Kloo vs. DocuWare: Automated Invoice Processing Comparison

Automated Invoice Processing has become a cornerstone in enhancing operational efficiency and financial workflows for businesses. In this comparison, we explore the offerings of two prominent platforms in this realm – Kloo and DocuWare. Both companies offer solutions for automated invoice processing with unique features and capabilities tailored to meet the dynamic needs of modern enterprises. Let's delve into the nuanced features, functionalities, and comparative advantages of these platforms to discern which proves to be the more adept solution for your business needs. 

AP Automation: What is the point?

The aim of AP automation is to automate the spectrum of AP-related tasks from initial requisition to the final payment through AI or rules-based automation techniques. This automation streamlines the P2P process, reduces error margins, minimises fraud risks, and liberates financial teams from tedious routine tasks, allowing them to concentrate on strategic roles.

Benefits of automation include faster processing times, reduced errors due to digital data capture and entry cost savings by eliminating operational expenses and taking advantage of discounts, and improved vendor relations through timely payments and reduced delays. 

Kloo Product Capabilities Overview 

Kloo is distinguished by its advanced AI capabilities and smart automation, revolutionising a wide range of AP processing. Here's a closer look:  

• Natural Language Interaction: Users can intuitively interact with Kloo’s system via natural language for issuing purchase orders and querying AP data, significantly simplifying procurement processes and enhancing decision-making.

• Touchless Invoice Processing: Kloo employs a blend of Optical Character Recognition (OCR) and AI to automate invoice processing. This technology allows Kloo to 'read' and understand invoices, effectively matching them to their respective purchase orders (POs) without human intervention. This feature not only saves time but also reduces the possibility of errors associated with manual processing. 
• Predictive Ordering & Invoicing: Kloo's OCR technology automatically extracts data from invoices and purchase orders (POs) and pre-populates them in the platform. Kloo will apply your logic to future invoices using its predictive ordering and matching capabilities, ensuring maximum efficiency and time saved for your AP team. 
• AI-Powered Automation: Kloo leverages AI to directly match invoices to POs and receipts. Streamline your purchasing policies by setting custom rules to determine when invoices should be automatically matched or when manual matching is required. 
• Invoice Approval Workflows: Kloo simplifies the payment process by offering customisable invoice approval workflows within the platform itself. This gives you the option to share workload intelligently by routing approvals workflows to designated approvers in your business such as departments, accounts and payer entity. 

DocuWare Product Capabilities Overview 

DocuWare also provides a robust platform for automated invoice processing with its own set of features:  

• Document Management and Storage: Docuware offers efficient document management and storage solutions, allowing for easy archiving and retrieval of invoices and related documents.  
• Workflow Automation: The platform automates workflows for invoice approval, helping to reduce manual interventions and speed up the invoice processing cycle.  
• Compliance and Security: The platform ensures compliance with data security regulations and provides robust features to safeguard sensitive financial information.
  

Conclusion 

Kloo stands out as an innovator in the accounts payable space, especially with its use of AI to automate and streamline the invoice management process. Its no-touch invoice processing and AI-powered matching capabilities are key features that set it apart from DocuWare. While DocuWare provides efficient document management and workflow automation, Kloo's integration of AI technology offers a more advanced and efficient approach to managing invoices and payments. This makes Kloo an ideal choice for businesses looking to embrace cutting-edge technology to enhance their financial operations.