Differentiators

InvoiceMate benefits organizations in variety of ways. It eases day-to-day AP operations, reduces workload, and boosts productivity. Further benefits include:

Blockchain Security Seal

  • By design, blockchain based InvoiceMate enables trust into every entry via attributes not available in standard database models—thus boosting security for data & workflow integrity.

Workflow Automation 2.0

  • Allows unlimited invoice reviewers, approvers in configurable cross organizational invoice approval workflow. Optimize workflow by enabling automated invoice routing, removing redundant processes & revamping or replacing inefficiencies. For automation there’s the old way and the Mate way.

Brandable Mobile Apps

  • Beside web portals InvoiceMate comes with option of brandable mobile apps for both Vendors & AP sides. Vendors can submit & track invoices and AP can perform tasks of reviewing & approving on the go. Both apps have insightful dashboards.

AI Optimized Intelligent Invoicing

  • Has a continuously-adaptive, integrated invoicing intelligence engine that acts as an assistant (not an automaton) to expose issues and processes that could use more attention. It reduces productivity-damaging errors and detects discrepancies across the entire payables cycle. Will also assist in scheduling, escalation, and AP data analysis.

Proof of Authenticity & Transparency

  • Provides transparency into the invoice processes and helps enable to improve key areas of cross organizational workflow. Easily and immediately verify any tampering with data.

Process Integrity Proof for Compliance

  • Maintains complete audit trail of every task, as well as the decisions and outcomes of the workflow. Simplifies and reduces the costs of compliance reporting.

Comb 3aNo Data Redundancy & Data Silos

  • Unlock trapped value by using blockchain based platform for streamlined &integrated processes, all with controlled access to sensitive data, rather than
  • relying on redundant, siloed systems.

Enhanced System Resilience

  • Blockchain based distributed architecture of InvoiceMate is extremely resilient & would continue working if one system’s section is under breakdown, upgradation or maintenance.

Monitory Benefits

  • Delivers tangible ROI results by reducing cost per invoice. Reduced OpEx, reduced data breaches, automated reconciliation, & compliance adherence enables 90% of clients to cover their cost within 1 year of implementation.

Cross Organizational Work Efficiency

  • The documents & business arrangements between several parties can execute itself based on predefined set of rules through smart contracts on permissioned blockchain based system.

Time Efficiency & Productivity

  • Enable users to concentrate on the core work issues by reducing the time that otherwise gets wasted for searching for a piece of information or getting involved in correspondence.

Paperless Eco Friendly Solution

  • Promotes the “Green Factor” for sustainability. Reduces overheads on paper, ink, toner, copiers and printers. Also cuts costs of filing staff & need of large office & physical storage space.
Functional Features

An end-to-end solution for AP automation with function specific features that provide efficient results, all while saving money & resources.

Vendor Zone

  • Onboard vendors with brandable web portal or native mobile app with their credentials & bank details. Dedicated Vendor Management System promotes vendor self-service for their ease and saving workload of AP team. Vendor hub is customizable with brand’s look and feel. Enables to maintain a clean vendor master record.

Efficient Invoice
Submission

  • To centralize invoice receipt, vendors can submit invoices along with supporting documents through uploading directly to secure web portal or dedicated mobile app and track their progress.

Built-In OCR
Scanning

  • Eliminate data entry with OCR and advanced data extraction. Details are automatically extracted and pre-populated. A second layer of invoice data extraction after OCR ensures invoice data is accurately captured and improves the algorithm for future captures.

Duplicate Invoice
Protection

  • This feature would alert if while submission system detects the bill looks familiar to previous received bills. Similar alert will prevent possible payment duplications, thus reducing human error.

AP Zone - Expanded AP
Capabilities

  • Dedicated AP Zone automates the end-to-end AP workflow for companies with multiple subsidiaries, brands, international business units, divisions, and entities or working in cross organizational workflow. It’s unified operations and instant visibility across the extended enterprise.

Automated Vendor
Communication

  • Beside availability of Vendor Portal/App, the automated communications in InvoiceMate ensures that vendors are informed throughout every step of the invoice and payment process. Cuts AP time spent on inquiries and resolution.

Remote Work
Enablement

  • Enables staff to work anytime and from anywhere in the world. In today’s landscape, businesses are managing an increasingly remote workforce — your finance team can be based anywhere and functioning on a global scale 24/7.

Financial Controls &
Rules Engine

  • Safeguard against fraud loss & strengthen internal processes with enterprise-grade financial controls & rules engine Increases security, ensure adherence of compliance standards, & improve management oversight.

Automated PO
Matching

  • Facilitates automation to match invoices with purchase orders (Pos). Evaluates whether the data in invoice & relevant PO (or purchase requisition) in the system matches or not, and flags any disagreement.

Validates Vendors Prior
to Payment Approval

  • InvoiceMate automatically validates contact information, payment data, and tax information against best practice rules prior to approving suppliers

Early Payment Discount
Option

  • Optional feature to enable opportunities for early payment discounts are flagged for AP to prioritize and process with InvoiceMate.

Real-time Automated
Reconciliation

  • Blockchain powered InvoiceMate delivers real-time payment reconciliation after payments (full or partial) are made. Audit trails maintain a deep history of workflow and vendor activity. Instant reconciliation ensures a fast accurate financial close cycle & improves cash flow visibility.