Top 7 Accounts Payable Automation Software
An invoice has landed in your inbox. As soon as it arrived, a team member cleared the payment. Later, when another team member came across it, they made the payment again. This is a common scenario of duplicate payments that results in cash leakage. Invoices are not consolidated. There is no proper approval workflow, and stakeholders lack visibility.
Overall, managing accounts payable (AP) becomes a nightmare.
An automation tool solves these bottlenecks and provides a centralized platform for invoice management and accounts payable. An accounts payable automation software automates invoice capture and retrieval to consolidate all the information on a unified platform. You get real-time visibility and control over your payables.
As a result, you establish better vendor relationships and supply chain management without impacting cash flows.
This post will cover 7 AP automation software to help you choose the right automation partner.
Top 7 accounts payable automation software
Here are the top 7 AP automation software. You can pick one of these to automate your accounts payable based on your company size and needs.
Pluto is an accounts payable software that transforms your AP processes by simplifying bill processing. From enabling GRN matching to setting fully customizable multi-layer approval workflows, it is the best AP automation software to manage your vendor payments.
- Facilitates three-way GRN matching with purchase orders and item-based matching
- Offers a flexible approval engine capable of managing intricate hierarchies without requiring technical expertise
- Enables multi-layer invoice approvals with policies to align with your company's structure
- Ability to upload invoices easily via WhatsApp images and emails to speed up the receipt capture process
- Facilitates optical character recognition (OCR) technology to retrieve invoice information, including tax and general ledger (GL) codes
- Offers a centralized dashboard to gather bills in one place and track the status to avoid double payments
- Consolidates approved invoices in a single window to highlight pending bills and avoid delays
- Raises alerts for upcoming payments, enables scheduling payments in advance and automates invoices
- Allows you to seamlessly carry out bulk local and international wire transfers for easy payment clearing through their treasury partners.
- Enables you to split payments for different tax and GL codes, departments, etc.
- Provides vendor-specific corporate cards to control budgets and detect irrelevant expenses
- Supports ERP integration to synchronize your vendors, purchase orders, and bills
- Integrates with accounting software such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
- Provides a complete audit trail of the process to ensure visibility at each step
- Shows real-time analytics to facilitate deep insights for supporting budget control
- Free to get started!
- Enables branch and subsidiary-level spend tracking (not offered by other platforms)
- Offers up to 2% cashback on all non-AED transactions
- Independent PCI DSS Level 1 certification for advanced security
- SSO/SAML Capabilities for Enterprises
- Better Forex rates than most local banks
- Integrates with all other major ERPs except Tally
- Slightly longer on-boarding due to corporate card offering
Tipalti is an automation tool that supports end-to-end AP processes. It streamlines accounts payables and facilitates global payments in local currencies for various recipients, from suppliers to freelancers. The cloud-based platform helps finance teams manage payments without losing visibility and control.
- Supports supplier onboarding and vetting to ensure supplier reliability and trustworthiness
- Integrates with ERP and accounting systems to help with reconciliation reporting
- Uses OCR to scan, capture, match, and process invoice data to reduce manual errors
- Provides built-in approval workflows and payment scheduling
- Offers invoice processing, including two-way and three-way purchase order matching and approval to avoid overpayments
- Assists AP processes for subsidiaries and entities
Starts at $129 per month per user for the platform fee and charges for additional features separately
- Can manage supplier bank account details in a secure environment
- Cannot use it for prepayment invoices on inventory purchases with the ERP system
- High foreign currency exchange fees
- Tax forms can be difficult to fill out and very difficult if you do not speak English
Airbase manages global AP processes. It focuses on ensuring compliance and syncing with your accounting tool to streamline payment. It is an automation solution for small to midsize businesses (SMBs) and large enterprises with 100-5,000 employees.
- Offers OCR to populate details, including GL category, date, amount, and purpose
- Supports onboarding with a self-service vendor portal and custom questionnaires
- Has a centralized dashboard with all key information about the invoice to avoid friction
- Accepts invoices from email or vendor portal across all subsidiaries
- Offers automated approval workflows based on multiple parameters, such as vendor, amount, GL category, etc.
