Manual processes in accounts payable are like chequebooks in a world of UPI—slow, tedious, and honestly, sometimes unnecessary. Yet, finance teams across India are still buried under piles of invoices, chasing approvals on WhatsApp and manually reconciling payments when they could focus on what truly moves the needle.
And here’s the irony—while some finance teams have the headcount to manage reconciliations and paperwork, the real bottleneck isn’t just manpower; it’s the lack of speed, accuracy, and visibility. When approvals crawl, and data remains siloed, even well-resourced teams struggle to close books on time, forecast cash flow accurately, or build stronger vendor partnerships.
That’s exactly why we’ve built a smarter, more seamless way to manage AP—reducing manual work, improving visibility, and ensuring payments happen on time, every time.
The Distance We’ve Covered So Far: The Year In Review:
Last year, we set out to change how finance teams in India handle their accounts payable. Over the past year, we’ve built, tested, and refined our solution to help businesses streamline their processes from end-to-end.
Collaborating with businesses across Real Estate, FinTech, eCommerce, Venture Capital, and even Sports to redefine how payments, approvals, and vendor management should function. We have been able to tackle some critical problems:
- Multi-Dimensional Approvals: No more chasing stakeholders on WhatsApp or waiting days for sign-offs—our fully customizable approval flows ensure faster closures.
- Better Invoice Booking: Our OCR-led invoice booking and matching system auto-matches invoices to POs and GRNs, reducing manual reconciliation errors.
- Real-Time Visibility: Finance leaders get a single dashboard to track cash flow, pending invoices, and upcoming payments—eliminating last-minute surprises.
- Reports & Analytics: Generate detailed reports on payables, vendor performance, and policy compliance to make data-driven decisions.
- Cash Flow Visibility with GST ITC: Track vendor invoice filings on GST Input Tax Credit (ITC) in real-time, ensuring better cash flow planning and compliance.
- Integrations with Enterprise-grade ERPs: Seamlessly connect with SAP, MS Dynamics, and Oracle to maintain consistency across financial systems.
This evolution has helped customers process payments faster, improve accuracy, and gain control over their finances like never before. But there’s still more to solve.
The Persistent Challenges:
Despite advancements, finance teams nationwide struggle with inefficiencies in their Accounts Payable processes. According to a recent study by SAP Concur, over 60% of organizations still rely on manual data entry, and many face scaling roadblocks:
- Risky Vendor Onboarding: Without efficient vendor verification, finance teams deal with delays, missed checks, and higher fraud risks. Onboarding drags on, approvals get stuck, and compliance becomes harder to manage. This not only strains relationships with suppliers but also leaves the organization exposed to potential compliance issues and costly errors. The lack of real-time visibility into vendor data only adds to the challenge.
- Budget Control and Spending Visibility: Without a budgeting module, finance teams operate in uncertainty—approvals lag, expenses exceed plans, and cash crunches hit unexpectedly. Lacking real-time visibility, they either overspend and justify later or underspend and miss growth. The result? Constant firefighting, unreliable forecasting, and reactive financial control.
These roadblocks slow down finance teams and create a ripple effect that impacts cash flow planning, vendor relationships, and overall business agility.
What We’re Launching Today—The RazorpayX Solution:
To solve these persistent challenges, we’re excited to introduce key updates to our Source To Pay offering:
1. Budgets on Source To Pay
A fully integrated budgeting module built into your Source To Pay account that connects the dots—from assigning budgets, expense forecasting, and budget planning to approval workflows and vendor payments—empowering finance teams to:
✅ Assign limits to teams, departments, and projects
✅ Download spending reports to gain insights
✅ Track every rupee with real-time spending visibility
✅ Configure custom-access controls on the Budgeting module
2. Vendor Verify
A fully integrated vendor onboarding module built into your Source-To-Pay account that ensures compliance, security, and trust—automating document collection, verification, and approvals—so finance teams can onboard vendors faster while mitigating fraud and ensuring regulatory compliance:
✅ Automates GST, PAN, and bank account verification
✅ Reduces onboarding time from weeks to hours
✅ Ensures compliance with built-in risk controls
What This Means for Your Finance Teams:
With these upgrades, finance leaders no longer need to micromanage AP. Instead, they get:
🚀 Faster Closures: AP teams can reduce month-end reconciliation time by up to 50%.
🔍 Better Control: Every invoice, approval, and payment is tracked in a single system.
💡 Smarter Decisions: Real-time insights help businesses optimize cash flow and working capital.
Most importantly, finance teams can finally shift from reactive to proactive, focusing on strategy instead of firefighting.
The Next Step in Accounts Payable Automation:
The best finance teams don’t just process payments—they drive business decisions. Our latest Budgeting module and Vendor Verify give finance teams the speed, visibility, and control they need to operate at their best.
It’s time to break-up with your spreadsheets, WhatsApp approvals, and manual reconciliations behind—welcome to the new era of Accounts Payable, designed for India’s fastest-growing businesses. 🚀
