Airbase has added Guided Procurement to its spend management platform.
The new procurement function automates the intake process for purchasing by directing employees to capture all necessary information and documentation, routing the purchase details to appropriate stakeholders and securing the required approvals, Airbase said in a Wednesday (April 19) press release.
“Any employee from any location can request a purchase while being guided by Airbase to gather and route all necessary information to multiple stakeholder systems,” Airbase founder and CEO Thejo Kote said in the release. “This means that IT, legal, finance and procurement teams have the oversight they need to ensure compliance.”
PYMNTS research has found that 84% of B2B software-as-a-service (SaaS) firms would be at least somewhat interested in using non-payroll spend management software.
The benefits of tech deployments in pursuit of accounts payable (AP) efficiencies for non-payroll spend management software can be readily apparent, according to “Improving Financial Performance: The Speed of Spend Management System Adoption,” a PYMNTS and Airbase collaboration.
For example, digital spend controls can empower businesses to better track their cash flows with more transparent views into incoming and outgoing payments.
These tools allow AP teams to easily view expenses from different sources in their companies, such as corporate card spend, for example, or help consolidate digital invoices and receipts on one convenient platform.
Digital invoices are gaining interest as firms perceive a greater need for electronic budgeting solutions. In fact, nearly half of firms plan to enable payments from digital invoices in the next three years.
Airbase’s new Guided Procurement is a no-code, customizable workflow that can be easily configured to meet companies’ policies and requirements for purchases of different types, according to the press release.
It also integrates with multiple stakeholders’ existing systems, including general ledger (GL), security, human resources information system (HRIS) and communication software, the release said.
“We understand the risks and challenges around compliance and control that companies face when dealing with complex global procurement processes, especially ones that span multiple business groups and their systems,” Kote said in the release. “That’s why we’re so pleased to offer Guided Procurement.”
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