Best Virtual Corporate Card For Business [2024]

Collecting, storing, and otherwise managing receipts is essential to a well-oiled expense reporting machine. 

Each receipt serves as confirmation of payment processing between yourself and the customer or vendor. You also need expense and sales receipts to file taxes and maintain your peace of mind.

Unfortunately, while saying receipt management is easy, the whole process itself is daunting. Tracking hundreds, thousands, even millions of employee and customer receipts leaves loopholes for fraud and misreporting. 

Physical expense receipts are especially susceptible to being lost, damaged, or fading with time.

Fortunately, there’s a better way to do it: digital receipt management with Pluto.

• Automate more of the expense management process
• Reduce the risk of fraud and inaccuracies
• Create more efficient workflows and financial departments
• And overall streamline modern business operations

While you probably can’t eliminate 100% of paper receipts from your workday, you can still improve your process with an increasingly-digital footprint!

What is Receipt Management?

Receipt management is the process of collecting, tracking, and storing business receipts. This task is usually handled by internal finance teams. Their role involves collecting various receipts, tracking costs in accounting software, and storing these receipts for future reference. Additionally, they may need to manually sort each expense, depending on the system in place.

Why Do You Need It?

• A well-run receipt management protocol is crucial for businesses for several reasons:

1. Simplify Employee Reimbursement Programs: It aids in the smooth operation of reimbursement programs for employees.

2. Track and Report Tax Deductions: It's essential for accurately tracking and reporting tax deductions.

3. Provide Proof during Tax Audits: It serves as necessary documentation during tax audits.

4. Streamline Expense Reports and Budgets: Helps in making expense reports and budgeting more efficient.

5. Combat Internal Fraud and Inauthentic Chargebacks: Plays a key role in preventing fraud and false chargebacks within the company.

6. Avoid Repair or Replacement Costs for Items Under Warranty: Keeps track of receipts necessary for warranty claims, saving costs on repairs or replacements.

7. Calculate and Improve Long-Term Profitability: Receipt management is vital in calculating and enhancing the long-term profitability of a business.

Different types of receipt management systems are in use today, including those for printed receipts, e-receipts, and even handwritten receipts. This diversity can be challenging for businesses, as they need to follow multiple procedures to reconcile their books effectively.

Types of receipt management

Today, there are three basic ways to handle receipts directly:

• Manual receipt management involves handling, tracking, and storing paper receipts
• Digitization receipt management scans physical receipts to digitize the tracking process
• Digital-only receipt management is used for online or digitally generated receipts

While many businesses are moving toward digitization and digital-only receipts, some businesses are stuck in the dark ages. (The kind that involves typing physical receipt information into a digital spreadsheet.)  

And as we’ll see below, manual entry strategies come with some…problems.  

Difficulties of Manual Receipt Management

1. Easily Lost or Damaged Receipts

Perhaps the most obvious problem with physically tracking expense receipts is that there’s so much that can go wrong. Lost, damaged, or faded receipts make the business expense tracking process that much harder.

Even if the employee who spent the money doesn’t drop their receipt, it’s possible for paperwork to get lost on a desk somewhere. And if you need to find a receipt two years later? Better hope it was filed properly and hasn’t faded completely.  

2. Consumes Human Resources

Manual receipt management is an extremely hours-intensive process.

Your financial team has to collect invoices, type their data into your accounting software, and double-check their work. Then, they have to reconcile business expenses against company credit card statements and track down potential instances of fraud or misreporting.

Not only does this require a lot of time, but it also impacts employee productivity. Every hour an accountant spends tracking receipts is an hour of productivity lost elsewhere.

3. Leaves Room for Human Error

Aside from the time and human resource cost, manual receipt management presents the potential for human error. And unlike on the product line or in customer service, every reporting mistake risks an unfavorable tax audit.

Even the simplest receipt management and tracking process involves several steps from collection to reconciliation. Every stage is an opportunity for an employee to get distracted, mistype a name or number, or duplicate entries. In bigger cases, they might even duplicate a payment, costing you more money.

