The Advantages of InvoiceMate for Your Business

InvoiceMate
4 min readMar 30, 2023

InvoiceMate is a next-generation invoice management system powered by Blockchain & AI. It is built around the idea of benefiting business operations. Let’s take a look at the advantages of InvoiceMate for your business.

What is InvoiceMate?

At its core, InvoiceMate is the world’s first-ever blockchain-powered invoice management software. The purpose of developing InvoiceMate on the blockchain is to bring trust, transparency, and efficiency at every stage of invoice processing. InvoiceMate not only covers the journey of invoice processing, from procurement to payment but also goes beyond making it to the whole invoicing ecosystem. The inherent features of blockchain and artificial intelligence make InvoiceMate an invoice financing marketplace.

InvoiceMate is rich with technology and function-specific features that provide efficient results, all while saving money & resources.

In the following paragraphs, we will highlight the advantages of InvoiceMate for businesses.

InvoiceMate benefits for businesses fall into two major categories.

  • Invoice Management System
  • Invoice Financing Marketplace

Let’s take a look at both.

Invoice Management System

InvoiceMate is a complete invoice management system. Unlike legacy invoice processing applications, it covers the invoice journey beyond invoice processing.

  • Pre-invoice Processing phase includes handling Purchase Orders and Quotations
  • Post-Invoice Processing phase that includes invoice payment and financing enablement.

Even if we compare the invoice processing phase, InvoiceMate offers unparalleled trust and transparency with the help of blockchain. Invoices created on the blockchain can’t be deleted or tampered with once created. Any change made to the invoice will be recorded as an incremental version while retaining all the previous versions.

InvoiceMate is available as a web-based and mobile-based application. The free mobile app is available for both Android and iOS users. You can download the application from the following links

You can signup for the web application on the following link

InvoiceMate Web Application

InvoiceMate offers the following invoice-related features on the blockchain.

  • Invoice Creation
  • Invoice Review
  • Invoice Approval
  • Invoice Tracking
  • Invoice Analytic
  • Invoice Payment
  • Invoice Reconciliation
  • Invoice Financing Enablement
  • Vendor Management
  • Bookkeeping

Advantages of InvoiceMate as an Invoice Management System

InvoiceMate IMS (Invoice Management System) offers the following advantages to businesses of any size

  • Never miss an invoice (Sent or Received)
  • Document your receivables and payables. Invoice recording provides a foundation for formal accounting.
  • Add multi-tiered invoice validation and approval to minimize the risk of fake/fraudulent invoices passing through your system.
  • Always get a real-time snapshot of your business cashflows
  • Track and trace invoices, and sort invoices according to receivable, payable, sender, receiver, amount, chronological order, etc.
  • Real-time reconciliation of Invoices
  • AI-Powered Analytics of Receivables and Payables
  • Fully functional bookkeeping system to record everyday business transactions

InvoiceMate as Invoice Financing Marketplace/Service

The most unique value proposition offered by InvoiceMate is invoice financing enablement. It works as a bridge between the businesses (users) and Financing Institutions (Banks/Other Lending Institutions). This service utilizes the trust and transparency of blockchain and AI Algorithms to enable invoice financing compliance service for eligible businesses/users.

How Invoice Financing Marketplace Works

  • Users feed their data (incoming & outgoing invoicing)
  • Critical data goes to the Blockchain for enabling trust in the data
  • AI Algorithms perform invoice verification to check its authenticity and set credit scoring of users based on performance.
  • Users become eligible to get their invoice financed after fulfilling and sustaining specific data input points (number of invoices, active usage time, etc.)
  • Once eligible users submit financing requests against acknowledged invoices to InvoiceMate’s partner banks/financial institutions.
  • InvoiceMate provides KYI Service (invoice verification) and credit scoring service (risk profiling) to banks/financial institutions.
  • Banks/FIs make the final decision on financing and disbursing the amount to an eligible applicant.
  • Users repay the financing amount plus profit/markup to the bank/FI upon maturity of the financing period.

Advantages of InvoiceMate Invoice Financing Marketplace

InvoiceMate’s invoice financing marketplace provides great advantages for businesses of any scale. Following are the few advantages a business can get:

  • Financing facility for working capital
  • Effortless invoice financing compliance and approval
  • Automated credit scoring and risk profiling

The features discussed above make InvoiceMate an ideal candidate for businesses seeking invoice management and invoice financing to maximize their efficiency. The best thing about InvoiceMate is its wider scope. InvoiceMate is adoptable by companies of all sizes.

The invoiceMate mobile app is aimed at providing financial inclusion to individuals, informal businesses, and MSMEs. It not only enables them to use invoicing and digital payments but also by providing access to financing facilities.

The free mobile app serves the invoice processing needs of small to medium-sized businesses. Even an individual freelancer can take advantage of the invoice management features of InvoiceMate. Informal and undocumented businesses like small shopkeepers can maximize their profitability by keeping track of sales and purchases. Those who want to opt for invoice financing can take advantage of the Know Your Invoice (KYI) service of InvoiceMate.

InvoiceMate Pro is offered for medium to large businesses. InvoiceMate Pro provides greater control and flexibility. It can be tailored according to the organizational workflow and hierarchy. It offers greater collaboration within multiple departments, physical locations, and cross-organizational networks. It can be integrated with existing ERP and accounting solutions. The businesses can avail themselves of the invoice financing compliance service to increase their working capital.

To learn more about InvoiceMate, visit our website invoicemate.net

For the InvoiceMate demo, write us at mate@invoicemate.net

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InvoiceMate

Partner for Trusted & Efficient Invoice Management