Product Announcements
See the latest product innovations from Monite
See the latest product innovations from Monite
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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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