Airbase Adds Automated Procurement Features to Spend Management Tool

Spend management solution Airbase has added automated procurement features that are designed to support the purchasing processes of mid-market and larger companies.

The new automated features include documentation and data routing, three-way purchase order (PO) matching and custom tagging of additional stakeholders, Airbase said in a Thursday (Oct. 27) press release.

“Eliminating wasted time and mistakes is at the core of all of our product updates, and that’s exactly what we’re bringing to our customers with this latest selection of features,” Airbase founder and CEO Thejo Kote said in the release.

To automate documentation and data routing, Airbase has added a feature called Workflow Builder that routes different types of spend requests to specific teams based upon the content of the request, according to the press release.

To ensure compliance and create a complete audit trail in NetSuite, the spend management platform now includes a 3-Way Purchase Order Matching feature that matches POs, invoices and item receipts, the release said.

The third newly added feature — in-product collaboration via @Mentions — allows users to tag team members if they require clarifications, feedback or answers, per the release.

“Airbase has always been built with larger organizations and finance teams in mind, and this release brings capabilities to support enterprise-level complexity,” Kote said in the release. “By deepening our workflows and extending the capabilities of our NetSuite integration, we are allowing modern finance teams to empower their businesses for success while maintaining company-wide compliance.”

PYMNTS research has found that among software-as-a-service (SaaS) firms that do not have a system that would allow them to manage different types of non-payroll spend while enabling accounts payable (AP) teams to work more efficiently, 90% are at least somewhat willing to pay for such a system.

Read more: Automation Solves Primary Pain Point for 70% of SaaS Firms

Among the needs that are driving these firms’ interest in such a solution are their current lack of visibility and control of non-payroll spending costs, data entry errors and payments that require adjustments due to errors made when processing, according to “The Financial Performance Quandary: Leveraging Automation To Better Manage Non-Payroll Spending,” a PYMNTS and Airbase collaboration.

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