Overview
- Eliminate duplicate invoices and overpayments before they happen with proprietary AI algorithms that detect fraud prior to the pay-run.
- Achieve higher straight-through processing rates by automating the extraction, correction, and validation of invoices regardless of their format.
- Reconcile a high percentage of total spend effortlessly using automated supplier statement reconciliation.
- Resolve vendor inquiries faster and improve supplier relationships through automated responses, SLA tracking, and smart workflows.
- Reduce financial leakages by proactively auditing payments to spot invoice errors upstream and detect payment inaccuracies.
- Secure your financial data with a dependable cloud environment that transfers invoice data from your ERP system daily.
- Accelerate time-to-value with a simple setup process that requires minimal IT resources and integrates seamlessly with existing finance systems.
Pros & Cons
Pros
- Automates AP operations
- Automated invoice extraction
- Automated invoice correction
- Automated invoice validation
- Format-agnostic invoice handling
- Enhanced straight-through processing
- Duplicate invoice detection
- Overpayment detection
- Invoice fraud detection
- Automated supplier statement reconciliation
- High percentage spend reconciliation
- Automated vendor query responses
- SLA tracking feature
- Smart workflow implementation
- Proactive audit capability
- Payment inaccuracy detection
- Upstream invoice error detection
- Fraud protection mechanisms
- Minimal IT resources requirement
- Data transfer from multiple ERPs
- Secure cloud-based environment
- High data protection focus
- Instant value delivery
- Short timespan ROI
- Prevents overpayments
- Provides meaningful insights
- Compatible with any ERP
- Vendor master data cleansing
- Identifies inactive and suspicious vendors
- Spot phishing attempts
- AP recovery audit elimination
- Exception resolution with configurable agents
- Report generation feature
- Maintain strong vendor relationships
- Ease of software setup
- Scalable application with high availability
- Detects invoice format differences
- 99%+ accuracy in invoice extraction
- Reconciliation activity audit trail
- Keeps supply chain satisfied
- Fast statement reconciliation
- Source exception fixing
- Statement reconciliation with unused credit notes
- Identifies duplicate vendors
- Prevents incorrect payments
- Optimizes vendor base
Cons
- Doesn't support offline usage
- Incompatibility with some ERPs
- No multilingual support
- Limited access levels
- No mobile application
- No real-time data updates
- Dependent on daily data transfer
- No customizable workflows
- No explicit GDPR compliance
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❓ Frequently Asked Questions
Xelix's primary function is to work in conjunction with existing finance systems, automating vital Accounts Payable (AP) control and audit processes.
Xelix automates AP operations through its key features such as automated extraction, correction, and validation of invoices. It also automates supplier statement reconciliation and vendor query management through smart workflows.
Key features of Xelix include automated extraction, correction, and validation of invoices, duplicate invoice and overpayment detection, invoice fraud detection, automated supplier statement reconciliation, vendor query management, SLA tracking, proactive auditing, payment accuracy, fraud protection, and secure cloud-based data transfer.
Xelix validates invoices through its automated extraction, correction, and validation process. Invoices are validated regardless of their format, enabling a high level of accuracy.
Xelix detects duplicate invoices and overpayments using its proprietary AI algorithms. It preemptively flags these before the pay-run, effectively reducing errors in the AP process.
Xelix's supplier statement reconciliation feature works in an automated manner. It is designed to reconcile a high percentage of spend, improving efficiency and accuracy in the AP process.
Xelix offers comprehensive vendor query management features including automated responses, SLA tracking, and smart workflows. It enables efficient handling and resolution of vendor inquiries, saving valuable time and resources.
Xelix enables proactive auditing of payments by giving AP teams the ability to detect payment inaccuracies and spot invoice errors upstream. This feature aids in reducing financial leakages and safeguarding against overpayments.
Xelix protects against invoice fraud by deploying efficient detection algorithms that alerts teams before a pay-run. The proactive auditing feature also helps in identifying irregularities that might point to fraudulent activities.
Xelix requires minimal IT resources for setup. It is designed to be easy to implement and to seamlessly integrate with existing finance systems.
Xelix secures data transfer from ERP systems by moving all invoice data to a secure cloud-based environment on a daily basis. This ensures that data transfer is not only efficient but also secure.
Xelix ensures data protection by moving all data to a secure cloud-based environment. Its architecture prioritizes security, creating a highly dependable and robust AI-driven AP software system.
Upon implementation of Xelix, customers experience instant value delivery and see a return on investment in a short timespan.
Xelix enhances straight-through processing rates by automating the extraction, correction, and validation of invoices, regardless of their format. This increases the efficiency of processing invoices and reduces the chance of errors.
Xelix manages SLA tracking and smart workflows by leveraging AI. This functionality automates processes like vendor query management and aids in achieving efficiency and improved supplier relationships.
Xelix transfers invoice data by taking a daily transfer of invoice data from the clients' ERP systems and moving it to a secure cloud-based environment.
Xelix distinguishes itself through its unique blend of AP features, simple setup requiring minimal IT resources, high efficiency of operations through automated processes, robust security measures, proactive auditing capabilities, and powerful AI algorithms.
Xelix fits into existing finance systems by working in conjunction with them. It is designed to automate AP operations and does not replace existing systems, but rather complements and augments them to enhance efficiency.
Xelix offers invoice fraud detection mechanisms that work by efficiently detecting duplicates, overpayments and fraudulent invoices, providing protection against potential financial loss. The system also warns teams of any suspicious activities before a pay-run.
Xelix supports spend reconciliation by reconciling supplier statements in an automated manner. This supports a high percentage of spending reconciliation and prevents potential overpayments.
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