Processing over Rs 18,000 cr in payables, how Cashflo used AI in one of the most stressful, error-prone business tasks
accounts payable (AP) function. Other than posing challenges for AP teams, this can also negatively impact decision-making processes at companies, which can have a bearing on their growth trajectory, says Ankur Bhageria, Founder-CEO, CashFlo. Bagheria’s CashFlo is among the companies working towards tackling these challenges and also helping them and their supply chains to grow faster by providing easy and fair access to liquidity.
In an interaction with ET Digital, he shares his views on the situation of finance automation in India and how larger issues of supply chain financing can be resolved. Edited excerpts: Economic Times (ET): What is the condition of finance automation in India?Ankur Bhageria (AB): According to a 2022 survey, only 9% of businesses globally have fully automated their accounts payable (AP) function, and it’s even lower in India. This creates several challenges, including increased stress for AP teams, heightened risk of errors, and problems in decision-making.
Moreover, it results in suboptimal cash flow optimisation and strained supplier relationships, impeding the growth potential of enterprises across industries. It’s not that automation isn’t on a CFO’s mind. But there’s a dearth of B2B SaaS companies in the business finance space operating at scale in India.
Most companies offer a suboptimal solution, optimised for Western markets. With our new AP automation & payments suite, we want to change this. Our solution is made in India for India.
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