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Clear launches Clear Capture to remove inefficiencies in accounts payable process

Published: October 19, 2022

Bengaluru (Karnataka) [India], October 19 (ANI/BusinessWire India): Clear, India's leading fintech SaaS firm, today announced the launch of Clear Capture, an AI-based end-to-end solution for enterprises to streamline their accounts payable journey. The tool allows the Accounts Payable team of enterprises to automate purchase invoice entry and detect non-compliant and fraudulent invoices coming from their suppliers. Clear Capture empower an enterprise's AP team by automatically validating all their incoming invoices and extracting the invoice data to bring over 90 per cent automation in...

Source: laosnews.net

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Businesswire India Clear Capture Accounts Payable Bengaluru Karnataka India Ctober 19 Ani Businesswire India Clear Ndia 39s Leading Fintech Saas Firm Oday Announced The Launch Of Clear Capture N Ai Based End To Solution For Enterprises Streamline Their Accounts Payable Journey The Tool Allows Team Of Automate Purchase Invoice Entry And Detect Non Compliant Fraudulent Invoices Coming From Suppliers Clear Capture Empower An Enterprise 39s Ap By Automatically Validating All Incoming Extracting Data Bring Over 90 Per Cent Automation Into Booking Process Its Extraction Technology Cuts Time Ten Minutes Toa Few Seconds With He Company Expects To Digitize And Validate 75 Million Purchase Invoices With An Average Invoice Value Of Rs 50 000 In Three Years The Tool Runs 45 Compliance Checks On Invoices To Identify Mismatches By Analyzing And Comparing Invoice Fields It Also Minimizes Errors Cuts Short Man Hours Needed For Data Entry Which Reduces Overheads Post Validation Of He Users Also Get An Option To Export The Invoices Hassle Free Directly Their Erps Or Accounting Systems Archit Gupta Ounder And Ceo Of Clear Uot An Important First Step In The Compliance Journey Of Enterprise Is Recording Invoice For Goods Received Clear Capture Isa Powerful Tool Digitisation By Ap Teams That Reduces Errors And Time Spent On Our Ai Based Technology Can Help Enterprises Save Lakhs Man Hours Each Year Quot Prior To Launch Lear Rana Survey With 2 000 Enterprises Across India Aimed At Identifying The Pain Points Of Managing Accounts Payable Survey Revealed That Teams In Spend More Than 70 Their Time Reconciling Supplier Invoices With Purchase Order And Goods Receipt Data Trends Highlighted Are Not Restricted To Large Alone Mid Sized Dealing Multiple Vendors Handling High Volumes Also Faced Similar Issues 80 Per Cent Respondents Rely On People Paper Based Processes Nd It Takes Almost 8 Minutes For Data Entry Personnel To Puncha Purchase Invoice Respondents Noted That Due Heavy Dependency On Fully Manual Approval Processes Such As Inter Office Mail Courier Dispatches Nterprises End Up Taking More Than 10 Days To Puncha Single Invoice Very Few Organizations Ess Than 15 Per Cent Of The Sample Eporteda Fully Automated Ap Function Where The Booking Of Purchase Invoices In Erp On Average Takes Less Than Two Days These Long Cycles Have Hampered Supplier Relationships Due Toa Lack Visibility And Delays Payments Addition Here Are Inefficiencies Associated With Indexing When The Quantum Of Invoices Is High Which Leads Toa Lack Control And Visibility Transactions Accounting Error Rate Around 3 4 Per Cent He Respondents Noted The Accounts Payable Automation Market In India Is Growing At 11 Cagr Owing To Growth Spending Of Enterprises On Digitisation Processes Enhance Business S Per Marketsandmarkets Survey Report On Accounts Payable Automation Some Of The Tool 39s Other Features Includea Single Unified Channel For Communicating With Vendors Their Invoice Compliance Status Personalized Dashboard Nd Configurable Invoice Approval Workflows There Have Been Multiple Instances Where Enterprises Had To Pay Penalties Worth Lakhs Of Rupees For Claiming Itc On Fraudulent And Non Compliant Invoices Therefore Incorrect Recording Can Havea Massive Impact An Enterprise 39s Bottom Line This Story Is Provided By Businesswire India Ani Will Not Be Responsible In Any Way The Content Article

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Clear launches Clear Capture to remove inefficiencies in accounts payable process