OpenEnvoy Autonomous Finance for complex spend

What is OpenEnvoy?

OpenEnvoy provides an AI-driven platform designed to automate and optimize financial operations for businesses. It focuses primarily on transforming Accounts Payable (AP) and Accounts Receivable (AR) processes, aiming to shift finance departments from cost centers to strategic growth drivers. By leveraging artificial intelligence, the platform automates traditionally manual tasks, enhances accuracy, and accelerates financial workflows, ultimately helping organizations improve their bottom line and gain better control over their finances.

The platform delivers comprehensive capabilities including real-time invoice capture, coding, and matching, alongside automated cash application, order entry processing, and reconciliation. It incorporates features for identifying fraud and duplicates, ensuring AP compliance, and providing enhanced supplier visibility. OpenEnvoy facilitates seamless integration with numerous existing ERP and accounting systems like Oracle, SAP, Microsoft Dynamics, and QuickBooks through no-code connectors, minimizing disruption during deployment. Furthermore, it offers generative analytics to turn financial data into actionable insights, preventing cash leakage and enabling better strategic decision-making.

Features

Autonomous AP: Real-time invoice capture, coding, and matching to eliminate errors and reduce costs.
Autonomous AR: Automation of cash application, order entry, and reconciliation.
Real-time Insights: Transforms financial data into actionable intelligence for better decision-making.
Seamless Integrations: No-code connectivity with major ERP and accounting systems (Oracle, SAP, MS Dynamics, etc.).
Fraud and Duplicate Identification: Detects potential anomalies in AP processes.
AP Compliance and Control: Ensures adherence to financial controls within accounts payable.
Supplier Visibility and Control: Enhanced management and visibility over supplier interactions.
Freight Audit Automation: Automates the verification process for freight invoices.
E-invoicing Support: Facilitates electronic invoicing processes.
Cash Application Automation: Streamlines the process of applying cash receipts.
Order Entry Automation: Automates the processing of incoming sales orders.
Generative Analytics: Utilizes AI for advanced financial analysis and insights.

Use Cases

Automating Accounts Payable workflows.
Streamlining Accounts Receivable processes.
Eliminating invoice overbilling and payment errors.
Reducing Days Sales Outstanding (DSO).
Accelerating company cash flow.
Improving financial accuracy and process control.
Detecting and preventing AP fraud and duplicate payments.
Generating real-time financial insights for strategic planning.
Integrating finance operations seamlessly with existing ERP systems.
Automating freight invoice auditing and reconciliation.

FAQs

What ERP systems does OpenEnvoy integrate with?

OpenEnvoy offers no-code integrations with systems like Oracle (EBS, Fusion, NetSuite, PeopleSoft, JDE), SAP (ECC, S/4HANA), Microsoft Dynamics (365, GP, Navision, Business Central), QuickBooks Online (QBO), and others including Rentalman, Trimble Viewpoint Vista, Epicor Eclipse, Xero, Sage, Zoho, and more.
How long does it take to deploy OpenEnvoy?

Deployment is designed to be fast, typically taking a few months, allowing businesses to realize value quickly.
What kind of results can businesses expect from using OpenEnvoy?

Businesses using OpenEnvoy report significant reductions in manual work, elimination of overbillings, improved accuracy, accelerated cash flow, reduced DSO, and enhanced financial visibility and control.
Is OpenEnvoy suitable for specific industries?

Yes, OpenEnvoy provides solutions tailored for industries including Manufacturing, Retail, Transportation and Logistics, and Media.
How does OpenEnvoy use AI?

OpenEnvoy utilizes AI for tasks like real-time invoice capture and matching, fraud detection, automating cash application and order entry, and providing generative analytics for financial insights.