And even if you catch the mistakes before they’re submitted, that’s more human hours wasted double-checking and correcting completed work.

4. Increases Fraud and Misreporting Risk

The risk of fraud is higher in manual receipt management programs, and instances of fraud may be harder to detect. Types of fraud that commonly crop up in expense reporting include:

• Inflated claim amounts
• Claiming personal costs on the business’ dime
• Submitting expense reports twice
• Falsifying “proof” to claim for money that wasn’t spent

Unfortunately, manual receipt management makes these kinds of fraud more likely and difficult to catch. For example, if the employee who authenticates receipts is committing or permitting the fraud, it’s harder to detect until after you’ve lost money.

Over time, even small acts of fraud can have massive financial consequences.

5. Contributes to Employee Dissatisfaction

For many companies, employee reimbursement programs contribute both to the need for manual receipt management – and to employee dissatisfaction.

Think about it. In a modern, tech-savvy business world, why should employees have to pay out of pocket, ever? 

Virtual cards and online-based businesses have all but eliminated the need for an employee to front your expenses.

But if you’re still stuck doing manual receipt management, chances are, your employees are still submitting reimbursement tickets. (And grumbling about the time it takes to get paid back.)

And that’s not even touching on the frustration, tedium, and headaches manual receipt management programs cause your high-paid finance teams.  

6. Jacks Up Business Costs

Together, all these factors paint a picture of increased business costs.

The time and human resource cost to track, reconcile, and store receipts.

The human and financial cost of detecting and counteracting fraud.

Even the maintenance costs for your printer and filing cabinets.

Every dollar spent on manual receipt management is a dollar sucked from office parties, growth, or your bottom line.

Benefits of Digital Receipt Management

It’s easy to see the costs that manual receipt management impose. Fortunately, there’s a simple solution: digital receipt management.

In short, digital receipt management involves using digital copies of receipts in your expense reporting strategy. Digital smart receipts are easy – simply integrate them into your accounting software and let automation take you away.

But even physical sales receipts can be digitized, Pluto allows you to digitize your receipt very simply - through your phone. 

Incorporating such technology means that even paper receipts fold neatly into your overarching digital strategy.

And as you’ll see, the process comes with tons of benefits.

1. Increases Integration Potential

A massive benefit of digital tracking is the sheer integration potential. Most receipt management tools, from receipt scanning devices to receipt tracking software, easily mesh with your existing expense reports system.

From there, you can automate mindless tasks and set up occasional human checks to ensure the system works as intended.

2. Fewer Costly Errors

Another way that a digital receipt management program saves costs is by reducing employee errors. Digital receipts should meld seamlessly into your tracking system – no surprises there.

But even processing physical receipts is cheaper and easier.

With their mobile phones, employees can scan receipts and upload them instantly. From there, Pluto categorizes the information and adds it to the overall report.

While employees may spend a second filling in any blanks, increased automation greatly reduces the risk of input errors.

3. Reduces Risk of Fraud

Less human interference means your financial system is more resilient to fraudulent activities. Pluto improves speed and accuracy while digitizing the receipts.

That leaves fewer opportunities for fraudulent claims.

4. Reduces Clutter

Uploading physical receipts means less physical space is needed for storage. That can save you on storage costs and reduce desktop and file cabinet clutter.

And because everything’s digitally maintained, you’ll still meet or exceed your tax authority’s required financial record storage period. 

Not to mention, just finding your records will be easier than ever!

5. Easier Audits

No person or business enjoys tax season. But digital management makes the process at least a little easier. 

Because all of your information is stored online, it’s easier to access and export receipts as needed. 

When tax time or the dreaded audit comes around, your data will be well-organized and easily accessible.  

6. More Efficient Expense Reporting

Traditional receipt management is a costly, time-intensive, error-prone manual process that used to be necessary. With modern tools, businesses can streamline the entire financial structure of their organization.

