Ottimate

TL;DR

Automates entire accounts payable workflow from invoice capture to vendor payment
Uses AI to code invoices with 98% accuracy and detect spending anomalies
Designed for finance teams in hospitality, retail, healthcare, and other industries
Integrates seamlessly with major accounting systems like QuickBooks and NetSuite

What is Ottimate

Ottimate is an AI-powered accounts payable (AP) automation platform that streamlines the entire invoice-to-payment process for finance teams. The platform leverages artificial intelligence to automatically capture, code, and process invoices while providing real-time insights into spending patterns and potential fraud risks. As a comprehensive AP automation solution, Ottimate helps organizations reduce manual work, prevent overpayments, optimize cash flow, and improve overall profitability by transforming traditionally paper-heavy and time-consuming AP processes into efficient digital workflows.

Key Features

AI-Powered Invoice Capture: Automatically scans and extracts data from invoices in multiple formats with 98% accuracy, including handwritten invoices, eliminating manual data entry and reducing processing time.
Intelligent GL Coding: Uses machine learning to automatically code line items to the correct general ledger accounts, learning from your patterns to improve accuracy over time.
PO Matching: Verifies that prices, quantities, and goods received match between purchase orders, receipts, and invoices, flagging discrepancies for review to prevent overpayments.
Spend Analytics & Anomaly Detection: Dynamically analyzes spending patterns to identify trends, outliers, and potential fraud, providing real-time alerts on invoice risks and unusual spending behavior.
VendorPay Integration: Built-in payment platform that enables direct vendor payments via ACH, virtual card, or check from within the approval workflow, with visibility into payment timing and cash flow.
Advanced Approval Workflows: Customizable routing and approval chains that automatically direct invoices to the right approvers based on predefined rules and thresholds.
Mobile App: Full-featured mobile application allowing invoice review, approval, and management on-the-go for busy finance professionals.
Seamless Integrations: Native API connections with major accounting systems including QuickBooks, NetSuite, Sage Intacct, Acumatica, and Microsoft Dynamics.

Who is Ottimate for?

Restaurant Chains & Hospitality Groups: Multi-location restaurants, hotels, and country clubs managing high volumes of vendor invoices
Retail & Grocery Stores: Retail chains and grocery stores dealing with numerous suppliers and complex inventory management
Healthcare Organizations: Hospitals, assisted living facilities, and primary care centers needing secure, compliant AP processes
Construction & Real Estate Companies: Firms managing project-based invoicing and complex vendor relationships
Accounting & Bookkeeping Firms: Professional services firms processing invoices for multiple clients
Manufacturing Businesses: Companies with complex supply chains requiring detailed spend visibility
Finance Teams & AP Managers: Professionals seeking to automate repetitive tasks and gain better financial insights

Key Use Cases & Applications

Multi-Location Invoice Processing: Centralizing AP operations for restaurant chains, retail stores, or hotel groups with numerous locations and vendors
Fraud Prevention & Duplicate Detection: Automatically identifying duplicate invoices, unusual spending patterns, and potential fraudulent charges before payment
Cash Flow Optimization: Timing payments strategically to balance early payment discounts with cash flow needs while maintaining vendor relationships
Month-End Close Acceleration: Streamlining period-end processes by ensuring all invoices are properly coded, approved, and accrued in real-time
Vendor Relationship Management: Maintaining accurate vendor records, payment histories, and ensuring timely payments to preserve critical supplier relationships
Compliance & Audit Readiness: Creating complete audit trails for all invoices and approvals to meet regulatory requirements and internal controls
Remote AP Management: Enabling distributed finance teams to review and approve invoices from anywhere using mobile devices

Pros

High Accuracy AI Processing: 98% accuracy rate in invoice capture and coding significantly reduces manual corrections and saves processing time
Comprehensive End-to-End Solution: Covers the entire AP workflow from capture to payment in one integrated platform, eliminating the need for multiple tools
Industry-Specific Expertise: Over 10 years of AP-focused AI development with specialized solutions for hospitality, retail, and healthcare sectors
Strong Security & Compliance: SOC 2 certified with robust fraud prevention features and secure audit trails throughout the invoice lifecycle
Proven Scale & Reliability: Processes over 25 million invoices annually representing $10+ billion in payables across 30,000+ locations
Time Savings: Customers report saving an average of 450 hours per year on AP processes
Excellent User Ratings: Recognized as G2 High Performer with badges for ease of use, user adoption, and customer satisfaction

Cons

Lack of Transparent Pricing: No public pricing information available, requiring potential customers to go through sales demos to understand costs
Enterprise-Focused Features: Advanced features like API access and detailed reporting may be limited to higher-tier plans, making it potentially expensive for smaller businesses
Integration Setup Complexity: Initial integration with existing accounting systems may require technical expertise and time investment

Pricing Info

Pricing is not publicly available. You need to contact them.

FAQs

How accurate is Ottimate's AI in processing invoices?

Ottimate's AI achieves 98% accuracy in scanning and extracting data from invoices, including handwritten ones. The system can interpret header, footer, and line item details across multiple formats, continuously learning and improving from your specific invoice patterns.

What accounting systems does Ottimate integrate with?

Ottimate offers native API integrations with major accounting platforms including QuickBooks, NetSuite, Sage Intacct, Acumatica, and Microsoft Dynamics. The platform supports hundreds of accounting systems through various integration methods.

How does Ottimate help prevent fraud and overpayments?

Ottimate uses AI to analyze spending patterns and automatically flag anomalies, duplicate invoices, and discrepancies between purchase orders and invoices. The system provides real-time alerts when invoices fall outside normal parameters, helping catch potential fraud before payment.

What payment methods does VendorPay support?

VendorPay, Ottimate's integrated payment solution, supports multiple payment methods including virtual cards (vCard), ACH transfers, and traditional checks. Users can choose the preferred payment method for each vendor and gain visibility into exactly when payments will be processed.

Is there a mobile app available for approvals on-the-go?

Yes, Ottimate offers a full-featured mobile application that allows users to review, approve, and manage invoices from anywhere. The mobile app provides the same functionality as the desktop version, enabling busy finance professionals to keep AP processes moving even when away from their desk.

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