Rho unveils AI-powered AP automation for CFOs & finance teams
Save time streamlining AP and unify your finance stack
Updated:
February 28, 2024
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February 28, 2024
Today, Rho is excited to introduce a better alternative for finance teams: One-Click AP, the Rho platform’s accounts payable automation that helps finance teams spend less time and money on the procure-to-pay process.
Control spend, boost efficiency, and earn up to 1.25% cashback with Rho.
As small businesses and startups grow in size and complexity, so do their payables and procurement processes. Growing businesses can receive hundreds and thousands of monthly invoices with varied payment terms, dates, and methods.
To manage the payment and approval processes, CFOs typically hire dedicated payable departments that spend 30% of their time on manual tasks like data entry, audit trail management, invoice processing, expense policy compliance management, and stakeholder approval chasing.
Legacy automation tools that claim to automate the payable process just intensify the problem. They are typically expensive and fail to integrate with the rest of the finance stack, causing delays that make gaining from advantages such as early payment discounts difficult.
So, how does Rho One-Click AP work?
With one click, One-Click AP executes the entire payable lifecycle, processing thousands of supplier invoices in seconds and at scale.
One-Click AP starts by capturing bill data sourced from invoices or your ERP, then schedules thousands of corresponding payments using supported payment methods (ACH, card, checks, and wires) in seconds. With each step, Rho’s multi-level approval routing process controls prevent out-of-policy spend.
Earlier in this blog post, I mentioned two critical challenges CFOs and finance teams face that we set out to solve with One-Click AP. First, manual data entry makes accounts payable one of the most cumbersome tasks finance teams run. Second, the processes and legacy point-solutions companies cobble together to manage payables are fragmented, produce bottlenecks, and limit complete control and visibility.
One-Click AP gives finance teams intuitive, enterprise-grade technology to automate accounts payable in seconds. With Rho’s unified platform, CFOs and finance teams can now manage cash, employee expenses, payables, budgets, reimbursements, and accounting in one finance automation system.
Users have the option to create bills in Rho by sending an invoice to their AP inbox, uploading invoices into Rho, or by importing existing bills from their preferred ERP system.
The first two options process invoices intelligently using Rho’s OCR (optical character recognition). This invoice capture automatically pulls vendor and payment details, runs duplicate checks, executes invoice approval workflows, and auto-syncs with ERPs, creating a corresponding liability with corresponding payment due dates. Users then easily authorize bill payments, and Rho will track detailed payment processing statuses and automatically mark liabilities as paid in your ERP.
You can pay hundreds of local and global vendors across ACH, wire, check, and card payments in one click, with payments flowing directly from their connected Rho checking account.
That means CFOs have more control and visibility over their cash flow and can schedule payments as late as possible while still paying vendors on time. When clients pay vendors with a Rho virtual card, they can earn up to 1.25% cash back, which is deposited directly into their rewards account.
Vendor onboarding gives users an easy and secure way to invite new vendors to the Rho platform. Vendors can add their business and payment details without sharing them with the client.
Existing vendor records can be automatically pulled from preferred ERPs and assigned to respective entities. Users can easily make changes to the vendor information directly from Rho while ensuring 2-way syncs with ERPs.
With bulk actions, users can add vendors in bulk, schedule thousands of bills for payment, and easily export CSV format records of historical bills and payments with associated accounting software attributes and line items anytime they want. The CSV exports can easily be customized to include (or exclude) data fields as per users' preferences.
Navigating the dynamics of accounting system integration becomes straightforward with Rho. Users can easily integrate with Quickbooks Online and Oracle Netsuite directly from Rho. With a few clicks, they can set up mapping rules between Rho and their accounting system, including assigning vendors across multiple entities.
The 2-way match allows users to import bill records and automatically push vendor, payment, and accounting records, ensuring accurate bookkeeping.
Later this year, we will also be releasing several additional capabilities to One-Click AP, including:
Smart alerts and notifications, including daily and weekly aggregated reports, can easily be set up from Rho. This gives finance teams real-time metrics on scheduled payments and prompts AP teams to approve bills and schedule payments regularly.
The Rho mobile app makes approving bill payments much easier, enabling AP managers to approve or reject payments from anywhere without having to log into the Rho platform at their desks.
Operating accounts payable and banking separately can lead to many business challenges. Without integrating accounts payable automation software and banking, businesses might face issues such as limited financial visibility, an increased risk of human error, time-consuming business processes, problematic vendor relations due to delayed payments, and a complex reconciliation process.
All these challenges can impede the efficiency of financial management and decision-making. With Rho, all clients have a central business banking account integrated with corporate credit cards, expenses, and AP solutions, allowing businesses of all sizes and scales to eliminate these problems and generate processing cost savings.
With Rho’s new AP automation solution, we’re delighted to help companies eliminate manual processes and digitize the AP process, go paperless, and streamline spend management using Rho.
The days of paper invoice management and manual data extraction are over. Using Tipalti, Bill.com, AvidXchange, Stampli, Airbase, SAP, Beanworks, or other cloud-based AP software solutions?
Join the CFOs and finance teams who are tired of legacy AP providers and sign up to demo the Rho platform’s new AP automation software today!
Have questions about Rho’s One-Click AP? Read our FAQ page to learn why Rho One-Click AP is your business's best accounts payable automation solution.