No more lost receipts or worrying about fraud.

Less time spent inputting and double-checking data, and more time helping your business grow.

All these positive benefits will improve efficiency – and even bring smiles to your accountants’ faces.

7. Faster Reimbursements

Like using a virtual corporate card, digital receipt management speeds up the reimbursement process. 

Since everything is tracked and verified electronically, it’s easy to set up an automatic or streamlined reimbursement protocol.

8. Putting Your Eco-Friendly Foot Forward

Lastly, any step your business can take toward going paperless is good news for the environment. 

Cutting down fewer trees and reducing printer ink usage are laudable goals that can decrease your environmental footprint. 

Not only will you enjoy cost savings, but you’ll feel better about doing business in an increasingly eco-conscious world.

8 Tips for Efficient Receipt Management

Digitizing your receipt management strategy is just the first step toward expense report success. To ensure you’re operating at maximum efficiency, consider the following tips.

1. Use Pluto App

The first step is to get Pluto and start managing your spending digitally. 

While you’re moving toward digital efficiency, your vendors aren’t required to follow. Keeping the proper tech on hand ensures you can digitize any paper receipts that come your way.

Pluto allows you to take a picture of the receipt, upload it to your expense and just like that the reconciliation process is done!

2. Save Your Receipts

While you can set up secure digital folders to store all your digital originals and copies - Pluto does that for you! 

Just take a picture of the receipt, upload it to the app and that is it.  

3. Ensure High-Quality Digital Format Uploads

There’s no point in uploading and saving documents if you can’t read them. 

Before tossing your physical copies, make sure you can clearly read the essential information on each receipt. (Such as the company name, date, purchased item(s), and amount.)

4. Categorize Submitted Expenses

Take some time to categorize your expenses (most businesses do this in chronological order). Pluto helps you with that, but just make sure to check the right category so the reporting stays in top notch condition. 

5. Set Up a Simple Expense Report Strategy

Expense reporting is the backbone of any business’ financials. For prompt, complete reporting and tracking, ensure that you design a straightforward strategy. 

Same-day submissions, fewer Excel sheets, and faster reimbursement protocols will improve efficiency and attitudes. Better yet, invest in a quality expense and receipt management software.

Or even better - start with Pluto, we have a free package. It will allow you to completely digitize and control your spending, while keeping your reporting in the best possible shape. 

6. Establish Accountability

A top-notch expense reporting strategy only works if people use it.

To ensure your protocols are followed, emphasize and encourage accountability. Keep all managers and supervisors up-to-date with company spending and card policies and remind them to disseminate that information appropriately. Follow up with employee expenditures as needed.

7. Run Regular Internal Audits

Regular expense report audits help businesses track receipts fraud, clear up discrepancies, and streamline inefficiencies. 

Take time each month or quarter to check for fictitious or overblown expenses or troubles with your expense reporting strategy. 

Pluto allows you to run real-time reports at any given moment for any period of time.

8. Switch to Virtual Corporate Cards

Virtual corporate cards make managing receipt tracking even easier. Not only can you digitize the entire process end-to-end, but corporate p cards give you greater control over your expenditures and tracking.

Sure, you can’t prevent vendors from handing you physical receipts. But you can greatly minimize instances of employees walking in with a big stack of thermal paper to scan in.

Pluto offers unlimited virtual cards which will book all your expenses right into the dashboard!

Key Takeaways

• Proper receipt management is key to running a financially successful business.
• While manual receipt management reconciles physical copies, it’s increasingly unnecessary in an increasingly digital world.
• Digital receipt management simplifies the collection, reconciliation, and storage process.
• Digital tracking also reduces fraud potential, time and financial waste, and increases employee satisfaction.
• Digitizing your expense reports pairs nicely with digitizing your own payments with virtual corporate cards.

‍

Picture handling hundreds of weekly purchase requests from different departments, each demanding new vendor searches. When you finally make purchases after going through the cycle of approvals and negotiations, you end up facing goods and invoice discrepancies. 

