Germany-based venture capital firm Global Founders Capital and United States-based investment firm Insight Partners have teamed up to launch Summit, a Singapore-headquartered software as a service (SaaS) company.
Summit said in a statement on Wednesday that it has launched its smart expense management solution for small to mid-sized companies.
It said Summit is set to transform spend management for businesses with a platform that is targeted at finance managers of small to mid-sized companies.
It noted Summit helps to modernize and automate traditionally manual accounts payable processing and employee expense claim processes.
Aided by smart tools, the platform also empowers finance managers with greater visibility and control over their businesses spending.
“We understand how frustrating it is for businesses to deal with invoices and staff claims,
“Their processes are usually manual, time-consuming, prone to error and overly complicated spanning multiple tools like email, accounting platforms, banking, and spreadsheets,” said Jo-Ann, Chief Executive Officer of Summit.
She said the firm sees a real gap in the market for a spend management solution for small to mid-sized businesses that helps with delivering efficiency, visibility and control.
“That’s why we created Summit. With Summit, we have taken great effort to design our platform to fit and complement a finance teams’ workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval and quality checking,
“With smart, sophisticated, and user-friendly tools, finance managers can expect to save valuable time and identify opportunities to further reduce operating costs,” she added.
It is noted that for 300 invoices/claims per month and ten minutes per invoice, this can mean over 50 hours a month in time spent processing paperwork.
In fact, a recent study has found that companies can spend up to $9.00 processing an invoice.
By leveraging smart tools to automate invoice processing, businesses can save up to 75 percent of time spent, potentially saving tens of thousands of dollars every year.
According to the statement, Summit is built with the user in mind based on extensive research and interviews with finance personnel.
The platform provides a real-time centralized view of information and data.
It also acts as a one-stop shop where vendor invoices and staff claims can be both audited and reconciled.
Summit also delivers intuitive interfaces and smart automation tools that simplify complex invoice processing and employee claims processes.
By leveraging advanced algorithms and machine learning to process large amounts of financial data, users will be able to glean actionable insights while eliminating the burden of manual non-value-adding tasks.
There are two products available for use: Vendor Invoice Management to help streamline expenses relating to invoices received from vendors; and Employee Expense Management to help streamline expense processing for employee-incurred expenses.
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