OpenEnvoy, a new fintech startup, launched on Oct. 27 with a platform to provide automated invoice auditing to address the high cost that typically results in company invoices going unaudited, which costs companies in the long run, said OpenEnvoy officials in a press release.
“We help companies gain more control over their cash flow by identifying inaccurate invoices that are off by even a penny,” said Matt Tillman, co-founder and CEO of Open Envoy. “Companies have outgrown the outdated professional services companies who charge a variable percentage of the invoice’s value. As a SaaS product, OpenEnvoy is able to provide customers with an immediate ROI and real-time visibility throughout their supplier network at a predictable monthly cost.”
OpenEnvoy compares invoices to original documents, and when inconsistencies arise an investigation is launched. Collaboration and transparency were a major focus in constructing OpenEnvoy’s new software as to allow direct information sharing between customers and suppliers. Direct integration into the customers back office suite gives users access to analytics such as the number and value of discrepancies allowing for real time monitoring and adjustments.
Via its website, OpenEnvoy is focused on eliminating supplier fraud before it happens. With more than 30% of invoices being incorrect according to a Fortune 500 study, invoice auditing is something every company should prioritize.