That’s a chaotic situation you certainly want to avoid. 

While procurement may seem like a simple purchase on paper, the process requires planning and structure for larger organizations. 

One way to avoid this chaos is through procurement management, which helps businesses streamline the acquisition and record-keeping process. This reduces overhead costs and helps you remain profitable.  

In this post, we will explore what is procurement management, outline the steps involved, and give tips to optimize your procurement cycle for an effective procurement management system. 

What is Procurement Management? 

Procurement management refers to the strategic acquisition of goods and services to meet the needs of an organization. It covers the entire goods procurement process from raising purchase requests to settling payments with vendors. This involves the procurement team’s planning, sourcing, negotiating, validating, and clearing payments to ensure a proper supply chain. 

Steps Involved in the Procurement Management System

A standard procurement management process is intricate and involves several stakeholders. Here are the key steps:

1. Needs Assessment: Identify internal requirements through meticulous forecasting.
2. Vendor Selection and Database Establishment: Thoroughly vet vendors, creating a robust database for strategic partnerships.
3. Negotiation of Terms: Engage in negotiations on pricing and delivery schedules to optimize resource utilization.
4. Purchase Order Generation: Transform approved purchase requests into precise orders to minimize potential errors.
5. Goods Receipt and Matching: Validate received goods against purchase orders (GRN matching) to ensure order accuracy and quality control.
6. Invoice Approval and Payment Processing: Ensure accuracy before approving invoices and proceeding with payments.
7. Record Maintenance for Auditing: Systematically document all transactions for transparent auditing, ensuring compliance and accountability.

Although the process looks simple, it has several loopholes. There are numerous steps involved, and the entire process becomes tricky to execute. These steps are scattered across multiple platforms, complicating reconciliation during the audit season.

Furthermore, it requires approvals at certain stages, making it unfavorable for larger teams with complex hierarchies. 

How to Optimize the Procurement Management System

You can overcome these challenges by automating your systems. 

Automation makes this lengthy and complex process a simple and efficient procurement cycle. The employees get a dedicated platform to raise requests. Furthermore, stakeholders can efficiently review and approve requests with automated notifications. 

Automation also simplifies GRN matching through the data stored in the software. Accounting and payment integrations help clear approved invoices within seconds. 

Throughout this process, you gain real-time visibility and control over expenses. Moreover, having all your information on a unified platform simplifies reconciliation and ensures a proper audit trail.

Here are five ways automating the procurement process helps your business:

1. Internal Control Over Financial Reporting (ICFR)

Automation ensures compliance with ICFR standards and upholds quality controls throughout the procurement process. It does this by using trigger-based approval workflows that follow predefined financial controls. It implements validation checks to ensure that procurement transactions meet quality control standards. This makes two-way and three-way matching seamless. 

By deploying a single software solution, you detect and prevent potential errors or discrepancies in financial reporting.

2. Documentation

Automation brings together purchase requests, purchase orders, receipts, and all the relevant conversations on a unified platform. This makes storing and retrieving information easier, especially during the audit season. Also, optical character recognition (OCR) technology simplifies extracting key information, eliminating the need for manual data entry. 

As a result, you improve document accuracy and prevent errors such as late or incorrect returns due to missing receipts, invoices, payables, and supporting documentation.

3. Integration

Automation software integrates with your accounting software, payment gateways, and ERPs bringing together the scattered pieces of procurement. 

It allows you to request, manage, match goods receipts, and pay vendors from a single place. The best part is that your data remains consistent across all your software making the lives of financial controllers easier.

4. Measure

Automation offers you real-time visibility through a custom dashboard. It gives you a holistic view of the procure-to-pay process with a centralized data repository. 

This makes it easier to extract insights and optimize the process to improve margins, such as average payables due, top vendors, department-wise expenses, etc.

