Invoice Management System on Blockchain

What is InvoiceMate?

InvoiceMate is an Invoice Management System on Blockchain that is designed to strengthen trust and automation at each point of the invoice processing, payment & financing processes.

The heart of the solution is a blockchain network that serves as a single source of truth that is visible to all the concerned parties.

InvoiceMate is an End-to-end digital platform that aims to enrich efficiency and to foster a collaborative cross-organizational work environment.

InvoiceMate Differentiators

InvoiceMate benefits organizations in variety of ways. It eases day-to-day Invoice operations, reduces workload, and boosts productivity. Further benefits include:

Blockchain Security Seal

By design, blockchain-based InvoiceMate enables trust into every entry via attributes not available in standard database models thus boosting security for data & workflow integrity.

Workflow Automation

Allows unlimited invoice reviewers, approvers in the configurable cross-organizational invoice approval workflow. Optimize workflow by enabling automated invoice routing, removing redundant processes & revamping or replacing inefficiencies. For automation, there’s the old way and the Mate way.

Brandable Mobile Apps

Besides web portals, InvoiceMate comes with the option of brandable mobile apps for both Vendors & AP sides. Vendors can submit & track invoices and AP can perform tasks of reviewing & approving on the go. Both apps have an insightful dashboard.

AI Optimized Intelligent Invoicing

Has a continuously-adaptive, integrated invoicing intelligence engine that acts as an assistant (not an automaton) to expose issues and processes that could use more attention. It reduces productivity-damaging errors and detects discrepancies across the entire payables cycle. Will also assist in scheduling, escalation, and AP data analysis.

Proof of Authenticity & Transparency

Provides transparency into the invoice processes and helps enable to improve key areas of the cross-organizational workflow. Easily and immediately verify any tampering with data.

Process Integrity Proof for Compliance

Maintains complete audit trail of every task, as well as the decisions and outcomes of the workflow. Simplifies and reduces the costs of compliance reporting.

Combo 3aNo Data Redundancy & Data Silos

Unlock trapped value by using the blockchain-based platforms for streamlined &integrated processes, all with controlled access to sensitive data, rather than relying on redundant, siloed systems.

Cross Organizational Work Efficiency

The documents & business arrangements between several parties can execute itself based on a predefined set of rules through smart contracts on permissioned blockchain-based system.

Monitory Benefits

Delivers tangible ROI results by reducing cost per invoice. Reduced OpEx, reduced data breaches, automated reconciliation, & compliance adherence enables 90% of clients to cover their cost within 1 year of implementation.

Enhanced System Resilience

Blockchain based distributed architecture of InvoiceMate is extremely resilient & would continue working if one system’s section is under breakdown, upgradation or maintenance.

Time Efficiency & Productivity

Enable users to concentrate on the core work issues by reducing the time that otherwise gets wasted for searching for a piece of information or getting involved in the correspondence.

Paperless Eco Friendly Solution

Promotes the “Green Factor” for sustainability. Reduces overheads on paper, ink, toner, copiers and printers. Also cuts costs of filing staff & need of large office & physical storage space.

Technology Features

Automated Version Control

Every invoice or workflow document is automatically version controlled to add efficiency. Users can view any version at any time with complete history.

Multi User Document Tagging

It enables users to tag files using different keywords and these keywords can be used to organize and search files/contents in a new tag way.

SAAS & on Premise Offerings

Clients based on their requirement can choose between on premise and SaaS deployment model.

Big Data (NOSQL) Handling

MongoDB is used to capture structure and unstructured data for large scale distributed transaction processing.

Microservices Based Architecture

Microservices based architecture & DevOps practices enable it to be horizontally scalable. Hardware resources can be added as data requirement or operations grows.

Autofill AI for All Possible Fields

Add any number of ‘pre-set’ products or services with descriptions, prices, taxes and more. When creating an invoice, simply select any of your saved items to make the process fast and easy.

QR Code Enablement

QR feature is enabled for easy, quick & secured access of files. Other advantages are to use QR Codes for document verification and tractability purpose.

Contemporary Tech Stack

Built from the ground up with contemporary open source and stable technology stack. Includes programming languages, frameworks, libraries, patterns, servers, UI/UX tools.

