Kloo vs. Stampli: AP Automation Comparison

December 6, 2023
Kloo vs. Stampli Comparison
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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.

How Does AP Automation Work? 

The process of AP automation begins with invoices being uploaded directly onto the platform, or captured directly from a separate email inbox. The software digitally reads and extracts purchase order, supplier, and invoice details, with features like optical character recognition (OCR) capturing and converting invoice data and sparing the team from data entry. The automated AP system then classifies, matches, validates data, and forwards it to the approval system. Once approved by the designated approver, invoices are given the final review before being synced with your ERP or accounting system. The invoice will then be routed for payment after review, using the supplier details captured in the extraction process. AP automation provides a set of viable benefits for financial processing and operations. 

These benefits include substantial cost savings, reduced risk of errors or fraud, and improved control over supplier payments. As a result, this streamlining enhances visibility into spend, aiding cash flow management and optimising vendor payments. Now we will dive into each of the product offerings to view each of their unique features for AP automation. 

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 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. 
 

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