5. Standardize Workflows

Automation helps you create standardized workflows to ensure consistency and efficiency. As a result, each stakeholder gets notified to complete their part. So, be it approving expenses or GRN matching, these set workflows eliminate the need to chase employees averting potential delays. 

Challenges of Automating the Procurement Cycle 

While automation does offer several benefits, choosing the right tool is crucial. One wrong decision and you might end up in one of the following situations:

• You invest in a basic software that lacks functionality and doesn’t solve your procurement issues.
• You choose a complex product that is difficult to understand and operate. 
• You get a tool that doesn’t integrate with your existing accounting and payment software, increasing the manual task of syncing data across these systems. 
• You get multiple products for different steps that lack integration, hindering efficient and streamlined procurement management. 

Automation becomes a nightmare with the wrong software. All these scenarios lead to resource wastage. Moreover, weeks and months spent on implementation disrupt the supply chain.

What a Good Automation Procurement Management System Looks Like

Here’s how a comprehensive automation platform makes your procurement process easy, functional, flexible, and scalable. 

1. Standardize Process

You have a centralized platform to consolidate the scattered procurement process. Whether purchase requests, approval workflows, or recurring SaaS payments, it allows you to automate as many procurement elements as you want. 

It lets you digitize the entire process without compromising your current workflows. This boosts transparency and provides better control over your expenses. 

2. Streamline Approvals

You get a no-code trigger-based approval workflow engine that helps you set exact approval hierarchies to get approvals without disruptions.

For example, you can add if-then rules and set a precise and intricate workflow. Thus, when an employee raises a purchase request, instead of chasing stakeholders, this system notifies them to review and approve the requests. 

Additionally, all queries or clarifications unfold within the procurement software, ensuring comprehensive documentation and visibility. This eliminates maverick spending and fosters an accountable procurement process. 

3. Vendor Management 

You can sync all your vendors to your accounting software and ERPs. This creates vendor consistency across platforms, accelerating the purchase order creation. You also get the ability to add the list of items and simplify the purchase order and GRN matching process.

4. Receipt Management 

You get a dedicated dashboard to manage all your receipts. The software captures invoices from emails and WhatsApp and uses OCR technology to extract key information. This streamlines GRN matching as all vendor, purchase order, and invoice details are in one place. 

Pluto's procure-to-pay module is an excellent example of this centralization. It accelerates reconciliation with GL codes and tax codes, enhancing finance teams' visibility and control over purchase order spending.

5. Centralize Documentation

You have a unified information source as the software integrates with your accounting and payment software and your ERP. Hence, it becomes easy to store and maintain data while maintaining consistency across. 

For instance, Pluto offers you a wide range of integrations, such as NetSuite, Xero, QuickBooks, Zoho, etc., so that you focus on procuring goods and get complete documentation with accuracy. 

6. Detailed Reports 

You get comprehensive reports, making it easier to extract insights and make data-driven decisions. Also, as all the information is stored within the software, there are no gaps or loss of context. You get an accurate picture of your procurement process. This allows for strategic planning and forecasting. 

For instance, with Pluto, you get insights, such as average time for approvals, average payables due, top vendors, department-wise spending, location-wise spending, etc. 

7. Audit Trails

Since there’s a unified platform to maintain thousands of receipts, you get complete visibility into each order from purchase requests to stakeholders involved and order status. This audit trail becomes a blessing during the audit season when you need less than 30 seconds to retrieve a specific receipt or document.  

There’s More to Procurement Management than Automation

Procurement management is not just about automation. While it does enhance the three core components of procurement—people, process, and paperwork, procurement management requires more than the adoption of software. 

Pluto aims not just to automate your processes but also to support your existing workflows. Then, be it purchase requests, accounts payable, or accounting, it strives to improve your processes by removing all the bottlenecks that cause chaos.  

Know more about how we can help your business. Book a demo and we’ll see you across to maximize the efficiency of your procurement process.

The standard procurement process is tiresome and confusing. 

