To provide small companies with accounts payable (AP) automation, Medius is bringing its MediusGo invoice automation product to the American market. The cloud-based spend management provider said the offering was created to assist small and medium-sized businesses (SMBs) by allowing for effectiveness and management during the complete accounts payable operation, according to an announcement.
“Introducing MediusGo to the US market marks another important milestone on the Medius growth journey,” Medius Chief Executive Per Åkerberg said in the announcement. “I am confident that the experience and expertise our team has built into the MediusGo AP automation solution throughout the years will truly help SME's in the US rapidly gain efficiency and improve financial control in their day-to-day work.”
Medius has been in the American market for more than a decade, helping SMBs through AP automation as well as spend management technology. The firm said there is “great opportunity” for small businesses in the U.S. to get better in terms of accounts payable automated, citing research made before the entry of MediusGo in the U.S. More than 6 in 10 — or 62 percent — of SMB invoices are based on hard copies, with the inclusion of an email with a PDF as an attachment.
Additionally, 55 percent of polled SMBs harness spreadsheets to keep track of finances, while 39 percent of respondents note challenges with misplaced or missing bills.
MediusGo will be available to clients through a wide network of partners, which encompasses scanner manufacturers, accounting practices, business process outsourcing firms and enterprise resource planning (ERP) integrators aiming to reach SMBs. And, in many instances, the company’s product will come will be branded with the name of the partner.
In separate news, Medius was growing into the eProcurement area with its Wax Digital takeover. The firms announced the arrangement in November and indicated that the deal would widen the functions of Medius into contracting, supplier sourcing and order placing as well as link the procedures to the current invoice payments ability of Medius.