Spendesk Launches New Invoice Capabilities to Eliminate Time-consuming and Costly Manual Invoicing for SMBs
- 10.11.2022 02:35 am
Spendesk launches its industry-first set of Invoice Automation features, bringing secure, one-click, end-to-end supplier payments to its 7-in-1 spend management solution. The new features relieve small and medium-sized businesses (SMBs) from the burden of invoicing by streamlining the process while providing full visibility and control through an easy-to-use interface.
By automating time-consuming invoicing processes, finance professionals can cut hours of manual work and focus their efforts on revenue growth, while also removing the risk of costly human error; with real-time reporting and controls keeping them in the driving seat. With a single engine, SMBs gain the invoicing efficiencies and capabilities typically only achievable in larger organisations.
The new features were developed through analysis of customer pain points, which revealed the need for innovation in the invoicing process. Research from YouGov and Spendesk found that invoices represent more than half of company spending (in the volume of spend), and that two-thirds of companies still approve and track invoices manually.
James Colgan, Spendesk’s Chief Product Officer, said: “Spendesk's Invoice Automation Engine delivers to finance teams the industry's first single source of truth for the entire end-to-end accounts payable process. Without Spendesk, finance teams waste countless hours managing invoices manually. This is the root cause of costly errors, such as unapproved and duplicate invoices being paid, late fees being accrued and an overall souring of the customer and supplier relationship.”
“Our supplier invoicing solution is a trusted and reliable automation that keeps finance teams on top of company cash flow and enables them to make better decisions faster.”
Spendesk CEO Rodolphe Ardant, added: “In this challenging and unpredictable economic environment, SMBs are looking for ways to increase efficiency, cut costs, and reduce the strain on their finance teams. By handing the most laborious parts of invoice processing over to our advanced engine, SMBs can redirect their resources and finance talent to where they are most urgently needed.”
The Invoice Automation Engine includes:
· Easily pay supplier invoices from Spendesk in one click.
· Pay suppliers by wire transfer directly from the Spendesk wallet.
· Informed payment confirmation stage with strong authentication for secure payment.
· Live payment status overview and real-time budget tracking.
· Payment reconciliations with direct bank journal entries.
· Faster payments in less than 24 hours.
· Capture invoices in seconds by forwarding invoice emails to Spendesk.
· Manage supplier invoices on the go with the Spendesk mobile app.