" class="no-js "lang="en-US"> Rho Unveils AI-Powered AP Automation for CFOs & Finance Teams
Thursday, June 13, 2024

Rho Unveils AI-Powered AP Automation for CFOs & Finance Teams

Rho today announced the all-in-one finance platform’s new AI-powered AP automation capabilities, which will be available to customers beginning later this month. Customers will be able to configure one-click workflows that help finance teams process thousands of payables in seconds, better manage cash flows and compliance, and centralize their end-to-end financial operations – all from Rho.

The Rho platform will now offer clients two new ways to save time by automating their AP:

  • AI-powered invoice & bill processing in Rho. Invoices sent to a designated AP inbox undergo automatic digitization powered by generative AI technology. This process transforms the invoice into a bill and creates a corresponding liability in the client’s integrated ERP system. Clients can then authorize bill payments through Rho one by one or in bulk, with liabilities automatically marked as paid in the ERP.
  • ERP-connected bill processing. Clients that process all their invoices directly in their integrated ERP system can then import them into Rho in one click for streamlined approval and payment. Hundreds of vendors can be paid in seconds, with corresponding liabilities automatically marked as paid in the ERP system.
  • Rho’s two-way accounting sync ensures vendor information remains consistent between Rho and the client’s ERP at all times. Combined with the platform’s multi-level approval support, multi-entity capabilities, and robust payment options – ACH, wires, check, and Rho Cards – processing vendor payments is just as frictionless as managing corporate cards, expenses, banking, and treasury with Rho.

Interested companies can sign up on Rho to demo the new platform capabilities.

“As companies grow, their finance teams are under immense pressure to scale their operations in parallel,” said Rishav Chopra, SVP of Product & Design at Rho. “Today’s announcement supports our commitment to delivering a world-class, integrated platform that experienced finance teams trust to help them get more done.”

To further enhance the user experience, Rho has plans to roll out global payments, local currency support, and three-way match capabilities for AP later this year.

On the generative AI topic, Chopra is clear: “CFOs and finance teams can see through hype. Our position on generative AI is that it is only useful if it is grounded in tangible business value. Today, AP clerks spend roughly a third of their time on manual data entry, invoice reconciliation, and policy enforcement. Rho’s new capabilities apply generative AI in a way that makes finance teams’ positions more fulfilling and saves them critical time.”

“Legacy AP is dead,” said Everett Cook, CEO & Co-Founder at Rho. “Competition heating up between Bill.com and other fintechs innovating in the space is great news for customers; payment accountability matters, no matter the workflow or experience. As companies test different finance platforms for managing areas like AP, expenses, and banking, we’re confident they will join companies like Native Strategies and Best Bay Logistics, who believe Rho is the best, most robust finance platform on the market.”

Runway, the applied AI research company building tools for storytellers, which recently announced a $141 million extension of its Series C round, currently uses the Rho platform to manage corporate cards, banking, & expenses – with plans to leverage Rho’s AI-driven AP capabilities. “We’re excited to continue working with Rho to streamline and consolidate our end-to-end finance stack,” said Greg Garte, Head of Finance at Runway. “Their new AP capabilities are a game-changer for finance pros who want to spend less time on a traditionally manual process.”

Finance teams often rely on spreadsheets and fragmented point solutions to run their finances, accounts payable included. As a result, they spend half their time manually processing data, causing expensive delays, burnout, and a lack of visibility and control over money flows. With Rho, CFOs stay in control of day-to-day operations, controllers get accurate and real-time reporting, and AP specialists automate their workflows and redundant tasks in seconds.

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