As we enter 2024, Airbase wanted to take a moment to share with the progress that the Fintech firm claims to have made in 2023.
According to Airbase, it was a solid year of innovation, adoption, and recognition for them.
Airbase notes in a blog post that they started 2023 with the launch of their purchasing intake product called Guided Procurement. This offering is said to “tame the chaos that stems from convoluted approval processes and out-of-compliance spend, and directs employees to efficient, compliant, fully documented, and approved spending.”
When a product fills a white space, it’s met “with rapid and widespread adoption, and they were very happy to see this occur with Guided Procurement.”
It has seen adoption by many businesses, “including Doximity, GoFundMe, Fandom, dbt Labs, Retool, and many more, who immediately saw the power of linking intake to the AP Automation solution.”
Airbase were also pleased to see recognition for Guided Procurement so early in its evolution from procurement technology experts like Dr. Elouise Epstein and analysts like IDC.
The launch of the Guided Procurement product “to manage intake workflows is an important piece of the puzzle in their mission to create the best procure-to-pay solution for mid-market and early-enterprise businesses.”
A hallmark of Airbase has long been its “pace of innovation which outstrips all others in the procure-to-pay and larger spend management space.”
The firm says it “continued that trend in 2023 and shipped hundreds of updates throughout the year, focused on solving real problems for CFOs, controllers, procurement professionals, and corporate accountants.”
They know how important it is to bring receipts, which is why they “publicly share the monthly updates directly with our customers and on their website, but here are some noteworthy improvements,”
An assisted reconciliation experience “that generates a real-time reconciliation report between Airbase and the ERP system — cutting down reconciliation effort from hours to minutes.”
Touchless Expense Reports for “a faster and better reimbursement request and approval experience using generative AI.”
Support for multiple bank accounts (funding sources) per subsidiary, “both within the U.S. and for international subsidiaries, to help our customers avoid dreaded manual inter-company journal entries and costly currency conversion fees.”
Expansion of the number of countries and currencies “for bill and reimbursement payments (now at 200 countries and 145 currencies).”
2023 was also the year Airbase took advantage of rapidly “advancing AI capabilities and furthered their investment in automation across the platform.”
Airbase claims that it has always used AI across their platform, but “the advancing capabilities of generative AI and large language models (LLMs) have allowed them to double down on AI in 2023.”
They’ve focused less on hype and more on “solving real problems for our customers.”
Here are some highlights of the improvements that Airbase delivered in 2023:
- 5X improvement in auto-matching of POs to invoices.
- 81% of card transactions are now auto-categorized and synced to the ERP system without manual intervention.
- Launch of touchless Expense Reports that can take a receipt and automatically fill out required fields like merchant, amount, GL category, and generate a purpose/description.
Airbase exists to make the experience of procurement, payments, and the monthly close delightful for every stakeholder in a business.