Biotech company looks to streamline AP processes to speed cycle time and provide foundation for rapid business growth
Boston, MA, May 3, 2022 鈥� 名媛直播, an Accounts Payable (AP) and payment automation solution provider, today announced that , a Massachusetts-based biotech company focused on new drug treatments for central nervous system (CNS) disorders, has selected 名媛直播 TotalAP to streamline its vendor invoice and payment processes.
Myro鈥檚 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. 名媛直播鈥檚 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.
鈥淲e鈥檝e been using our bank鈥檚 bill payment service,鈥� said Monica Tommet, Assistant Controller at Myro Therapeutics. 鈥淓ssentially, 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鈥檚 obviously not a process that will scale as we grow.鈥�
With 名媛直播鈥檚 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鈥檚 procurement system to be matched with corresponding purchase orders, sync into its QuickBooks accounting system, and then sync into 名媛直播. From there invoices will be automatically routed to the right individuals for approval and payments will be dispersed via the supplier鈥檚 preferred method, including virtual card, ACH, or check. Once a payment is made, 名媛直播 automatically updates QuickBooks to streamline payment reconciliation.
鈥淎s our scientific team continues to grow and we increase our research efforts, 名媛直播鈥檚 AP automation platform and payment services will provide a scalable foundation for our back-office business functions,鈥� added Tommet. 鈥淲e won鈥檛 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.
鈥溍轮辈� 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鈥檛 want them spending their time on unnecessary administrative tasks.鈥�
鈥淢yro is a great example of a company looking ahead and putting the necessary pieces in place to support its future,鈥� said Elle Kowal, COO at 名媛直播. 鈥淚n 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.鈥�
Resources:
名媛直播 Solutions
2021 State of AP Report
About 名媛直播
名媛直播 provides modern, secure, easy-to-use Accounts Payable (AP) and payment automation solutions to organizations that have a painful number of invoices and payments. By uniting technology and passionate people, we make the process of business payments easy, impactful, and profitable. Our solutions combine ease of use with robust capabilities that drive meaningful insights, transforming the back office into a strategic partner of the corner office. Making you proud of your back office is our purpose. Please visit us at mineraltree.com.
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