Business spend automation platform Happay has launched a new invoice processing solution to help corporates manage their accounts payable process. With Happay Invoice, corporates can process, approve and pay vendor invoices using a single platform – digitally and effortlessly.
As per Happay’s 2019 CFO Benchmark report, 82 per cent of corporates in India use manual or semi-automated systems to manage business expenses and payments. Manual processes involve extensive data entry, increase the risk of data errors and duplicate payments, and make GST compliance very difficult.
“A mid to large corporate processes anywhere between 1000-40000 invoices in a month and they are sent by 100-2500 different vendors. AP teams have to manually verify vendor details, GST details, amount, HSN codes, and also perform policy and duplicate checks on each invoice. This process is costly, error-prone and offers zero control over cash flows,” said Varun Rathi, COO and Co-founder of Happay.
He further added, “Even though corporates use ERPs for recording invoices, the process to get an invoice approved is still largely manual. Large ERPs are not user-friendly for employees and come at a high cost; hence corporates don’t extend the account login to all users. This creates the need for a new age solution to capture all invoices coming in from any source.”
Happay’s SuperVision, which is part of the new invoice solution, is an AI-driven tool which captures and digitises invoices coming in from any source – using proprietary OCR technology and auto-fetch APIs. It also verifies and validates the vendor details, runs policy checks on the invoices and makes them ready for payment.
Another functionality that Happay offers is direct integration with multiple core banking systems which, in turn, enables direct payments to vendors through the Happay system. The integration adds a layer of security and gives every payment a context. Once the payment is processed, the vendor gets an email and SMS with all payment details. This way, the vendor doesn’t have to chase the company for payment status and the UTR number.
Happay estimates that by automating invoice processing and payments, corporates can reduce their invoice processing costs by 70 per cent and speed up invoice processing cycle by 3X. Automation also helps boost AP efficiency and improve cash flow visibility.
“With the launch of Happay’s invoice solution, corporates can now manage not just T&E Expenses but also invoice payments on a single platform. This creates strong value for corporates and brings us closer to our vision which is to help corporates manage 100 per cent of payments through a single platform. 2020 is going to be an exciting year for us. We have some more innovative products in the pipeline for the next four quarters, which are going to add immense value to corporates. These products are being built in consultation with some of the most renowned CFOs across the country,” said Anshul Rai, CEO and Co-founder, Happay.