Happay Introduces AI-Powered Invoice Processing Solution for Corporates

Happay, one of the leading Business Spend Automation Platform, introduced a new Invoice Processing Solution to help corporates handle their Accounts payable process. With this solution, corporate can process, approve and pay vendor invoices using the single platform. The solution was built from the insights and feedback from CFOs and AP teams from the customer base of over 5500 companies.

Varun Rathi, Co-founder & COO, Happay, comments, “A mid to large corporate processes anywhere between 1000-40000 invoices in a month and they are sent by 100-2500 different vendors. AP teams have to manually verify vendor details, GST details, amount, HSN codes, and also perform policy and duplicate checks on each invoice. This process is costly, error-prone and offers zero control over cash flows”.

According to Happay’s CFO Benchmark report, around 82 percent of corporate in the country use manual or semi-automated systems to manage business expenses and payments. The manual processes involve extensive data entry, increase the risk of data errors and duplicate payments, and make GST compliance very difficult. Happay also estimates that corporate can reduce the invoice processing costs by 70 percent and speed up invoice processing cycle by 3X.

“With the launch of Happay’s Invoice solution, corporates can now manage not just T&E Expenses but also Invoice Payments on a single platform. This creates strong value for corporates and brings us closer to our vision which is to help corporates manage 100% of payments through a single platform. 2020 is going to be an exciting year for us. We have some more innovative products in the pipeline for the next four quarters, which are going to add immense value to corporates. These products are being built in consultation with some of the most renowned CFOs across the country”, states Anshul Rai, Co-founder & CEO, Happay.

Founded in 2012, Happay’s cloud-based platform influences technologies such as AI and ML to assist businesses to automate their expenses and payments, boost cost savings, obtain policy compliance and get more insights into corporate spending. It serves over 5500 customers across more than 40 industry verticals. 

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