Software as a service (SaaS) startup Summit, with its headquarters in Singapore, is the product of a partnership between US investment firm Insight Partners and German venture capital firm Global Founders Capital.
Summit announced in a statement on Wednesday that it has made its intelligent expense management solution available to small and medium-sized businesses.
According to the statement, Summit is poised to revolutionize spend management for enterprises by providing a platform aimed at finance managers of small and medium-sized businesses.
It was mentioned that Summit assists in the automation and modernization of procedures that were formerly manual, such as processing employee expense claims and accounts payable.
The platform also gives finance managers more visibility and control over the spending of their companies, aided by intelligent tools.
“We understand how frustrating it is for businesses to deal with invoices and staff claims,
“Their processes are usually manual, time-consuming, prone to error and overly complicated spanning multiple tools like email, accounting platforms, banking, and spreadsheets,” said Jo-Ann, Chief Executive Officer of Summit.
“That’s why we created Summit. With Summit, we have taken great effort to design our platform to fit and complement a finance teams’ workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval and quality checking,
“With smart, sophisticated, and user-friendly tools, finance managers can expect to save valuable time and identify opportunities to further reduce operating costs,” she added.
It has been observed that if 300 invoices or claims are submitted each month, with ten minutes dedicated to each invoice, the monthly processing time could exceed fifty hours.
Actually, according to a recent study, businesses may have to pay up to $9.00 for each invoice that is processed.
Businesses can potentially save tens of thousands of dollars annually by automating up to 75% of the time required to process invoices by utilizing intelligent tools.
The statement claims that after conducting in-depth research and speaking with finance professionals, Summit was developed with the user in mind.
The platform offers a centralized, real-time view of data and information.
It serves as a one-stop shop where staff claims and vendor invoices can be reconciled and audited simultaneously.