You have multiple purchase requests from multiple departments. You wait weeks for approvals, and then a few more, before you can vet and negotiate with vendors. Finally, when the goods are delivered, you must assess their quality and ensure you got what you had ordered. 

All this is done with constant pressure to speed up the process and ensure procurement cost savings. It is not scalable, and it has many loopholes. Eventually, you end up with supply chain bottlenecks, increasing procurement costs. 

Such a chaotic process impacts all three core components of procurement—people, process, and paperwork. Goods are delayed, processes are tiresome, and paperwork is incomplete and scattered.

But, with automation in place, you can centralize the entire supply chain and get more visibility and control. Employees will have a dedicated platform for raising requests, the process will be streamlined, and paperwork will be consolidated on a unified dashboard. 

In this post, we will cover how you can automate your procurement process without impacting your supply chain because any mismanagement directly translates into a broken supply chain. 

What is Automation in Procurement?

Procurement automation is the process of adopting software to digitize and centralize your procurement process. Instead of relying on forms for purchase requests, emails/Slacks for approvals, or accounting software for accounts payable, you move your procurement process onto a single platform that automates all these processes. 

You just have to set the policy and workflows, and the software manages the chaotic parts while adhering to company policies. And since these software integrate with your existing accounting software and ERPs, you need not change your procurement process much. You can choose which elements you want to automate and get the flexibility to adapt to your business needs. 

Top 4 Procurement Processes to Automate

1. Purchase Requests

Purchase requests involve employees raising requests for the purchase of goods or services. They specify the goods required, and the procurement team ensures that all stakeholders give their approvals to the requests. The larger the expense, the more stakeholders involved. Plus, this becomes complex for larger firms when there are intricate hierarchies. 

By automating this process, all the requests are consolidated and the approval process is accelerated. For instance, Pluto facilitates trigger-based custom approval workflows to notify stakeholders and get approvals without disruptions. This ensures compliance with procurement policies and complete visibility into spending. 

2. Purchase Orders

Purchase orders involve creating and approving legal documents that outline the details of a purchase, including quantity, price, and delivery terms. However, this process becomes chaotic when vendor lists are scattered across platforms and you don't have proper systems for consolidating all purchase requests and orders.

Automating purchase orders consolidates all the purchase orders in a single platform. It enables multiple functions, such as converting purchase requests into purchase orders as soon as they get approved, maintaining a preferred vendors list, offering punchout systems to create purchase orders faster, etc. As a result, you enhance the accuracy of the purchase order and improve supplier management. 

3. Goods Received Note (GRN) Matching

GRN matching involves verifying that the goods received match the details specified in the purchase order and confirming their acceptance. Any mismanagement at this stage negatively impacts inventory, leaving you with poor quality or unnecessary goods. Moreover, doing this manually takes time and leaves room for errors.

Automating GRN matching consolidates purchase orders and bills on a single platform for easy two-way and three-way matching. 

For instance, Pluto captures the receipts and matches them to the purchase orders for accuracy, expediting the reconciliation process. You get complete visibility into the products that don’t match the purchase order. As a result, the verification process fastens with minimal discrepancies.

4. Accounts payable

Accounts payable involves managing and paying invoices for goods and services received, ensuring timely and accurate financial transactions. Manually, this process takes weeks before the invoice gets approved. In other cases, teams end up paying the invoice twice, leading to the issue of double payments. In the end, procurement teams lose visibility into where the money is going, making cost optimization difficult. 

Automating accounts payable streamlines invoice processing to reduce errors and enhance overall financial efficiency. For instance, Pluto integrates with your accounting software and payment gateways to automate payments. As soon as the invoices are approved, you get a dedicated dashboard for awaiting payments. With a single click, you make payments while ensuring data consolidation without any delays.

Top 3 Challenges in Procurement Automation 

While procurement automation can enhance your procurement process, here are some challenges that need your attention:

1. Resistance

Employees resist adopting automated processes due to fear of job displacement or reluctance to change established workflows. This happens because they don't understand the real benefits of technology and how it can assist them in their jobs. As a result, the adoption process slows down, hinders efficiency, and leads to a lack of cooperation from key stakeholders.

