What is Kloo?
Kloo offers an AI-driven Accounts Payable automation solution that integrates seamlessly with existing ERP systems to enhance finance team efficiency. It addresses common challenges faced by finance departments, such as manual data entry errors, complex approval processes, and limited visibility into company spending. By automating AP workflows using advanced AI technology, Kloo aims to reduce operational costs, strengthen financial controls, and allow finance teams to focus on more strategic activities rather than administrative tasks.
The platform utilizes technologies like Optical Character Recognition (OCR), machine learning, and natural language processing to manage the entire procure-to-pay cycle effectively. Key functionalities include touchless invoice processing, automated Purchase Order (PO) matching, customizable approval workflows, and the ability to raise purchase requests using simple language commands. Kloo also incorporates features for managing flexible, real-time payment runs, including options leveraging Open Banking for improved efficiency and fraud prevention, alongside an AP analytics module providing actionable insights and cash outflow forecasting capabilities.
Features
- Automated Invoice Management: Touchless invoice processing enhanced with OCR, machine learning, and advanced AI for data extraction, automated PO matching, and customisable invoice approval workflows.
- Purchasing Copilot: Raise purchase requests using natural language processing and approve spend via off-platform email approvals.
- Flexible Real-Time Payments: Intuitive payment runs and approvals engine with Open Banking payment options for efficiency and fraud prevention.
- AP Analytics: Provides actionable insights into AP data, allows data querying with embedded AI, and offers cash outflow forecasting.
Use Cases
- Automating invoice data entry and processing.
- Streamlining purchase request and approval workflows.
- Managing and optimizing payment runs.
- Reducing manual errors in accounts payable.
- Improving visibility into company spending and cash flow.
- Enhancing financial control and compliance.
- Generating financial reports and forecasting cash outflows.