- Enables three-way invoice matching to ensure compliance and reduce wasted spend
- Real-time audit trail with receipts, notes, and documentation for transparency
Request a custom quote
- Intuitive and easy to use; no training or previous knowledge required
- The mobile app is slow and takes time to load pages
- SSO-based login is not smooth
- Not suitable for complex branch-level approvals and expenses
Ramp is an accounts payable solution for managing payments and business expenses. It automates bill entries, approvals, and payments while offering complete visibility and control. By tracking each AP step from data recording to approvals, it simplifies payment processing and takes the burden off teams.
- Uses artificial intelligence (AI) to extract key details from invoices to offer accuracy and eliminate data-entry errors
- Identifies duplicate invoices and helps with two-way matching to purchase orders
- Offers custom approval workflows to minimize errors and ensure timely payments
- Provides a unified dashboard with visibility into the status of invoices
- Consolidates multiple payment options, such as check, card, same-day ACH, or international wire
- Integrates with accounting solutions, such as QuickBooks, Xero, Oracle NetSuite, Sage, etc. for auto-sync bill pay transactions
- Supports international payment processing in multiple currencies
- Tracks vendor data and transactions for easy reporting and data-driven decisions
Three pricing packages—free or basic features, $15 per user per month for Ramp Plus, and custom quote for enterprises with features like enterprise ERP integration, custom implementation, and local card issuance
- Works with multiple subsidiaries
- Offers cash back on credit card purchases made using VISA cards
- Can’t unmatch an incorrectly matched invoice (invoice to credit card)
- Approval routing can only be set on the vendor level, not the department level
- Limitations in syncing repayments
Bill is an accounts payable solution for SMBs to control payables, receivables, expenses, and all corporate expenses. It allows businesses to streamline scattered AP processes into a single platform and gain more control over their finances.
- Enables custom approval workflows for minimal hassle
- Automates purchase order workflows with the option for automated two-way and three-way matching
- Automates receipt matching, categorization, and expense reporting, decreasing administrative tasks
- Syncs with all major accounting systems like QuickBooks, Sage, Intacct, and NetSuite
- OCR auto-populates invoices for data entry
- Provides bulk payments of approved invoices with payment choices, such as ACH, credit cards, checks, and international wire transfers
- Offers audit trail of any changes or actions related to the invoice on a single page
Provides a free trial and essentials pack starting at $45 for six standard user roles. Its team and corporate pack are for $55 and $79, respectively. Enterprises need to request a custom quote.
- One-click swift payments
- Minimum training required
- Easy-to-use mobile app
- Customer support is difficult to initiate, slow, and unresponsive
- Frequent changes in the interface create confusion for users
Procurify streamlines AP reconciliation, offering a straightforward solution for financial operations. From catalog management to custom user controls, it helps to track the procurement process in real time. Its no-code configuration allows for a prompt deployment in under six weeks, making it a suitable choice for mid-market to enterprise organizations.
- Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance
- Ensures that requested items are approved against budgets before procurement
- Integrates with trusted vendors through punchout catalogs to streamline the ordering process
- Syncs bills and completes bill payments directly with platforms like QuickBooks Online, NetSuite, and other major accounting systems
- Supports OCR technology to extract data from invoices
Starts at $2000/month with a custom pricing tier
- Ability to upload different invoices in the same PO and group invoices
- Doesn’t offer payment services, so you need to carry out payments on a different platform
- Physical inventory has to be tracked outside Procurify
Ziphq is an end-to-end procure to pay software designed to streamline the entire procurement process, from purchase order to payment. It caters to businesses of all sizes — startups, mid-size companies, and enterprises with no-code configuration and deployment in under six weeks.
- Offers vendor cards to automate recurring and one-time payments
- Centralizes purchasing workflows, providing real-time visibility into the AP process
- Facilitates automatic purchase order matching, ensuring invoice accuracy and timely payments
- Provides automated, no-code workflows, referencing all stakeholders in the approval chain
- Allows employees to comment on invoices and tag stakeholders, ensuring everyone has the context and visibility needed
- Automates renewal planning with workflows initiated well ahead of deadlines, enabling stakeholders to make informed decisions
- Supports vendor payments in 140+ countries and 40+ currencies
- Integrates with ERP, ensuring quick and easy reconciliation, even for complex, multi-subsidiary operations
- Provides various customization options to configure internal processes
- Localized to the USA market
- Takes over five days to settle vendor payments
- Can’t bulk upload documents
How to choose the right accounts payable automation software?