To overcome this, provide training and education on the benefits of procurement automation. Involve employees in decision-making and showcase successful case studies to alleviate concerns. This will set clear expectations and also help specify the requirements of the software. 

2. Implementation Cost

The upfront costs associated with implementing automation tools and systems for procurement processes are substantial. This includes costs from purchasing software and hardware and the expenses associated with system integration, training, and potential disruptions during implementation. Thus, it becomes difficult to get stakeholders on board and get approval despite long-term benefits.

To overcome this, conduct a thorough cost-benefit analysis and share the results with stakeholders. Discuss the operational efficiency of procurement automation and consider phased implementation to spread costs. Also, explore scalable solutions, so you don't have to keep reassessing and re-investing in the automation solution.

3. Security 

Security concerns about the privacy of sensitive procurement data arise with adopting automated systems, especially due to large amounts of vendor, payment, and employee data. This makes it susceptible to cybersecurity threats, raising concerns regarding data breaches or unauthorized access.

To overcome this, look for certified software ensuring data protection regulations compliance. For instance, Pluto is PCI DSS Level 1 certified, which is bank-grade security. You can also conduct regular audits and encrypt sensitive information for added protection.

Automate Procurement Process With Pluto

You can tackle these procurement automation challenges and others, too, such as flexibility, technical issues, and supply chain complexity, by choosing the right automation partner. A solution that caters to your need to provide visibility, control, flexibility, and ease without disrupting your supply chain. 

Here are some ways that Pluto can support your procurement automation to streamline the 3Ps of a procure to pay software—people, process, and paperwork::

1. Approval Workflows

You get a no-code trigger-based approval workflow engine that helps you set exact approval hierarchies to get approvals without any disruptions. You add if-then rules and set a precise and intricate workflow. 

Thus, when an employee raises a purchase request, instead of chasing stakeholders, this system notifies all of them to review and approve the requests. Also, if queries and any clarification are required, all the conversation takes place in Pluto itself, giving you complete documentation and visibility. 

2. Vendor Management 

You get a unified platform to consolidate all your vendors with integrations to your accounting software and ERPs. You can sync and manage all the vendors for faster purchase order creation. You can add the list of items and simplify the purchase order and GRN matching process.

3. Receipt Management 

You get a dedicated dashboard to manage all your receipts. Pluto captures the invoices from emails and WhatsApp and uses optical character recognition (OCR) technology to extract key information. As a result, GRN matching becomes easy as you have all the vendor, purchase order, and invoice details in one place. Also, with all the details consolidated, you accelerate the reconciliation process by documenting all the key information on a single platform. 

4. Payment Processing

You get direct integrations with your accounting software and payment gateways, making payment processing easy. Since Pluto already supports the approval process and GRN matching, you don’t end up paying for faulty goods. Also, you get all the information on a single platform with its current status and other key information, so you avoid double payments. 

5. Reconciliation

You close books 10X faster with Pluto. With OCR technology, you need not manually add general ledger and tax codes. And since all the accounting software is synced, the information remains consistent throughout the system, making reconciling easier. Also, if any discrepancies arise, you have complete visibility into each AED you spend with Pluto.

Simplify Procurement Automation

Your procurement team doesn’t need multiple procurement automation software for each process. You will end up with multiple platforms, struggling to integrate them, and spending hours trying to work the pieces together instead of getting flexibility. 

Pluto streamlines the process while facilitating integrations with your existing accounting software, ERPs, and payment gateways. You get a layer of automation that sits on top of current processes to meet your needs. Hence, you get a solution that fixes all the loopholes instead of disrupting your current processes. 

We explored the top 6 procurement software solutions for modern businesses on our blog, and recommend checking the options and picking one that offers functionality without disrupting your workflow.