Skyscend Rolls Out SaaS Offering For Invoice Management

Skyscend has launched its Skyscend Pay Software-as-a-Service (SaaS) offering, which harnesses artificial intelligence (AI) to remove friction in invoice processing and allow for smart, “context-aware” functionalities, according to a Tuesday (Jan. 26) announcement.

“Digital transformation is touching all aspects of business in every industry,” Skyscend CTO Heera Garia said in the announcement. “At Skyscend, we are using cutting-edge technology such as AI, blockchain and [a] mobile-first approach to solving procurement needs.”

Skyscend Pay comes with a core portal that offers in-depth access to functionalities, analytics and information. Users can look at and manage invoices, talk with vendors or customers, and see analytics all in one place.

The offering also comes with simple invoice uploads, using AI to import invoices instead of having to enter data by hand or rely on rules-based optical character recognition (OCR).

Moreover, the company says that Skyscend Pay offers dynamic discounting that helps vendors expediently receive the funds they need while offering savings to purchasers. Users can create particular terms, but the feature could be used to apply 1 percent discounts for a Net 45 pay term, 2 percent for a Net 30 pay term or 3 percent for immediate payment.

Skyscend also says that Skyscend Pay is completely connected with well-used enterprise resource planning (ERP) software and procurement networks, while the product can be tailored to handle unique needs.

The company, which was established in 2016, is focused on providing expense management and services throughout “the source-to-pay spectrum,” according to the announcement.

Separately, pre-accounting tech firm Expensify recently introduced an enhanced invoicing functionality. The enhancement came after the firm announced support for bill payments. Expensify’s SmartScan technology receives data from vendor bills for approval and payment using the same technology made for expenses. In addition, users can create and transmit invoices and get payments via the company, which automatically updates QuickBooks Online, Xero and NetSuite.