Select software that is adaptable and user-friendly, with intuitive trigger-based workflows and a clean interface, ensuring ease of use without excessive reliance on support for basic tasks.
Versatile payment capabilities
Choose a solution that supports a broad spectrum of payment methods, including the ability to issue vendor-specific cards for secure and speedy payments, a feature not commonly found in many platforms.
Accurate Invoice Processing
Opt for software with OCR technology to enhance invoice processing speed and accuracy, capable of handling invoices from various sources and integrating them into a centralized database for reduced manual entry.
Efficient Approval Workflows
The software should include a straightforward, no-code workflow builder that can handle complex hierarchies, essential for large organizations with intricate approval processes.
Seamless System Integration
Ensure the software integrates well with existing accounting systems to automate data entry and maintain synchronized records, which is crucial for effective financial management.
Advanced Reporting Features
Reporting functionality that offers insights into spending patterns and department-specific expenditures is vital. The software should provide a robust reporting dashboard with options for deeper analytics.
Choosing the right accounts payable automation software
Implementing accounts payable software will support your procurement process only when you carefully pick an option that provides flexibility, visibility, and security without losing on functionality.
Imagine software that makes it easy to clear payments but doesn’t settle payments for days on the vendor’s end. Contrarily, consider an option your legal or IT team is skeptical of implementing.
That is why, at Pluto, we focus on simplifying processes and cutting all the chaos without risking security, flexibility, or functionality. We simplify accounts payable by syncing with your payment gateways for faster payments at better forex rates than banks. You get a PCI DSS Level 1 certified solution that provides you with bank-grade security.
So, book a demo and learn more about how you can optimize your entire procurement process.
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5 Strategies For Cost Reduction in Procurement To Improve Bottom Line
It’s challenging to always be on your toes, looking for ways to cut costs. Be it negotiation or automating manual, time-consuming processes, your main focus is always to optimize expenses and improve the bottom line. This comprises 36% of CPOs whose top priority is delivering bottom-line savings.
Hence, in this post, we will discuss the top 5 procurement cost reduction strategies. We’ll also discuss the process of getting started and ways to improve the procure-to-pay process to ensure procurement cost savings
5 Cost-Saving Strategies in Procurement
Here are the top 5 cost reduction techniques in procurement that you can implement in the short and long run:
1. Reduction in Maverick Spending
Maverick spending refers to expenses beyond the established policy and procurement process. It involves unauthorized purchasing that is either not approved or doesn't adhere to the pre-approved vendors or negotiated contracts.
Such expenses impact financial and operational efficiency, leading to budget overruns and supplier relationship strain. For instance, an employee purchases office supplies from a non-approved vendor. It can lead to higher costs due to a lack of negotiated discounts and impact the organization's ability to leverage consolidated spending for better terms and conditions.
To reduce maverick spending, you must actively communicate procurement policies to avoid such expenses. You must monitor all the transactions and address any such instances. This requires greater visibility into the spending at each stage and an analysis of how company resources are being used. You will also need to set spending controls based on the company policies to avoid constant monitoring.
As a result, you gain better control over the procurement process, negotiate better contracts with preferred suppliers, and leverage volume discounts without disrupting the supply chain. This will help you maintain compliance with established procurement policies and save costs by avoiding unauthorized expenses.
2. Contract Management
Contract management involves reassessing the existing contracts and negotiating supplier agreements. This includes negotiation, execution, and ongoing monitoring to ensure cost optimization.
To ensure strong contract management practices, regularly revisit contract terms, assess performance metrics, and proactively identify areas for improvement. Prioritize negotiation preparation by investing in training for procurement professionals, ensuring they possess the skills to secure favorable terms and adapt agreements to evolving business needs.
Contract management aids in maximizing the value of agreements, minimizing risk, and ensuring that suppliers deliver as per the agreed terms. It also promotes better relationship management and identifies opportunities for cost optimization.
3. Request Specification
Request specification involves creating clear and detailed specifications for the goods or services that the organization intends to procure. This involves detailing purchase requests and understanding the needs of the teams to deliver what they need and not spend money on unnecessary features and misfit products. This helps ensure suppliers understand the exact requirements, leading to more accurate quotes and better value for money.
