In the last few years fintech industry has seen tremendous growth. This is because of manifold reasons but the major factors remain efficiency, accuracy, and economy. The increasing size of businesses requires automation like never before. The urge for digital transition has become stronger in the post-Covid world. Invoice processing and/or Accounts Payable is among the most sought sector in the fintech industry and it has shown exponential growth lately. A major factor behind it is the growth of online/virtual businesses as well as the companies performing a major chunk of their businesses through remote working. The new realities of business emphasize the minimum possible dependency on physical documentation. More than 73% of the industry is using AP Automation solutions as compared to 45% in 2018. This is because the legacy/manual AP system cannot deal with inherent flaws like delay, duplication, fraud, and redundancy. The quest for efficiency and better ROI makes the automation of AP and Invoices inevitable for future enterprises. As the demand for AP automation grows, more and more companies are coming up with a variety of software. Most of these solutions are aimed at the same kind of working due to the requirement and the expectation of the users. What makes a few of them distinctive is their additional features like better user experience, scalability, ease of integration, and support.
The very basic processes of AP automation are
- Data Entry
- PO/Invoice Matching
- Invoice Coding
- Routing And Approval
Let’s take a look at what users would usually expect from a typical AP automation software.
- Maximum Automation of The Process
- Reduction of Workload of The Team
- Easier Scalability
- Acceleration of The Process
- Enhanced Accuracy
- Elimination of Redundancy
- Control Over Fraud and Forgery
- Better ROI
- Payment Processing & Reconciliation
- Minimizing The Risk
- Controlled and Tiered Assignment Of Roles
- Integration with Existing Software
- Eco Friendly
The above features are almost a must for any AP Solution to be able to make its way in the corporate market. Besides these essentials, the solution providers come up with many premium features to make their product more attractive for the customers, these features may include but not limited to the following:
- Enhanced Customization Options
- Better Integration with Legacy, 3rd Party, and In-house developed software Solutions
- Enhanced Security Options Like Dual Factor Authentication
- Customizable Reporting Options
- SAAS Option
- OCR Input Processing
- Multi-Way PO/Invoice Matching
- Tax Compliances
- Industry Standard Compliances
- Vendor Management
- Mobile App
- Payment Gateway Integration
Premium features work with creativity and imagination and have no limits. Solution Providers are always working on making their products better and better.
InvoiceMate is the AP Automation and Financing solution for tomorrow. It offers the features that will change the way AP Automation works. InvoiceMate is not designed as a better or more featureful version of the existing AP automation solutions. It is redesigned from scratch to make a futuristic product addressing the shortcomings of conventional AP Automation solutions. This way it tends to be free from the inherent weaknesses and flaws of the outdated AP Automation solutions. It can be said that it’s not just a faster caterpillar. It is meant to convert a caterpillar into a butterfly. It means that it covers the initial requirements of the process which are missed by most of the AP solutions as well as it offers the extended set of features that work beyond an AP Automation system to make it a complete AP ecosystem.
The first and the foremost feature of InvoiceMate that make it different from the existing lot is its engine. It is not built upon the conventional database methodology associated with the existing solutions. It uses blockchain for the storage of data. This adds a whole lot of features that are unimaginable with conventional AP Automation solutions. Blockchain adds trust, transparency, and visibility which is not possible with conventional solutions. Besides that, it acts as a bridge between conventional business and crypto business. Every transaction in InvoiceMate takes place on Blockchain in real-time making it trustable, transparent, and visible for all the concerned parties. This way the integrity of the transaction is ensured through the immutability of Blockchain which is second to none. It adds security, speed, and resilience which can’t be expected from a conventional solution. The storage of data on blockchain makes immediate reconciliation possible. The blockchain also eliminates the building up of data silos and redundancy.
The next thing that makes InvoiceMate different from the competition is the integration of Artificial Intelligence (AI) at different levels of invoice processing making the process much more automated and speedier.
Following are the key differentiators of InvoiceMate
- Blockchain Security Seal
- Workflow Automation 2.0
- Brandable Mobile Apps
- AI Optimized Intelligent Invoicing
- Proof of Authenticity & Transparency
- Process Integrity Proof for Compliance
- No Data Redundancy & Data Silos
- Enhanced System Resilience
- Maximized ROI
- Cross-Organizational Work Efficiency
- Time Efficiency & Productivity
- Paperless Eco-Friendly Solution
- Seamless Integration with Legacy ERP Solutions
The above factors make InvoiceMate a clever choice and a future-proof business decision.
You can contact our team for a demo or any further query.