Product Announcements

Managing your financial documents and workflows just got easier with Monite’s new multi-tagging feature. Now, users can assign multiple custom tags, such as payables, receivables and counterparts, improving organization and reporting. Multi-tagging allows for better visibility and easier categorization, ensuring nothing slips through the cracks.

Here’s why you’ll love it:

• Categorize documents with multiple tags for streamlined workflows
• Assign custom tags for better reporting and searchability
• Automatically assign predefined tags to new payables created via OCR
• Improve organization across all financial processes
• Use tags to set up approval policies worflows

Monite now supports VAT-inclusive pricing, making it easier to handle tax calculations directly within invoices and quotes. With this feature, you can specify whether product prices include VAT, allowing Monite to automatically calculate the taxable base price.

Here’s why you’ll love it:

• Seamless tax compliance for VAT-inclusive prices
• Automatic VAT calculation on your invoices and quotes
• Simplify tax management with Monite’s integrated solution

Create invoices and quotes effortlessly with in-line product details. Now, you can specify product names, prices, and attributes directly in the invoice request without needing a pre-defined product catalog. Perfect for one-off invoices or when managing products externally. You can also mix inline and catalog products.

Here’s why you’ll love it:

• Flexibility to add product details on the fly
• Ideal for businesses without a Monite product catalog
• Combine inline and catalog products in one invoice

Monite now offers improvements to how you handle paid invoices. Once an invoice is marked as paid, the PDF is updated to reflect the payment and any amount still due. These documents can then be automatically emailed to the recipient for greater transparency and record keeping.

As well as allowing your businesses to issue documents that are up to date with the latest payment status this feature allows Monite invoicing to be integrated into products where an invoice is issued post-transaction – for example e-commerce and checkout flows.

Here’s why you’ll love it:

• Integrate Monite invoicing into e-commerce and checkout products
• Automatically update and send invoices after payment
• Simplify financial tracking between businesses and their recipients

Platform users can now send quotes to their customers and easily collect digital signatures. This feature ensures secure and formal acceptance of quotes, streamlining the process for both you and your clients, while enhancing trust in agreements.

Here’s why you’ll love it:

• Simplifies the quote approval process with digital signatures
• Ensures secure, formal agreements with clients
• Improves workflow efficiency

Leverage the power of AI-driven OCR to automatically extract data from invoices and receipts. With an average processing time of 5-10 seconds and over 99% accuracy, this solution reduces manual entry errors and speeds up payable processing for greater efficiency.

Here’s why you’ll love it:

• AI-powered for fast and accurate data extraction
• Supports 40+ languages with real-time status updates
• Processes invoices in seconds, boosting productivity

Keeping track of invoice deadlines and optimizing payment schedules can be challenging and time-consuming. With Monite’s new automated date calculation feature, your customers can ensure that all their payments are made on time without manual intervention. This feature leverages invoice dates and predefined system settings to calculate suggested payment dates and due dates automatically, helping manage cash flow more effectively.

Here’s why you’ll love it:

• Automatic date calculation based on invoice date and last payment
• Choose from three different options to determine the suggested payment date
• Flexibility to change the payment calculation method anytime

Two-way matching, also known as purchase order matching, is a process that checks for discrepancies between the invoice and the purchase order (PO), comparing specific details on both documents within the invoice processing function. With Monite’s new Two-Way Matching feature, your customers can ensure that all their payments are accurate and error-free without manual intervention. This feature compares the details on a purchase order with an invoice to make sure they match, helping businesses avoid paying for things they didn’t order or for incorrect prices.

Here’s why you’ll love it:

• Error Prevention: Automatic matching of purchase orders with invoices to ensure accuracy.
• Cost Savings: Helps avoid paying for unordered or incorrectly priced items.
• Efficiency: Streamlines the payment process and reduces manual checks.

We are excited to announce significant enhancements to our payables approval policy. This update introduces stronger validation for policies, ensuring they are more robust and reliable. The API has been refined with clearer naming conventions and improved navigation, making it more intuitive and user-friendly. Additionally, we’ve enhanced the overall system performance for a seamless and efficient experience.

Here’s why you’ll love it:

• Stronger Validation: Enhanced policy validation ensures greater reliability and security
• User-Friendly API: Refined naming and improved navigation enhance usability and efficiency
• Optimized Performance: Bug fixes and code cleanup for a seamless user experience.