To ensure detailed request specifications, involve all the stakeholders in the approval process and get buy-in from each of them. Follow a standardized approval workflow to raise purchase requests. This ensures consistency and gets the maximum information possible. However, it is important to implement customized workflows to suit your business hierarchies.
This reduces the risk of feature overlap and better consolidates the purchases for negotiating more favorable deals. Moreover, the specificity of needs lowers the chances of cost overruns or disputes during the procurement process.
4. Spending Consolidation
Consolidating spending means automating procurement processes to achieve economies of scale. This includes consolidating purchases, standardizing suppliers, and leveraging bulk buying power. Doing so lets you negotiate better terms with suppliers, reduce administrative overhead, and achieve cost savings through volume discounts.
For instance, if you consolidate spending on packaging materials by sourcing from a single supplier, you negotiate bulk discounts, streamline procurement processes, and benefit from standardized materials. This approach reduces costs through economies of scale, simplifies logistics, and enhances overall operational efficiency.
To consolidate spending, conduct a thorough spend analysis, identify opportunities for consolidation, and negotiate with suppliers for better terms. Additionally, implement procurement software to streamline procurement processes. This will give you insights into your spending behaviors and help you identify optimization opportunities. Also, create a cross-functional procurement team to promote collaboration and standardization across the organization. Moreover, ensure proper cross-functional workflows to get stakeholders involved at each stage.
5. Vendor Diversity
Vendor diversity involves engaging with various suppliers to reduce dependency on a single source. This strategy ensures increased competition, better negotiation opportunities, and improved risk management.
For instance, having vendor diversity enables you to source materials from multiple suppliers rather than relying solely on one. This creates competition among suppliers, encouraging competitive pricing and service levels to mitigate risks associated with potential disruptions from a single supplier. Hence, in the event of supply chain challenges or fluctuations, you get the flexibility to maintain production and minimize the impact on operations.
To ensure vendor diversity, adopt a global sourcing strategy and conduct thorough market research to identify potential suppliers across the globe with clear criteria for supplier selection. Additionally, actively seek partnerships with businesses that bring unique strengths to your supply chain. Moreover, it is important to also regularly reassess and diversify your supplier portfolio to ensure adaptability to changing market dynamics. Fostering open communication to build strong, collaborative relationships with various suppliers is a must
As a result, you get better pricing, quality, and innovation. It also provides a safety net if one supplier faces disruptions or fails to meet expectations.
Three-Step Process for Cost Reduction in Procurement
Before implementing these strategies, go through this strategic process each time you have to hunt down expenses for cost savings:
1. Analyze Spend
Start by conducting a comprehensive spending analysis to understand where the money goes. Use financial records, invoices, and procurement data to categorize and analyze spending patterns. In such cases, having procure-to-pay software helps a lot in getting insights and real-time visibility.
This step provides a clear overview of the organization's spending habits, allowing identification of areas for potential cost savings. It serves as a foundation for informed decision-making in subsequent cost-reduction strategies.
2. Identify the Biggest Expense
Compare across departments or suppliers to identify the largest expenses or categories and spot any unusual expenses. This step allows for targeted efforts in cost reduction.
Discuss these insights with relevant stakeholders to understand why these costs exist and their impact. Also, align the understanding of ‘savings’ with them to avoid unnecessary delays and rejections. It is advisable to align it with something measurable to make it easier to sell the business case and implement the necessary changes.
For instance, the information technology (IT) department proposes investing in new software that, in the long run, promises increased efficiency and reduced maintenance costs. However, the finance team, focused on immediate budget constraints, may interpret ‘savings’ as strictly short-term cost reductions rather than considering long-term benefits.
To align understanding, the IT team can quantify long-term savings through reduced downtime, improved productivity, and potential scalability benefits. This ensures both departments share a common definition of ‘savings’ and facilitates a collaborative decision-making process.
Additionally, you can target the smaller spend or tail-end spend as well. It is easier to cut people from making one-off purchases or buying small items on Amazon that another department may have.
3. Conduct Market Research and Maintenance
Conduct market research to understand current pricing, trends, and available alternatives for the identified major expenses. Based on your research, you can optimize these expenses without impacting the supply chain. This includes incentives such as:
- Use spending data analysis to negotiate improved terms with suppliers. Seek discounts or bundled services to reduce costs without disrupting the supply chain.
