To help businesses only pay for what they have agreed to buy, OpenEnvoy has been established to offer invoice auditing without intervention. The firm is focused on safeguarding businesses from being charged too much by vendors, according to a Tuesday (Oct. 27) announcement.
OpenEnvoy contrasts invoices to originating proposals, purchase orders, estimates or bids. The accounts payable (AP) workforce is alerted when differences are discovered. Advanced workflow automation functions enable connection to the client’s back-office technology.
A live dashboard offers analytics like the count of differences, the value of those differences, invoice accuracy by vendor and overall savings. Users have the ability to view the amount that they’re saving and make new approaches to lengthen terms and bolster cash flow.
“We help companies gain more control over their cash flow by identifying inaccurate invoices that are off by even a penny,” Open Envoy Co-Founder and CEO Matt Tillman said in the announcement. “With OpenEnvoy, finance teams will never be overcharged again.”
Tillman said that firms have outgrown antiquated professional services firms who take a non-fixed percentage of the value of an invoice. However, he says that OpenEnvoy as a software-as-a-service (SaaS) product can “provide customers with an immediate ROI and real-time visibility throughout their supplier network at a predictable monthly cost.”
The new technology will let MineralTree clients harnessing Sage to harness automatic matching of bills against receipts or POs, then placing them into the internal processes of users for approval and payment.
A past release says this will let clients of MineralTree save “substantial” time for finance workers and reduce expenses of payment processing while getting rid of double payments and overcharges.
By contrast, the process of reconciling and matching invoices without automation can be a time-consuming procedure for companies.