Accounts Payable Fraud, Overcharging, and Inaccuracies Cost Companies Millions Every Year

OAKLAND, Calif., Oct. 27, 2020 /PRNewswire/ -- Today, OpenEnvoy, a new fintech startup, launched to provide automated invoice auditing to help companies only pay for what they agreed to purchase. According to Gartner, 73% of company invoices go unaudited because it's considered too expensive. Yet companies can experience a 53% cost savings by performing invoice audits. This is the opportunity that OpenEnvoy identified and why they created their software platform.

"We help companies gain more control over their cash flow by identifying inaccurate invoices that are off by even a penny. With OpenEnvoy, finance teams will never be overcharged again," said Matt Tillman, co-founder and CEO of Open Envoy. "Companies have outgrown the outdated professional services companies who charge a variable percentage of the invoice's value. As a SaaS product, OpenEnvoy is able to provide customers with an immediate ROI and real-time visibility throughout their supplier network at a predictable monthly cost."

Companies with high volumes of variable expenses such as freight, advertising, marketing media, and contract workers will see an immediate ROI. Retailers and distributors with high volumes of invoices and thin margins will capture more margin by protecting themselves from suppliers with poor invoicing practices.

OpenEnvoy compares invoices to their originating proposals, bids, estimates, or purchase orders. When discrepancies are found, the AP team is sent an alert to investigate. Collaboration is built-in allowing users to share information directly with their suppliers. The advanced workflow automation features allow for integration directly into the customer's back office suite, and a real-time dashboard provides analytics including the number of discrepancies, the value of those discrepancies, invoice accuracy by supplier, and total savings. Users can see in real-time how much money they are saving and create new strategies to extend terms and increase cash flow.

OpenEnvoy is solely focused on protecting companies from being overcharged by suppliers. With more than 30% of invoices being incorrect according to a Fortune 500 study, invoice auditing is something every company should prioritize. 

Customers can be up and running after registering for the product. A no-code integration using email makes effortless a problem that has historically plagued AP teams. A suite of pre-built integrations for the top ERP and accounting systems, along with custom reporting and upgraded "no-auth" security is available to enterprise customers. 

About

Open Envoy, founded in 2020, works to eliminate supplier fraud before it happens. Our solution was built by a diverse team of professionals with over 20 years experience developing products to automate complex workflows and recover billions of dollars in wasted spend. OpenEnvoy has offices in Las Vegas NV, and Oakland, CA.

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Contact: [email protected]

Related Images

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Management Dashboard
This is an example view of the OpenEnvoy management dashboard.

SOURCE OpenEnvoy