Workflow automation: Integrated accounts payables and supply chain financing platform Cashflo has launched a Payments and Accounts Payables (AP) Automation & Payments product suite that leverages artificial intelligence to automate operational tasks in businesses. The suite eases the complexity in tasks including invoice-to-pay processes, approval workflows and real-time GST checks.
Citing a 2022 survey, Cashflo said only 9 per cent of businesses globally have fully automated their AP function which is even lower in India. “This means that the majority still rely on manual processes, causing stress to AP teams and increasing risk of errors, also hindering decision-making, cash flow optimization, and supplier relationships.”
In a conversation with FE Aspire, Ankur Bhageria, Founder and CEO, CashFlo, said, “With this comprehensive AP & Payments platform – we are redefining how businesses pay and get paid. It will eliminate friction in B2B trade and transactions to a large extent, helping companies large and small focus on more meaningful, and value-adding work, materially raising their productivity; and helping improve profit margins by as much as 5-7 per cent year on year.”
For example, one of the modules in the product allows companies to withhold the GST component of their payments prior to releasing them, saving the companies at least 2-3 per cent in costs. Likewise, there is a treasury module that allows treasury teams to earn over 12 per cent risk-free returns as well, he added.
Among other features include AI-based invoice capturing, invoice verification, payments integration with unlimited bank accounts in under six weeks instead of traditional host-to-host banking integrations; and ERP integration.
Currently, Cashflo serves over 3,000 customers and supports over 2 lakh SME suppliers. The company plans to triple its customer base and double the invoice processing volumes. It also plans to achieve 150 per cent growth over the next six months, Bhageria said.
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He added that automation and supply chain financing can lead to cost savings equivalent to up to 7 per cent of a company’s bottom line. “These benefits, projected to range from 5-7 per cent depending on the company, could translate into a massive saving of between Rs 50,000 to Rs 1 lakh crore annually across various industries and clients.”
With respect to pricing, Bhageria said the product is “significantly better priced than some of the global ERP players in the market, and our basic version allows companies to recover their investments in the first 3 months itself.”
The AP software market, according to industry reports cited by Cashflo, was valued at $8.77 billion in 2020 and is projected to reach $17.61 billion by 2028, growing at a CAGR of 9.1 per cent.