Your customers want to automatically send copies of their invoices to their bookkeeping tool and other recipients using CC and BCC. This helps them streamline their invoicing process and ensures that all relevant parties receive a copy. By providing automatic CC and/or BCC, you empower your customers to offer a best-in-class invoicing experience, which keeps their customers happy

Here’s why you’ll love it:

• Streamline invoicing process by automatically CCing and BCCing relevant parties
• Ensure everyone involved receives a copy, eliminating the risk of missed information or delays
• Set a default CC and/or BCC email address (like your customer’s bookkeeping tool) to automatically populate when creating invoices

Effective invoice numbering is essential for maintaining organised and professional financial records. Our latest update now allows for customisable invoice numbering. This feature enables you to define prefixes, include year/month indicators, and set the number of characters, ensuring that all invoices adhere to your preferred format from the start, providing a tailored solution that meets your unique requirements.

Here’s why you’ll love it:

• Tailor your invoice numbering format to match your business requirements
• Easily configure and manage your invoice numbering through our intuitive interface
• Adapt your invoicing system as your business grows and your needs evolve

We’ve introduced the ability to create ’empty’ reminder schedules. Now, you can set up an empty reminder through our API and customize it later. This change ensures that reminders can be applied to all invoices, even those created before the reminder schedule was set up.

Here’s why you’ll love it:

• Create a reminder schedule with just a name, and add terms later as needed
• Apply reminder schedules to invoices from the start, ensuring no invoice is left out
• Use simple API calls to create and later modify reminder schedules without initial constraints
• Ensure all invoices adhere to the same reminder schedule, regardless of when the schedule was set up

Businesses working with customers in multiple geographies struggle with issuing compliant invoices. To tackle this Monite now provides full regulatory compliance for Accounts Receivable in 30+ countries, making invoicing a breeze for your customers. With features like standard invoice elements, custom sales tax options, improved data validation, and multiple overdue reminders, your customers can enjoy smoother financial processes. Plus, this opens up new growth opportunities for your business. The new compliance features are integrated seamlessly into the invoicing system, ensuring that all regulatory requirements are met with ease.

Here’s why you’ll love it:

• Provide a seamless invoicing experience for your customers
• Improved data validation minimizes errors and ensures compliance
• Get paid faster with automated overdue reminders
• Expand your reach and serve a wider customer base

Invoices are often paid in parts, so it’s important to accurately track this in your financial system. To manage those cases, Monite now supports a partially paid status for both payables and receivables, allowing you to efficiently manage and track the remaining amount to be paid or received. The new statuses are displayed in the table overview of payables and receivables, as well as in the detailed document view. Payments are recorded in the order they are received, and multiple payments per document are supported. These payments are reflected in the document history tab, providing a comprehensive view of the payment history in one place.

Here’s why you’ll love it:

• Clear visibility of all invoices, including those that are partially paid
• Easily manage the remaining amount to be paid or received
• Simplified reconciliation for partially paid documents
• Improved accounting synchronization

We’ve given Accounts Payable a serious upgrade! Now, your US-based customers have the flexibility to pay their vendors using the method that works best for them, whether it’s ACH or traditional paper checks. This is on top of our existing cool features like purchase orders support, enhanced reconciliation options, partially paid statuses, updated AI-driven OCR with confidence score & robust model training, and a new powerful approval workflow builder makes this enhancement truly exceptional.

Why you’ll love it:

• Flexibility to choose between paper checks and ACH depending on your specific payment needs
• Cater to diverse customer needs and operational requirements
• Comprehensive tracking and reporting, ensuring all transactions are easily accessible and verifiable

Monite’s enhanced frontend components and iFrame make embedding AP/AR functionality into your platform a breeze! Not only that, now, you can go live in days, not weeks, with minimal tech resources needed.

Here’s why you’ll love it:

• Faster time to market means accelerate growth for your customers and increased user engagement for you
• Reduced development cost
• User-friendly tools and clear documentation make integration a breeze

Customers are more likely to respond to emails from a familiar sender. That’s why Monite now lets you customize your invoice email settings. You can replace the default “no-reply@monite.com” email address with your own company domain and sender name. This simple change can significantly enhance your invoicing process.

Why you’ll love it:

• Increased brand recognition: Customers will see your company name, not Monite’s, in the sender information
• Improved trust and engagement: Branded emails build trust and familiarity with your brand
• Customisation: Customise domain, sender name, both or nothing at all

Navigating international markets can be challenging, especially when it comes to managing documents in different languages. This can lead to delays, errors, and frustration for both parties. To solve this Monite now offers multilingual invoice and document generation in- English, French, German, Dutch or Spanish. You can easily set the preferred language for each partner, ensuring they receive documents in their language they prefer.

Here’s why you’ll love it:

• Streamlined operations: Automatically translate PDF templates into English, French, German, Spanish, and Dutch based on requirement
• Preview: Get a sneak peek of your PDFs with the preview feature, ensuring everything looks perfect before they reach your clients
• Customization and formatting: Personalize your PDFs with your company’s logo, maintaining your brand’s identity across all documents
• Set It and Forget It: Once you set your default template, it’s automatically used for all new documents, saving you time and effort