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 informed decisions.
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.
AP Automation : The Basics
AP automation transforms the traditional manual tasks involved in accounts payable into streamlined, automated processes. This transformation is achieved using either predefined rules or artificial intelligence. Such automation significantly curtails risks associated with manual processes, including errors and fraud, while boosting efficiency in the P2P cycle and freeing up time for strategic financial management.
Kloo's Automation
Kloo leverages AI technology to provide a robust AP automation platform that simplifies the procure-to-payment sequence. Kloo excels in automating complex processes like invoice management and purchase order systems, ensuring comprehensive automation of P2P.
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.
- Natural Language Purchase Requests: The platform allows for raising purchase orders using a natural language function via email, simplifying the purchase request process for business-side users and reducing barriers to best practice, fighting maverick spend.
- 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
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Feature Category
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Kloo
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OpenEnvoy
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Automation Workflows
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Advanced AI-powered AP workflow automation
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Standard workflow AP automation
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Purchase Management
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AI-powered purchase requests and approval, with off-platform options
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‘OK-to-Pay' purchase approval and audit system
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Invoice and PO Management
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Touchless processing of invoices and POs, powered by OCR and advanced AI technology
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Touchless invoice processing, powered by standard AI technology
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ERP Integrations
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Extensive range of no-code and API-based integrations
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ERP and API integrations
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Insights & Visibility
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Real-time spend insights for reporting
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Real-time spend insights for reporting
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Payments
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Smart, in-platform payment options
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No information on integrated payments on website
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Corporate Cards
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Globally accepted Visa virtual, single-use and physical cards
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No corporate cards
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Conclusion
Kloo and OpenEnvoy both present compelling solutions in the AP Automation space, each with its own strengths and features. Through this comparison, we aimed to provide a clear insight into what each platform offers, enabling businesses to make well-informed decisions based on their specific needs.
While both Kloo and OpenEnvoy offer valuable tools for automating AP processes, Kloo distinguishes itself by pushing the boundaries of AI in financial software, for instance with Natural Language Processing. It not only automates tasks but also enhances the user experience and engagement through intuitive interfaces and predictive capabilities. This makes Kloo a particularly attractive option for businesses looking to leverage technology to improve their financial management systems comprehensively, thereby providing more than just automation but a fully scalable solution that harnesses the latest technology.
