One year ago today, we introduced the world’s first real-time AP automation solution. Since our launch, OpenEnvoy has raised expectations in what AP automation software can do for finance teams by eliminating billions of dollars of wasted spend and helping them to optimize their AP functions.
At OpenEnvoy, we are proud to provide transformative results for our customers by increasing visibility, operational efficiency, and cash flow at each organization. We give finance leaders and teams the crucial time they need back in their day to focus on strategic initiatives that move the needle for their business.
We look forward to continuously raising the bar for AP departments and supporting the future of finance. Here is a recap of where we started, how far we have come, and where we are headed.
From being founded in 2020 to transforming the way that finance teams manage their AP processes.
The recent pandemic highlighted the importance of agility and operational efficiency, especially within the finance function. Wasted spending is unfortunately common amongst all industries as a result of ineffective AP processes and inefficient AP automation technology.
OpenEnvoy founders Matthew Tillman and Parker Moore saw the need for accuracy within accounts payable processes and launched OpenEnvoy with the vision of ensuring companies never overpay vendors again.
“I continue to be blown away by the unmatched talent and drive our team brings to OpenEnvoy daily”, says Parker Moore, Co-Founder of OpenEnvoy.
The First Real-Time AP Automation Solution
OpenEnvoy launched the first real-time AP automation solution with guaranteed ROI.
With our state-of-the-art AP automation, we are able to simplify the invoicing process with flexible, quick to deploy technology. OpenEnvoy’s AI automatically recognizes invoices in any format and enables quick decision-making with data returned in minutes and meticulously audited in under 24 hours. Our customers never pay invoice errors, they eliminate wasted spend with 100% accuracy versus the industry standard of 87% accuracy.
First-of-its-Kind Customized Insights and Spend Visibility
“We’re shipping high-impact features and enhancements for our customers at a stellar velocity while maintaining a relentless focus on quality. We look forward to partnering with our customers as we craft a better product – one dedicated to supporting their AP process and increasing value”, says Moore.
With OpenEnvoy, finance leaders and teams can leverage product features like Self-Serve API to expand their AP infrastructure with white label audit and extraction technology. As well as Spend Insights to identify areas to boost cash flow and prioritize strategic planning with holistic summary views of company spend and scoring to measure vendor performance.
Billions of Dollars in Processed Invoices
In the past year we have processed almost 3 billion dollars of invoices. We have helped our customers recoup full ROI within 90 days, expedite their processing timelines, and reduce overall operating costs.
Where We Are Headed
“To go from founding OpenEnvoy in the middle of a global pandemic to working with CFOs at the world’s largest companies has been a dream come true and we still have a long way to go. We will continue to work hard, delivering greater visibility, operational efficiency, and cash flow technology to financial automation” says Matthew Tillman, Co-Founder and CEO of OpenEnvoy.
As we move forward, we will continue enhancing and expanding our AP automation technology to empower finance leaders and AP teams with the flexible expense processing and responsive workflows they need to drive cash flow in their business. As well as real-time data insights that our customers can leverage to improve organizational performance, strengthen relationships with their vendors and have an increasingly better understanding of their company spend.
We are confident in the power of AP automation and thank you for coming along with us throughout our journey.