Blog/AI/ML November 9, 2022

OpenEnvoy Celebrates Its 2nd Birthday 


Two Years of Leading AP Automation 

OpenEnvoy launched two years ago with the mission to raise the bar for what finance teams can expect from AP automation software. 

Since our launch, we have processed billions of dollars, eliminated millions of dollars in wasted spend for our customers, and worked to help finance leaders transform their AP departments into revenue drivers. 

From being recognized by Gartner as a leading real-time AP auditing vendor to delivering 20X ROI across customers in record time and building incredible partnerships and friendships along the way, we have been on quite the journey in the past two years. 

To celebrate, we want to reflect on where we started and look forward to where we plan to go.

Digitize, Reconcile, Execute 

Traditionally, manual invoice reconciliation has absorbed the time and money that most businesses can't afford to lose—demanding accountants and controllers to deploy less-than-reliable spot-checking to manage invoices and pay their vendors. 

Humans managing and auditing high-volume invoices is a recipe for incorrect payments, slow operations, and wasted spend. 

Accounting and finance teams have intimate knowledge of where and how companies can reduce costs and improve revenue; manual tasks like invoice capture and reconciliation soak up resources and limit their time for strategic contribution. 

Our desire has always been to help offload these critical, yet mundane business tasks, so finance teams can focus on more fulfilling, needle-moving work. 

In the past two years, our customers have leveraged OpenEnvoy's ability to digitize, reconcile, and execute AP reconciliation. "I am happy to come to work and be excited versus my day being spent just sitting and comparing invoices," said Leslie Lanz, Controller at Scoular. 

From freight to media, manufacturing, and commodities, our approach is always to pair state-of-the-art technology and a customer-first attitude to solve AP challenges, "[OpenEnvoy] stands out for its ability to handle high volume, variable cost invoices. In addition, the solution specializes in digitizing and reconciling complex invoices providing a differentiated value-add..," says Xavier Olivera, Lead Analyst and Editor at Spend Matters.

Using OpenEnvoy, our customers can: 

Digitize data in minutes and complete a forensic-level audit in 48 hours in any format, document type, language, or source.

Reconcile documents and produce an okay-to-pay file and a discrepancy report that are immediately actionable to prevent the payment of inaccurate invoices and eliminate the need for post-audits. 

Execute optimal decision-making by leveraging real-time insights for accounting and vendor management. Pay bills on time and access insights to support negotiation for ongoing contracts, payment terms, and volume discounts. 

Where We're Headed 

At OpenEnvoy, we are obsessed with customer success and take an all-in approach to our customer's journey. From our first interaction, we work to fully understand our customers' individual accounts payable processes and challenges. 

We do all we can to help AP teams scale quickly and successfully capture early ROI. "OpenEnvoy is a scalable solution that we will keep with us no matter what accounting system is used in the future," said Matt Cohen, VP of Finance at Bliss Point Media.

As we shift our focus to the future, there is an absolute explosion of opportunities for businesses with a fully integrated accounting function. We look forward to being a part of that. 

In the coming years, we will continue to put our customers first, help companies save cash, and get finance leaders and teams back to doing what they do best–building their companies' futures. 

"From inception to where we are now wouldn't be possible without our great customers and a team focused on delivering an incredible product experience. We're excited about the future and will continue to push the boundaries of what is possible", says Matthew Tillman, CEO of OpenEnvoy.

Learn how OpenEnvoy is transforming accounts payable by scheduling a demo with an OpenEnvoy expert today.


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