Integration with Other ERPs & Legacy Systems

Seamlessly integrate invoice management data (e.g. payment results) with legacy accounting or financial system or with ERP that is being used by organizations or external organizations for the exchange of data.

Management of User's Storage

Admin can assign each user a certain storage capacity. Storage capacity status would be visible to the user on the dashboard.

Back-up & Disaster Recovery

Following industry-standard best practices, the system for disaster recovery. Processes are continually tested and optimized to ensure the highest level of service.

Setup & Support

Customer success staff is available to assist with an easy 1-day setup process with around the clock for consulting, configuration, training and Assistance services support.

Functional Features

An end-to-end Invoice Management System on Blockchain with function-specific features that provide efficient results, all while saving money & resources.

Vendor Zone

Onboard vendors with brandable web portal or native mobile app with their credentials & bank details. Dedicated Vendor Management System promotes vendor self-service for their ease and saving workload of AP team. Vendor hub is customizable with brand’s look and feel. Enables to maintain a clean vendor master record.

Efficient Invoice Submission

To centralize invoice receipt, vendors can submit invoices along with supporting documents through uploading directly to secure web portal or dedicated mobile app and track their progress.

Built-in OCR Scanning

Eliminate data entry with OCR and advanced data extraction. Details are automatically extracted and pre-populated. A second layer of invoice data extraction after OCR ensures invoice data is accurately captured and improves the algorithm for future captures.

Duplicate Invoice Protection

This feature would alert if while submission system detects the bill looks familiar to previous received bills. Similar alert will prevent possible payment duplications, thus reducing human error.

AP Zone - Expanded AP Capabilities

Dedicated AP Zone automates the end-to-end AP workflow for companies with multiple subsidiaries, brands, international business units, divisions, and entities or working in cross organizational workflow. It’s unified operations and instant visibility across the extended enterprise.

Automated Vendor Communication

Beside availability of Vendor Portal/App, the automated communications in InvoiceMate ensures that vendors are informed throughout every step of the invoice and payment process. Cuts AP time spent on inquiries and resolution.

Remote Work Enablement

Enables staff to work anytime and from anywhere in the world. In today’s landscape, businesses are managing an increasingly remote workforce — your finance team can be based anywhere and functioning on a global scale 24/7.

Financial Controls & Rules Engine

Safeguard against fraud loss & strengthen internal processes with enterprise-grade financial controls & rules engine Increases security, ensure adherence of compliance standards, & improve management oversight.

Automated PO Matching

Facilitates automation to match invoices with purchase orders (Pos). Evaluates whether the data in invoice & relevant PO (or purchase requisition) in the system matches or not, and flags any disagreement.

Validate Vendors Prior To Payment Approvals

InvoiceMate automatically validates contact information, payment data, and tax information against best practice rules prior to approving suppliers.

Early Payment Discount Option

Optional feature to enable opportunities for early payment discounts are flagged for AP to prioritize and process with InvoiceMate.

Real-Time Automated Reconciliation

Blockchain powered InvoiceMate delivers real-time payment reconciliation after payments (full or partial) are made. Audit trails maintain a deep history of workflow and vendor activity. Instant reconciliation ensures a fast accurate financial close cycle & improves cash flow visibility.

Security Features

Invoice Management System on Blockchain - Features - InvoiceMate

Forensic Details Log of Invoices & Workflow

InvoiceMate features
extensive & configurable
audit trail that can be
used to document
evidence of the order of
activities that have
modified, at any time, a
particular process.

Blockchain based Document Verifier

Vital part of system that
allows authorized users to
check if credential of all
relevant files &
documents in system are
genuine. Also provides
full process trail of
document review and
approval process.

Integrity Management with SHA256 Hashing

Data integrity and
monitoring is a highly
important layer of defense
which is used to for data
verification and detecting
data corruption.

Document Signatures with SHA256 Hash

Each Document is signed
at every workflow state by
SHA256 hashing, and the
hash value is the
signature.

Password Protection for Files (Doc Security)

System contains security
features that limit access
to the documents by
individuals and system
administrators.

2FA Based Authentication

Feature allows strengthen
security of system.
Securely on-board new
users, critical tasks (like
approvals & payments)
and protect account
access with two-factor
authentication (2FA)

eSignatures & Watermarking

User-defined e-signature
and watermarking at the
end of each document
plays active protection
role in digital distortion of
documents.

