OpenEnvoy, the Bay Area fintech company that created the first real-time AP automation solution, has recently announced its latest product feature for general Accounts Payable expenses.
The Basic Expenses feature centralizes payables processing to support faster approvals and ensures accurate payments for both complex and simple invoices and expenses.
Accounting teams can save time and maximize the full range of OpenEnvoy’s advanced digitization and extraction capabilities to ensure the accuracy of expenses before payment or reimbursement.
“Our customers continue to see the value of consolidating indirect and direct expenses irrespective of the category in OpenEnvoy’s universal spend reconciliation platform. This latest product feature enables reconciliation and coding for expenses which may or may not have associated purchase orders,” says Matthew Tillman, CEO, and co-founder of OpenEnvoy.
With OpenEnvoy’s Basic Expenses, finance teams can:
- Submit all accounts payable invoices for processing, including general expenses.
- Use advanced extraction to review expenses at the line-item level.
- Leverage duplicate detection to find and eliminate duplicate expenses in real-time.
- Tag expenses to their appropriate cost structure and correctly code expenses in their ERP for accurate payments.
- Designate approvers and create approval thresholds for amount verification to maintain spend policies.
Accounting managers and finance staff can also generate custom reporting with Spend Insights to monitor and control corporate spend.
Moreover, they can strengthen controls on spend policy compliance by detecting out-of-policy purchases in real-time and using spend limits to enforce internal guidelines.