A good Accounts Payable (AP) solution is integral to modern business operations, offering efficiency, accuracy, and strategic financial management. Finance teams are constantly faced with the manual workflows of AP processing. However, the evolving technological landscape signals that AP automation will be a crucial part in the future of financial operations.
Kloo and Stampli both provide robust solutions for AP needs, each with unique features tailored to different business requirements. This comparison will provide insights into their respective offerings, helping you decide which solution aligns best with your company's needs.
Before we dive into the product offerings and their capabilities, let’s first uncover how AP automation works and how it can benefit your team’s day-to-day workflows.
Understanding AP Automation
AP automation systems are designed to eliminate manual intervention in accounts payable tasks, starting from purchase requisitions and continuing through to the final payment. This can be achieved through rules-based or advanced AI-driven methods. By automating these labour-intensive tasks, the software enhances the efficiency of the procure-to-pay (P2P) cycle, minimises the potential for errors and fraud, and frees up finance teams to focus on more strategic initiatives.
Kloo’s Role in Enhancing AP Efficiency
As an advanced AI-driven AP automation solution, Kloo significantly enhances the efficiency of the procure-to-payment cycle. It supports smarter invoicing and automated purchase order management, utilising AI to improve various functionalities within the P2P framework.
Kloo Product Capabilities Overview
Kloo distinguishes itself in the market with its AI-powered automation for the entire procure-to-pay process. Key capabilities of Kloo include:
- No-Touch Invoice Processing: Kloo’s system employs OCR and AI to 'read' and understand invoices, matching them to the appropriate purchase orders. This technology streamlines the invoice handling process, reducing manual effort and the risk of errors.
- AI-Powered Purchase Requests: Utilising natural language processing, Kloo enables the raising of purchase orders and predictive ordering, enhancing the ease and efficiency of procurement operations.
- Automated Approval Flows: Kloo simplifies the approval process by allowing approvals directly from email inboxes, eliminating the need for logging into another platform and thereby increasing employee engagement with the process.
- Flexible Payment Options: Payments can be processed through various methods, including Kloo accounts, Open Banking, and Bacs file downloads, offering flexibility and convenience.
- Other Notable Features: These include support for foreign currency PO, a comprehensive supplier portal, modern procurement cards with extensive controls and analytics, and seamless ERP integrations.
What Does Stampli Do?
Like Kloo, Stampli offers solutions for AP automation workflows. Its AI-powered has native functions across a variety of ERPs.
Stampli Product Capabilities Overview
Stampli’s platform for AP automation emphasises ease of use and centralised control:
- AP Automation Platform: Stampli centralises communication, documentation, and workflows in one place, featuring Billy the Bot™ to automate various tasks like capture, coding, and fraud detection.
- Invoice Processing: The platform automates many aspects of invoice processing to enhance accuracy and efficiency.
- Centralised Collaboration: Stampli’s centralised system facilitates collaboration on invoices, combining interactions and documentation seamlessly.
- Additional Features: Comprehensive vendor management, multi-entity support, insights through built-in analytics, and audit-ready access.
Feature Matrix of Kloo vs. Stampli
|
Feature Category
|
Kloo
|
Stampli
|
|
AI Capabilities
|
Advanced OCR and AI for invoice processing and purchase requests
|
Billy the Bot™ for task automation and manual ERP work elimination
|
|
Purchase Management
|
AI-driven natural language purchase requests ad
|
No obvious mention of purchase request management on their website
|
|
Invoice Management
|
AI-powered 2- and 3-way invoice and PO matching
|
Invoice processing automation and centralised collaboration
|
|
ERP Integrations
|
Seamless integration with no manual uploads
|
Full support for over 70 ERPs with rapid deployment
|
|
Payments
|
Multiple methods including Open Banking and Bacs
|
Multiple methods for expenses and vendor spend
|
|
Corporate Cards
|
Visa virtual and physical cards with extensive management features
|
Physical and virtual Stampli cards
|
AI Capabilities: A Critical Comparison
While Stampli introduces a user-friendly AI component with 'Billy the Bot', it's important to note that a friendly interface does not necessarily equate to more extensive AI capabilities. In contrast, Kloo leverages AI more extensively in its core processes, such as no-touch invoice processing and natural language for purchase requests.
Conclusion
Kloo emerges as a distinct innovator in the AP automation space, particularly with its AI-driven no-touch invoice processing and natural language capabilities for purchase requests. While Stampli offers a comprehensive AP automation solution with its own unique strengths, Kloo's commitment to AI and technological innovation positions it as a forward-thinking choice for businesses seeking an advanced, automated solution for their Accounts Payable needs.