- Research alternative suppliers or vendors for the identified major expenses. Assess their offerings, pricing, and reliability to diversify options and secure more cost-effective alternatives.
- Invest in automation to optimize procurement processes, reducing administrative overhead without disrupting the supply chain.
- Analyze inventory levels and adjust ordering practices based on demand forecasts to prevent overstocking or stockouts.
- Regularly monitor the expenses and supplier performance and reassess strategies to adjust optimization efforts based on changing market conditions and organizational needs.
Keep updating this information to stay informed about changes in the market. This ensures that you are well-informed about competitive pricing and industry trends. Additionally, you get the necessary data to negotiate better terms with suppliers, explore cost-effective alternatives, and adapt to market fluctuations, contributing to more strategic and informed decision-making.
How to Ensure Maximum Procurement Cost Reduction
Most companies have procurement processes running on autopilot with standard operating procedures. However, this leads to inconsistent efforts of procurement teams in reducing costs. They have to dedicate hours to analysis and optimization, which can be changed with intentional efforts to ongoing cost savings practices in procurement.
However, with traditional manual processes, getting real-time visibility and comprehensive insights is impossible. To streamline the process and consolidate the expenses, you must adopt tools that support your cost savings initiative. This means centralizing all the information to build a unified platform for complete visibility and control.
Pluto simplifies this for you. Not only do you get insights and controls, but you can also create cross-functional workflows to facilitate the collaborative procurement process. You can integrate your entire accounting and accounts payable system onto a single platform and streamline the entire process. As a result, you get real-time visibility and can optimize expenses in time.
Book a demo to know more about how Pluto fits into your business and helps you streamline your procurement process for collaborative cost-saving efforts.
What is Account Reconciliation? Basics for UAE-Based Companies
Last day of the fiscal year, and you are closing the books. One of the employees writes a check for 50000 AED to a vendor. The internal records show a payment of 50000 AED, but your balance will not match your bank statement due to the time difference in check clearing.
Account reconciliation addresses these differences and mismatches of records. It helps you identify any gaps in your accounting statement to make adjustments and ensure accuracy.
In this post, we will discuss account reconciliation and how you can ensure compliance with proper reporting.
What is Account Reconciliation?
Account reconciliation involves comparing your internal financial statements to external and third-party sources, such as bank statements, to ensure the accuracy of financial records.
The frequency of account reconciliation will depend upon your company's internal policies and industry practices. Generally, companies conduct account reconciliations every month or quarter.
You can also automate this process and reconcile accounts in real time. The software integrates with your accounting systems and ERPs and facilitates record-keeping. Employees directly upload receipts on the software, and all the transactions are visible on a centralized platform for real-time tracking. Then, the tool automatically categorizes the expenses into different general ledger (GL) accounts and tax codes, making reconciliation simple.
Why Invest in Account Reconciliation?
Account reconciliation is a standard accounting process. While it seems reasonable to continue using traditional manual systems for record-keeping and reconciling, having a unified accounting platform enables you to close books 10X faster.
Imagine a single tool to manage reimbursement, petty cash, corporate cards, and end-to-end procurement. You eliminate the chances of errors and fraud with more visibility over your money. As a result, you get accurate financial statements, creating a transparent environment for stakeholders.
How is Account Reconciliation Done?
Account reconciliation involves comparing GL account balances to supporting external sources and records. Here is a complete breakdown of the process:
1. Identify Accounts for Reconciliation
Identify the accounts that need reconciliation. This depends on the nature of the business, industry regulations, and the company's internal processes. Common accounts include:
- Bank accounts
- Accounts payables and receivables
- Intercompany transactions
2. Gather Relevant Documents
Collect supporting documents for the identified accounts, such as bank statements, invoices, receipts, and other relevant financial records.
3. Verify Opening Balances
Compare the opening balances in the company's records with the corresponding balances in external statements or supporting documentation. This ensures that the starting point for reconciliation is accurate.
4. Adjust Differences
Identify discrepancies and make adjustments as needed. Based on the types of accounts chosen, you are likely to have the following discrepancies:
- Bank: Outstanding checks, deposits in transit, or bank fees
- Accounts payable and receivable: For accounts payable, mismatch between the company's records and vendor invoices. On the accounts receivable side, payments not being accurately reflected in the company's records.
