Kloo vs. OpenEnvoy: AP Automation Comparison

November 24, 2023
Kloo vs. OpenEnvoy Comparison
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In the fast-paced world of financial management software, businesses are in constant search of platforms that not only simplify their financial processes but also introduce innovative solutions. Finance teams are constantly faced with the manual workflows of accounts payable (AP) processing. However, the evolving technological landscape signals that AP automation will be a crucial part in the future of financial operations.  

Both Kloo and OpenEnvoy provide viable solutions for businesses looking to implement automation processes in their AP workflows. In this detailed comparison guide, we aim to highlight the unique features of Kloo and OpenEnvoy, helping businesses make an informed decision. 

Before we dive into the product offerings and capabilities, let’s first uncover what AP automation is, and how it can benefit your team’s day-to-day workflows.   

What is AP Automation? 

AP automation eliminates manual aspects by using automated tools or processes, often facilitated by dedicated software. This software digitally submits and approves purchase orders and invoices, with features like optical character recognition (OCR) capturing and converting invoice data into a digital format, sparing the team from data entry. The automated AP system then classifies, matches, validates data, and forwards it to the accounting system. The benefits include substantial cost savings, reduced risk of errors or fraud, and improved control over supplier payments. This streamlining enhances visibility into spend, aiding cash flow management and optimising vendor payments. Businesses embracing AP automation witness significant improvements in efficiency, accuracy, and productivity, experiencing better insights into spending patterns and negotiating improved deals with suppliers. In summary, AP automation is crucial for businesses seeking streamlined workflows, improved financial management, reduced errors, and time and cost savings, providing transparency, efficiency, and accuracy essential for competitiveness and growth. 

What Does Kloo Do? 

Kloo is an AI-powered AP automation platform that streamlines the procure-to-payment process. Whether you are working towards smart invoice processing or automated purchase order workflows, Kloo delivers smart automation across a range of functions by leveraging AI throughout the platform. 

Kloo Product Capabilities Overview 

Kloo, with its AI-driven approach, offers a range of features designed to enhance the efficiency and accuracy of financial operations: 

  • No-Touch Invoice Processing: Kloo employs OCR and AI to automatically 'read' and understand invoices, ensuring they are matched accurately to the required POs. This sophisticated technology facilitates both two-way and three-way matching, streamlining the invoice management process. 
  • AI-Powered Purchase Requests: The platform allows for raising purchase orders using a natural language function, simplifying the purchase request process. 
  • Predictive/Proactive Purchase Requests: Kloo's AI continually analyses historical spend data, identifying and predicting recurrent spend. For example, it can recognise patterns such as quarterly software license payments and proactively generate pre-made purchase requests for user approval. 
  • Automated Approval Flows: Approvals can be executed directly from the approver’s email inbox, enhancing user engagement and streamlining the approval process without the need for additional platform logins. 
  • Smart Payments: Kloo offers seamless in-platform payment solutions, reducing high bank fees and foreign exchange costs, and providing multiple payment options including Kloo account, Open Banking, or Bacs file downloads.

What Does OpenEnvoy Do? 

Like Kloo, OpenEnvoy is an AI-powered AP automation platform that specialises in invoice digitisation and processing with no manual entry. OpenEnvoy offers streamlined AP processing and purchase management directly within the platform. 

OpenEnvoy Product Capabilities Overview 

OpenEnvoy also brings its own capabilities to the table: 

  • Real-Time AP Automation: The platform quickly identifies discrepancies between invoices, contracts, and documentation, ensuring accurate payments. 
  • Document Digitisation: Efficient data digitisation and normalisation streamline document management. 
  • Workflow Automation: OpenEnvoy enhances financial operations through efficient expense management and system integration. 
  • Approval & Audit: The platform supports scalable business growth with streamlined expense management and audit processes. 
  • Visibility: OpenEnvoy offers real-time spend insights, accounting, and vendor management, ensuring financial transparency. 

Feature Matrix of Kloo vs. OpenEnvoy

Feature Category 

Kloo 

OpenEnvoy 

Automation Workflows 

Advanced AI-powered AP workflow automation 

Standard workflow AP automation 

Purchase Management 

AI-powered purchase requests and approval, with off-platform options 

OK-to-Pay' purchase approval and audit system 

Invoice and PO Management 

Touchless processing of invoices and POs, powered by OCR and advanced AI technology 

Touchless invoice processing, powered by standard AI technology 

ERP Integrations 

Extensive range of no-code and API-based integrations 

ERP and API integrations 

Insights & Visibility 

Real-time spend insights for reporting 

Real-time spend insights for reporting 

Payments 

Smart, in-platform payment options 

No information on integrated payments on website

Corporate Cards 

Globally accepted Visa virtual, single-use and physical cards

No corporate cards 

Conclusion 

While both Kloo and OpenEnvoy offer solutions for financial management, Kloo stands out with its AI-driven approach, providing not only similar functionalities as OpenEnvoy but enhancing them with the power of AI. Kloo's use of OCR and AI in invoice processing, for instance, not only matches but surpasses basic automation, making it more future-proof. As Kloo's AI learns from your data, its capabilities will continuously improve, unlike platforms reliant solely on basic automation. This progressive learning aspect of AI ensures that Kloo's solutions evolve and adapt over time, offering a dynamic, efficient, and increasingly intelligent financial management experience. 

 

 

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