Clear launches ClearCapture to streamline Accounts Payable process
By Leandra Monteiro
Clear, an Indian FinTech SaaS firm, announced the launch of ClearCapture, an AI-based end-to-end solution for enterprises to streamline their accounts payable journey. The tool allows the Accounts Payable team of enterprises to automate purchase invoice entry and detect non-compliant and fraudulent invoices coming from their suppliers.
Clear Capture empowers an enterprise AP team by automatically validating all their incoming invoices and extracting the invoice data to bring over 90% automation into their invoice booking process. Its AI-based data extraction technology cuts the invoice entry time from ten minutes per invoice entry to a few seconds. With Clear Capture, the company expects to digitise and validate 75 million purchase invoices with an average invoice value of INR 50,000 in three years.
The tool runs 45+ compliance checks on invoices to identify mismatches by analysing and comparing the invoice fields. It also minimizes errors and cuts short the man-hours needed for invoice data entry which reduces overheads. Post validation of invoices, the users also get an option to export the invoices hassle-free directly to their ERPs or accounting systems.
Archit Gupta, Founder and CEO of Clear, said, “An important first step in the compliance journey of an enterprise is recording the invoice for goods received. Clear Capture is a powerful tool for invoice digitisation by AP teams that reduces errors and the time spent on invoice recording. Our AI-based technology can help enterprises save lakhs of man hours spent on invoice capture each year.”
Some of the tool’s other features include a single unified channel for communicating with vendors on their invoice compliance status, personalised dashboard, and configurable invoice approval workflows.
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