Fari Analytics offers an automated invoice control solution that analyzes supplier invoices against contractual terms and pricing structures to identify discrepancies. This technology enables businesses to reduce processing time by 80% and achieve savings of up to 15% on their total invoicing costs.
Funding
$552.9K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face challenges in accurately and efficiently processing supplier invoices, leading to overpayments, missed discounts, and wasted time. Manual invoice auditing is time-consuming, prone to errors, and struggles to keep pace with complex contractual terms and pricing structures. This results in financial losses and operational inefficiencies.
Solution
Fari Analytics offers DataFret, an automated invoice control solution designed to streamline invoice processing and identify discrepancies. The system integrates with existing accounting and ERP systems to extract invoice data, contract terms, and pricing information. DataFret then automatically analyzes each invoice line by line, validating quantities, pricing, and adherence to contractual agreements. Anomalies are flagged and presented on a customizable dashboard, providing users with detailed insights into errors and potential savings. This enables businesses to ensure accurate payments, reduce processing time, and gain visibility into cost structures.
Target Audience
Fari Analytics targets medium to large businesses across various industries that process a high volume of supplier invoices and seek to optimize their accounts payable processes.
Features
- Automated invoice data extraction from various formats
- Integration with existing accounting and ERP systems
- Line-by-line invoice analysis and validation
- Customizable control rules based on supplier contracts and pricing
- Automated identification of pricing discrepancies, quantity errors, and non-compliant charges
- Real-time alerts for detected errors
- Customizable dashboard with detailed reporting and analytics
- 15+ cost structure indicators