- Value Added Tax (VAT): Errors in calculating input and output VAT, misclassification of transactions, or discrepancies between recorded and actual tax amounts
- Inventory: Errors in recording stock levels, theft, obsolescence, or misclassification of inventory items
- Intercompany: Errors in eliminating intercompany transactions, misallocating expenses, or differences in intercompany balances
- Revenue: Unrecorded sales, errors in invoicing, or misapplication of revenue recognition principles
- Expenses: Unrecorded expenses, duplicate payments, or errors in expense categorization
5. Review and Finalize
Review the reconciled accounts for accuracy and completeness. Obtain necessary approvals from management or relevant stakeholders before making adjustments and finalizing financial decisions.
Finalize the reconciliation process and document the adjustments made. Retain all relevant records for auditing purposes and future reference.
Top 5 Account Reconciliation Errors
Here are the top 5 most common errors that lead to discrepancies in account reconciliation:
Omission includes missing certain transactions from the accounting records due to oversight. For instance, forgetting to record a payment received results in understating cash and accounts receivable.
Solution: Review transaction documentation, bank statements, and other supporting records to identify and record any omitted transactions.
Duplication involves recording the same transaction more than once, leading to an overstatement of figures. For instance, recording a sales invoice twice causes excessive revenue figures.
Solution: Review transactions and eliminate any duplicate entries.
3. Timing Difference
Timing differences refer to situations where a transaction is recorded in the books at a different time than when it clears the bank or is recognized for accounting purposes. For instance, writing a check at the end of the month that doesn't clear the bank until the beginning of the following month.
Solution: Regularly compare bank statements with the company's records, adjusting for timing differences.
Fraudulent activities involve intentionally manipulating financial records to deceive stakeholders and make personal gains. For instance, employees falsify expense receipts to inflate reimbursement claims.
Solution: Implement strong internal controls, conduct regular audits, and promote a culture of ethical behavior.
Misclassification occurs when transactions are recorded in the wrong accounts. For instance, adding a purchase of office supplies to the wrong expense account or labeling an incorrect GL code.
Solution: Review transactions to ensure proper coding and provide training to prevent misclassification errors.
Risk of Overlooking Account Reconciliation
While account reconciliation seems a redundant task of matching accounts’ balances, small defaults can lead to operational, financial, and legal challenges.
You can face hefty fines or penalties imposed by regulatory authorities. You may also encounter disruptions due to legal investigations, audits, or even suspension of business activities. Moreover, failure to adhere to regulations can harm a company's reputation.
In some cases, it leads to the revocation of licenses or permits, jeopardizing the company's ability to operate within the UAE.
Here are some challenges you face when you do not pay due attention to account reconciliation:
1. Manual Errors
The chances of errors are high if you rely on manual processes for account reconciliation. It can distort financial records, impacting decision-making and financial analysis.
Example: An employee records a sales transaction twice, leading to an inaccurate representation of the company's revenue.
Detecting fraud becomes difficult when you lack real-time visibility or the accounts are not being cross-verified. As a result, fraudulent activities go undetected, causing financial losses and damaging trust.
Example: An employee manipulates expense reports to divert company funds for personal use.
You lose sight of the funds available, leading to bounced checks or potential bank charges. This harms the company's financial stability and relationships with vendors.
Example: The employee wrote a check with insufficient funds, resulting in a bounced check and delayed vendor payment.
4. Inaccurate Reporting
You increase the chances of discrepancies in financial reports, providing stakeholders with misleading information. This undermines the confidence in the company's financial health and performance.
Example: An employee overlooking the balance between revenue and expenses leads to inaccurate profitability figures in financial statements.
5. Tax Issues
You can encounter inaccurate tax calculations or omissions, leading to tax filing errors. This leads to penalties, fines, and increased scrutiny from tax authorities.
Example: An employee's oversight of business expenses, like travel and meals, results in underreported deductions, leading to tax filing inaccuracies.
6. Affect Credit Score
You increase the chances of missed payments or errors that negatively impact the company's credit score. This further affects the ability to secure loans or favorable credit terms.
