the scope you want to build, level of expertise and agility in your team

$500k+ budget – for the smallest build and up to €5-10mn for a robust capability

$200-800k – annual maintenance and additional development costs

A specialized product squad

What’s important to remember here though are two things:

As a result, in-house builds typically come at a high cost and effort, requiring a large ongoing investment.

Another route to add AP Automation for your clients is via M&A (mergers and acquisitions). It is very costly, but theoretically, it can also allow you to go to market quicker and grow your user base. For instance, Toast, a leading platform for restaurants, acquired AP software xtraCHEF. Of course, this is an option for those who can afford an acquisition.

Strategy 2: Implementing an embedded AP Automation Solution

Monite invested over $10mn to make a robust AP Automation solution that you can use via an API. It is a fraction of the in-house building cost and takes 2 weeks to plug in with 2 developers. Monite’s solution includes robust AP functionality and accounting integrations. We handle all the building and maintenance costs, ensuring your solution remains competitive in the market.

Up until 2022 M&A and building in-house were the only options. In 2022 a new market emerged in Embedded Finance – called Embedded ERP or Embedded AR/AP. We at Monite were the first international API-first player in the segment.

What we effectively did was build functionalities like Bill/Stampli and other AP Automation players – but we built them as flexible API blocks with a focus on serving platforms first. This means that any platform can save 90-95% of development and maintenance costs and plug in those pieces in the way that works best for their clients with minimal integration effort. The backbone and all key functions are there, so all you need to do is to present the experience and interface that are optimal for your business users.

We made a $10mn+ investment to date into building a robust AP Automation solution, and we’re far from being done here. It’s expensive to build. The good news is that you don’t have to spend that money now – using our API you can go to market not with an MVP but with a top-tier product that makes your own offering even more appealing – compared to both competitors in the space and specialized AP Automation companies. 

Two additional things to know:

What’s included in Monite API?

Monite provides a robust API that allows you to launch a very competitive AP Automation solution for your clients in 2 weeks. Users receive all the expected features – same or better than what they’d get from a leading provider like Bill.com – but within your interface and offered by your brand, supported by our API.

Monite provides a developer-friendly API platform with a wide range of functionality that is essential to launching a competitive AP Automation product.

Platform

AP Automation functionality

How to get started?

Learn more about our AP Automation solutions and features on our Accounts Payable page

Or get in touch and we will help you build a business case and a revenue projection for AP Automation functionality. At the same time, we will provide all the necessary tech & product documentation, so you can assess the Monite API from the perspective of shipping the right value to your users. 

High priority for your roadmap

Become a one-stop-shop before your competitors do

Get Demo