Handwritten Signature Option

Each user along with its
profile can scan and
embed their handwritten
signatures on documents
and it will have same
legal standing as hand
written signature.

Biometric Authentication

Biometric recognition
forms a strong link
between a person and his
identity and system has
capability to integrate
with such devices in case
of On-Prem installation.

Off Chain Data Security

Beside blockchain offchain data security is
equally taken care of.
Off-chain data is
encrypted before
persisting & tempering
with data out-side system
can also be detected.

System Access & Approval Controls

Enforce proper controls and
governance protocols.
Different role-based
permissions help enforce
segregation of duties by
configuring who can perform
approvals & disbursements,
create approval flows, run
reports, and more..

Data Security using (SSL)

Secure Socket Layer (SSL)
technology protects your
information using both
server authentication and
data encryption, ensuring
that your data is safe and
secure.

UI/UX Features

Pre Filled Invoice Templates

Most businesses repeat
the same steps to create a
new invoice. With prefilled template(s),
in one click pre-set data
can be populated into new
invoice.

Responsive UI

UI is designed to ensure
InvoiceMate can be
opened on any platform,
through any device. The
most interesting fact
about this feature is that
the resolution gets
adjusted according to the
device.

Theme & Background Color Customization

Users can change the
theme for the entire
portal as multiple themes
are available. Users can
also switch between dark
and light mode to select
their preferred type.

Customizable User Profile

System users can change
some design elements of
look and feel to
customize it as per user
preferences.

Advanced Search - Inside documents

Enable users to search on
content inside invoices,
supporting documents
and relevant files in the
workflow.

Smart Alerts and Push Notifications

Every action and
transaction in system will
generate notifications for
relevant users and keep
everyone informed with
actions happening inside
systems.

Offline User Manual

End user manual is
attached with system
which can guide existing
and new users about
system flow and features.

Document Previewer

Users can preview all the
invoices & supporting
documents without
downloading them.
Prevention for
downloading or printing
can also be enabled.

Integration with MS Office & Google Docs

InvoiceMate has MS
office Add-ins component
which enables directly
saving and retrieving of
any relevant document
from system with certain
level of security layer.

Integration with Chat Hub

InvoiceMate turns the
invoice into a
communication tool by
offering an in-app
communications hub
connected to the invoice. All
conversations are connected
to the invoice - getting
questions answered quickly
and available for audit.

Calendar Integration

Smart Calendar is
integrated that helps
users track workflows
enabled review & approval
tasks. Users can view
details of all the past,
current & future tasks in
relevant workflows.

Maps Integration

Maps integration reveals
status of invoices
received and tasks
performed by users on
geographic basis through
map view.

Email Configuration

System administrator can
configure email server to
enable system to send
email along with system
alerts and notifications.

SMS Integration

System admin can enable
SMS integration which
would inform users if any
task is assigned or
overdue via SMS.

Interactive Dashboard

Presents full visibility into
invoice management
processes with a insightful
view into status, metrics,
and KPIs to help
execution of preemptive
responses with predictive
models.

Insightful Reporting

Provides detailed payment,
payee, invoice, and tax
reports, from blocked payees
to transaction history,
invoice details and much
more. Filters are available
for a particular time range,
entity, or month & drill by
account to get insights.

Compliance & Misc Features

ISO/IEC 27001:2013 Conformance

InvoiceMate adheres
Information Security
standard and implements
security management best
practices and
comprehensive security
controls.

GDPR Compliance

InvoiceMate complies
with GDPR standards by
design and fulfil all
personal data lifecycle
requirements.

ADA Compliance

InvoiceMate is
prioritizing to adhere all
ADA compliance
standards for its effective
use by people with
disabilities.

More & Customized Features

Our product team
continuously doing R&D
to enrich system with new
out-of-box functionalities.
InvoiceMate Architecture
is flexible and agile for
requirements based
customized features.

InvoiceMate Benefits

Learn More About InvoiceMate

Follow InvoiceMate Social Media to learn more about the Invoice Management System on Blockchain and receive regular updates.

What is InvoiceMate?

InvoiceMate Differentiators

Technology Features

Functional Features

Security Features

UI/UX Features

Compliance & Misc Features

InvoiceMate Benefits

Learn More About InvoiceMate

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Pakistan Offices

Faisalabad

Karachi

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