Factura.ai

Factura.ai offers a cloud-based accounts payable (AP) automation software platform, which covers the invoice creation, approval, and financial reporting process. The platform uses an AI-based OCR to extract information from invoices, and looks to provide visibility on invoices so businesses can avoid missing vendor payments.

Factura also enables users to get invoices by connecting directly to third party vendors, such as utility company portals, in addition to integrating their AP data and invoices with several finance and ERP softwares, including QuickBooks, Sage Intacct, and Acumatica, among others

The platform also enhances communication between AP teams and approvers by including built-in notes and communications as well as escalation reports to help expedite approvals when necessary. The company follows a subscription-based model and charges its users a monthly fee per location. Factura claims its platform can reduce AP management costs by 90% compared to traditional systems, by reducing (or eliminating) the invoice handling time, late fees, and invoice duplication.

Key customers and partnerships

The platform primarily targets multi-unit businesses (geographically dispersed organizations comprising standard units), and its customers included operators of Wendy’s, Papa Johns, Hilton hotels and resorts, and Marriott.