How Procurify is Using AI to Transform Spend Management
As a pioneer in proactive spend management solutions, Procurify's new accounts payable (AP) automation solution builds on years of success with its existing AP platform and solid customer base. This AI-driven solution exponentially improves efficiency by automating traditionally time-consuming and error-prone tasks.
“It’s really about creating efficiency,” says Yishi Pan-Artani, Senior Director of Product Management at Procurify.
"When AI helps take care of mundane tasks, AP and finance leaders can allocate energy to solve other problems within the organisation.”
Procurify's reimagined AP module allows finance and accounts payable teams to:
- Leverage AI to speed up invoice processing
- Automate three-way matching to improve accuracy
- Unlock deposit payments to increase the flexibility of their financial management processes
Right from the point of the initial purchase requisition, Procurify's end-to-end procure-to-pay software acts as a single system to unify a company’s purchasing and accounts payable workflows.
This visibility and cohesion between AP and procurement will strengthen an organisation's financial control, according to Pan-Artani.
Connected in Procurify
Requisitions, purchase orders, invoices and item receipts are connected in Procurify and tracked throughout the purchasing process, this presents finance teams with a single digital paper trail to easily match and reconcile bills and get payment approvals.
Optical character recognition (OCR) quickly extracts line-item invoice details, while automated three-way matching ensures accuracy and flags discrepancies to streamline processing times.
Those who use the platform can create bills and make deposit payments before item receipt, providing flexibility while maintaining control over cash flow.
A major upgrade that expanded bill payment capabilities to include ACH, wire and cheque payments in the US and EFT in Canada, this release strengthens Procurify's position as the most comprehensive procure-to-pay platform for the mid-market.
By unifying purchasing, AP and payments into a single platform — enhanced by modules like PunchOuts, contract management and vendor management — Procurify maximises efficiency across financial management processes, eliminating the need for multiple-point solutions.
End-to-end automation delivers real-time spend visibility and control, helping customers improve data accuracy, enhance vendor relationships and free up time for strategic initiatives.
"At Procurify, our mission has always been to empower our customers through innovation," said Aman Mann, Procurify CEO.
"Our Series C funding round was all about injecting AI into our platform to transform how revenue-driven organisations in the upper SMB and mid-market manage spending. With the introduction of new AP automation capabilities, we're delivering on that promise—helping businesses gain better control and efficiency through automation."
Continue delivering innovative procurement
This launch follows a significant investment from CIBC Innovation Banking, which provided US$20m in growth capital to support Procurify's expansion and AI-powered product development.
The funding will enable Procurify to continue delivering innovative procurement and AP automation solutions while expanding into new markets.
"Procurify is at the forefront of transforming organisational spend management," adds Josh Olawale, Director at CIBC Innovation Banking.
"Their procure-to-pay platform is crucial for companies looking to maintain budgetary control and enhance operational efficiencies. These new bill payment and AP automation capabilities solidify Procurify's position as a spend management leader."
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