Example: An employee's oversight in paying a critical supplier invoice on time leads to late fees, strains supplier relations, and affects the company's credit score.
7. Audit Challenges
With incomplete or inaccurate reconciliations, you risk challenges during audits, demanding additional time and resources. This results in increased audit costs and potential legal implications.
Example: An employee fails to reconcile monthly bank statements, leading to missing documentation. The subsequent need for extensive audit adjustments increases audit costs and poses legal risks.
Automate For Ease
Managing 1000s of expenses and individually categorizing and coding them is a big headache for finance teams. Leaving this to your accounting software will further require oversight during audit season, adding to the workload. Moreover, these software don’t help with record-keeping or real-time visibility, causing you to spend more on account reconciliation.
Pluto makes this easier by bringing it all to a centralized platform. By shifting to the Pluto ecosystem, you close books 10x faster and simplify spend management. It is as simple as integrating your accounting software and ERPs and getting visibility over your money from Day one.
Streamline your financial management with our all-in-one platform, integrating accounts payable software for comprehensive control. Manage categorization, reimbursements, corporate cards, and all aspects of accounts payable seamlessly from a unified dashboard.
The best part is that you can bulk export and import logs and even lock the transactions to avoid changes once approved. Further, with view-only access to external bookkeepers, you ensure transparency and security with no chaos during audit season.
Reconciliation in Accounting Made Simple
Meeting compliance standards should not be an afterthought during the audit season.
You must adopt the right processes, standards, and tools to get complete control over your accounts. This will ensure accurate records and build trust amongst stakeholders. Moreover, the teams will have a proper systems to reconcile without rushing at the end time.
With automation, you make the process easier and more efficient. Pluto assists you with a centralized platform to automate your accounts payables and simplify account reconciliation without having to juggle multiple accounting software
We got funded!
We're thrilled to announce that Pluto Card closed US$6M in Seed funding in February, led by Global Founders Capital.
With GFC being the lead investors, we've had participation from several of the world's leading investment firms and entrepreneurs. Soma Capital, Graph Ventures, Adapt Ventures, Ramp, Thejo Kote (Founder of Airbase), Shaan Puri, and William Hockey (Co-founder of Plaid) were some of the few who participated.
With our Seed round, we aim to get closer to achieving our mission; to streamline company expenses for MENA businesses.
Company spending in the MENA region is problematic, time-consuming, and frustrating. Managing company spending in MENA today is difficult, time-consuming, and frustrating, as today, companies only get a single debit or credit card.
Today, employees all share one company credit card, which usually leads to an OTP being sent to the CFO, financial leader, or founder of the company. Most bank OTPs last from 2 to 10 minutes before they’re expired. So, if an employee doesn’t get the OTP in time, they won’t be able to complete the transaction.
When a company credit card is issued, you cannot control spending. This means there is no way to set limits on the card to avoid being overcharged by recurring subscriptions or employees going over budget.
You cannot get real-time visibility or instant reports on business expenses with company credit cards. This makes making informed decisions about allocating resources in real-time more challenging.
Banks have no ideal solution for petty cash management. Companies typically maintain a cash vault at their offices, distribute loose cash to employees, and spend countless hours collecting and matching invoices.
Introducing Pluto Card: a corporate card & spend management platform that allows MENA companies to simplify and control their business expenses.
With Pluto's software, managers can issue their employees virtual cards with spend and control limits, cards that get canceled after a one-time purchase, and cards with a recurring daily, weekly, or monthly budget.
Employees can request expenses from their managers and submit reimbursement requests by dragging and dropping receipts onto the software. This happens in real-time, where managers can view employee requests as they happen, see what is being spent and where, and gain insight into instantaneous expense reports, helping them make informed decisions.
Want to see Pluto in action? Sign up and get a private demo here.
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The product and services mentioned on this webpage belong to Pluto Technologies Ltd (Pluto), a company incorporated under the laws of Dubai International Financial Centre (DIFC), Dubai holding commercial license number CL5294. Pluto is a financial technology provider and not a bank. Pluto provides certain facilities for the utilization of payment services through Nymcard Payment Services LLC under the applicable payment network and Bank Identification Number Sponsorship of Mashreq Bank PSC. This is pursuant to the license by Visa® Inc and is available for the residents of UAE subject to Terms and Conditions of use