Invoice Automation Software
Spend 80% Less Time On Your Invoices
Digitize, approve, and route intelligently with Plate IQ’s ZeroTouch invoice automation.
Best-In-Class Invoice Automation Software
Plate IQ digitizes invoices no matter the format – so you can say goodbye to manual data entry.
EDI
Get perfect data straight from your vendors. We’ll help you set it up.
Upload
Upload invoices in bulk — paper, PDF, emails, you name it. We’ll do the rest.
Vendor Connect
Log into your vendor portal once and let Plate IQ get your invoices from there.
Digitize Invoices in Line-Item detail
Plate IQ automatically captures header data and line-by-line details like product names, costs, and quantities.
Get Every Detail Correct on Your GL
Map invoice items to your chart of accounts once. The next time you order those items, Plate IQ will code them correctly to your GL.
Works Seamlessly With Your Accounting Platform of Choice
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Route Every Invoice to the Right Approvers
Use any piece of line item data to create rules that automatically route invoices through your approval flow.
See How Tender Greens Scaled Their Operations by Automating Invoice Processing
“When I started at Tender Greens, our AP department had three people. Today, even as our business grew from 17 to 24 locations, Plate IQ has cut our bookkeeping costs in half — and allowed us to move forward with an AP team of just one employee.”
Sean Skuro
VP of Finance and Accounting, Tender Greens
of line items correctly coded
from invoice submission to approval and export
processing time
Reconcile Invoices Faster
Plate IQ flags discrepant statements and missing invoices — and lets you email vendors directly from the platform — so you can close your books more quickly and easily.
Meet Your Digital Filing Cabinet
Plate IQ stores your invoices securely for up to 7 years. Search invoices by any detail, manage invoices remotely, and get rid of all that paper.
Frequently Asked Questions
Invoice Automation is a technology that streamlines the invoicing process by eliminating manual tasks, such as data entry and invoice matching, significantly reducing the risk of errors and speeding up the process.
At Plate IQ, we go beyond mere automation. We employ machine learning algorithms to extract and categorize data from invoices, regardless of their format, and then automatically match them to their corresponding purchase orders and delivery receipts. Our platform serves as a one-stop-shop for your invoice management needs, streamlining everything from receipt to payment, all while integrating seamlessly with your existing accounting systems. In essence, we make your invoices intelligent, turning them into actionable financial insights.
Plate IQ’s Invoice Automation solution uses AI and machine learning to capture and extract data from invoices upon upload. The system then auto-matches the invoices with purchase orders and receipts, and routes them for approval and payment.
Essentially, we open the door to a smarter way for AP managers, approvers, controllers, and CFOs to handle the entire invoice lifecycle. With deep learning capabilities, we get to know your business’s unique set up, down to the line-item, and optimize it. This means not only eliminating 90% of manual accounting processes but also providing insights into invoices and spend, helping your team uncover opportunities for growth, and making strategic business decisions easier and more informed than ever!
By automating invoices, you can reduce processing costs, accelerate invoice approvals, improve accuracy, enhance security, and provide real-time visibility into your payable process.
Invoice Automation offers a host of benefits designed to modernize and streamline your accounting processes. Here’s how Plate IQ’s Invoice Automation technology can specifically advantage your business:
– Reduced Processing Costs: By automating repetitive tasks, you cut down the labor and operational costs associated with invoice processing.
– Accelerated Invoice Approvals: Automated routing and reminders ensure that invoices are approved promptly, aiding in better cash flow management.
– Improved Accuracy: Automated data capture and validation virtually eliminate human errors, making sure your financial records are precise.
– Enhanced Security: With features like role-based access control and audit trails, you can secure sensitive financial data and maintain compliance more easily.
– Real-Time Visibility: Get a 360-degree view of your payable process, helping you make informed decisions with real-time analytics and reporting.
– Scalability: As your business grows, automation ensures your invoicing processes can scale smoothly without requiring a proportional increase in staffing or resources.
– Better Vendor Relationships: Faster approvals and payments lead to better relationships with suppliers, possibly even qualifying your business for early-payment discounts.
Plate IQ offers a highly accurate, AI-powered invoice automation solution that is user-friendly, easy to implement, and integrates seamlessly with your existing systems.
