Plate IQ is an automated accounts payable (AP) software platform designed to simplify and digitize the AP process for businesses. By replacing manual data entry, Plate IQ helps companies manage invoices, payments, and analytics efficiently, reducing paperwork and streamlining financial operations.
What technology powers Plate IQ's AP automation?
Plate IQ leverages machine learning and cloud-based technology to digitize invoices down to the line item. Their platform automatically assigns general ledger (GL) codes, syncs data with accounting software, and provides analytics around purchasing. Key features include:
- Automated invoice data capture and digitization
- Automatic GL coding and seamless integration with accounting systems
- One-click bill payment functionality
- Inventory management and spend analytics
- Secure, cloud-based document storage for a paperless workflow
This automation allows finance teams to reduce errors, save time, and gain better visibility into spending.
Who uses Plate IQ?
Plate IQ primarily serves businesses in the United States and North America, with a focus on industries that process high volumes of invoices, such as hospitality, restaurants, and multi-location operators. Their solutions are designed for companies seeking to modernize their accounts payable process, go paperless, and improve financial controls.
Who are Plate IQ's competitors?
Plate IQ operates within the fintech and AP automation software sector, which has grown rapidly as businesses seek efficiency and cost savings. Notable competitors in this space include:
- Tipalti: AP software for global payment automation and compliance.
- Centime: Focuses on cash flow control and AP automation.
- Stampli: Specializes in collaborative invoice processing and ERP integration.
- Medius: AP automation suite for mid-sized businesses with a focus on fraud prevention.
- Concur: Offers AP automation as part of a broader spend management platform.
- AvidXchange: Tailored AP automation for middle-market businesses.
- Basware: Provides AP automation to help eliminate manual processes and reduce costs.
- HighRadius: Delivers AP automation focused on transforming finance operations.
- Sage: Offers AP solutions integrated with accounting software for small to mid-sized businesses.
These companies, like Plate IQ, aim to automate invoice processing, streamline approvals, and enhance visibility for finance teams, though each platform may cater to specific business sizes, industries, or unique workflow needs.
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