Rho Enhances Finance Platform with AI-Powered AP Automation for Streamlined Operations
Rho, a leading financial services company, has recently unveiled its latest innovation — artificial intelligence (AI)-powered accounts payable (AP) automation capabilities, as reported by PYMNTS. These advanced features are set to be integrated into Rho’s all-in-one finance platform by the end of this month, as per the company’s press release on August 2, 2023.
Rishav Chopra, the Senior Vice President of Product and Design at Rho, stated that as businesses expand, their finance teams face considerable pressure to scale their operations accordingly. The introduction of AI-powered AP automation is a testament to Rho’s commitment to providing a world-class, integrated platform that finance teams can rely on to optimize their productivity.
The upcoming AP automation capabilities are expected to revolutionize the way customers manage their financial processes. Among the key benefits highlighted in the press release are:
- One-Click Workflows
Customers will have the ability to configure streamlined workflows, significantly simplifying the AP process and accelerating efficiency.
- Rapid Payables Processing
The AI-powered system will be capable of processing thousands of payables in mere seconds, substantially reducing processing times.
- Enhanced Cash Flow and Compliance Management
The platform will offer improved cash flow and compliance management, ensuring financial operations are seamless and compliant.
- Centralized Financial Operations
Customers can centralize their financial operations within the platform, promoting better organization and oversight.
One standout feature of the new system is the ability to convert incoming invoices into bills automatically. The AI system will create corresponding liabilities in the client’s integrated enterprise resource planning (ERP) system. Clients can then conveniently authorize individual or bulk bill payments, streamlining the payment approval process.
Furthermore, Rho’s ERP-connected bill processing feature enables clients to directly import invoices from their integrated ERP system into Rho with a single click. Subsequently, clients can rapidly process these invoices and have corresponding liabilities marked as paid in the ERP system.
Rishav Chopra emphasized that Rho’s AI-driven approach is set to transform the roles of finance teams, allowing them to focus on more fulfilling tasks and saving critical time that is often spent on manual data entry and policy enforcement.
In an interview with PYMNTS back in January 2021, Rho Co-founder, President, and Chief Product Officer, Alex Wheldon, pointed out the significant interconnection between AP transactions and other areas of an enterprise. Data integration is essential to establishing a seamless workflow, starting from invoice acceptance, approval, and culminating in bill payment.
Wheldon emphasized that AP is fundamentally a workflow that should be integrated within the core banking or finance function rather than isolated in a standalone product.
Rho’s incorporation of AI-powered AP automation capabilities marks a significant step towards enhancing financial operations for businesses of all sizes. By streamlining AP processes, customers can expect increased efficiency, improved cash flow management, and a more centralized approach to financial operations. This move reflects Rho’s dedication to providing innovative solutions that empower finance teams and drive business success.