Our mature AI understands your invoices. Inconsistent formats. Line item details. Unfamiliar or previously unknown abbreviations. Plate IQ translates it all to your general ledger!
We also integrate seamlessly with your ERP. Never manually backfill your accounting software or AP system again. With API integration, detailed mapping, and reporting, Plate IQ’s solutions keep everything up-to-date and reliable. Fast, detailed data is key to making informed business decisions.
Plate IQ uses industry-standard encryption and security measures to protect your data. In addition, our platform enhances security by providing complete visibility into the invoicing process, helping to prevent fraud.
Security is a cornerstone of Plate IQ’s platform. We employ industry-standard encryption protocols and multiple layers of security measures to safeguard your data at rest and in transit. Our secure data centers are compliant with regulatory standards, ensuring that your information is protected to the highest degree.
Furthermore, our platform offers additional security features such as role-based access controls, two-factor authentication, and detailed audit trails. This ensures that only authorized personnel can access specific functions or data and that all interactions with the system are logged and traceable. This level of security doesn’t just protect your data; it also plays a crucial role in mitigating risks associated with fraud and non-compliance.
Yes, Plate IQ integrates with many popular accounting systems, enabling you to synchronize data and maintain your existing workflows.
Integration is one of our strong suits. Plate IQ’s Invoice Automation software is designed to be compatible with a wide range of popular accounting systems, such as QuickBooks, Xero, Oracle, and many more. Our API-driven architecture ensures that data flows smoothly between Plate IQ and your existing software, allowing for real-time synchronization and updates. This makes it incredibly easy to maintain your existing workflows while benefiting from Plate IQ’s powerful features. Whether it’s exporting payable data, syncing vendor details, or mapping custom fields, our solution is designed to fit like a glove with your current accounting environment.
We integrate with your ERP or accounting software of choice! Check out some of our prominent integrations.
Yes, Plate IQ allows you to customize the approval workflow to match your business’s unique needs and internal controls.
Don’t settle to work any other way but yours! Customization is key to how Plate IQ serves its customers. We understand that every business has unique needs and internal controls. That’s why our Invoice Automation platform allows you to tailor the approval workflow according to your specific organizational structure and business rules.
You can set up multi-level approvals, conditional routing based on invoice amount, department, or vendor, and even employ parallel approvals where multiple stakeholders need to review an invoice simultaneously. Our goal is to make our platform as flexible as possible to fit your unique operational requirements, while still maintaining strong financial controls and compliance. Automated notifications and reminders are also part of the workflow, ensuring that approvals are secured in a timely fashion.
So, whether you are a small business looking for basic approval hierarchies or a multi-departmental organization requiring complex routing and permissions, Plate IQ has got you covered.
Plate IQ offers comprehensive support via email, phone, and live chat. We also provide a range of resources including guides, tutorials, and FAQs on our website.
We’re committed to giving our clients the tools and dedicated support they need to create their own accounts payable success stories! Get in touch with our support team or get more details.
The cost to process an invoice can vary widely depending on multiple factors such as the industry, the size of the company, the complexity of the invoice, and the degree of automation or manual intervention involved. Traditional, paper-based invoice processing is generally more expensive, with costs ranging from $10 to $30 per invoice according to various industry studies. These costs incorporate labor, overheads, errors, and the time value of delayed approvals and payments.
However, with automated solutions like Plate IQ’s Invoice Automation, the cost per invoice can be significantly reduced—sometimes by as much as 80%. Automation slashes the time spent on data entry, approval routing, and error corrections, thereby decreasing labor costs and speeding up the overall process.
Our clients often find that the return on investment (ROI) for implementing an automated system is substantial, especially when considering indirect benefits like improved accuracy, enhanced security, and better supplier relationships, which can all contribute to lower costs in the long run.
It’s worth noting that while there’s an initial investment involved in setting up an automation system, the ongoing operational costs are typically much lower than a manual process, offering long-term cost efficiency.
To get a clearer picture of how much you can save with Plate IQ, we offer a personalized cost-benefit analysis tailored to your business’s specific needs and existing processes. Feel free to reach out to us for more details.
