Product Overview of Airbase
Airbase is a comprehensive and unified spend management platform designed to enhance financial control, transparency, and efficiency for mid-market and enterprise companies. The platform integrates four primary modules: Guided Procurement, Accounts Payable (AP) Automation, Expense Management, and Corporate Cards, making it a holistic solution for managing all non-payroll spend.
What Airbase Does
Airbase orchestrates the entire spectrum of procure-to-pay processes, leveraging advanced technologies such as generative AI, Optical Character Recognition (OCR), and Machine Learning (ML) to automate financial operations. This automation ensures a touchless financial process, streamlining the procure, pay, and close cycles.
Key Features and Functionality
Guided Procurement
- This module guides employees through compliant purchases using customizable intake forms, approval workflows, and integrations with contract management software and ticketing systems like Jira, Ironclad, and Asana. It features milestone-based, parallel, or sequential approval workflows and instant PO creation from approved purchases.
Accounts Payable (AP) Automation
- Airbase automates the AP process with features such as AI-powered invoice automation, 3-way matching of purchase orders, item receipts, and invoices, and automatic bill creation. It also includes straight-line amortization and the generation of amortization schedules.
Expense Management
- This module streamlines expense reporting and approval processes. Employees can submit expenses easily, and managers can review and approve them quickly. Key features include automated expense reports, global reimbursement, and a receipt-scanning app that uses OCR technology to upload receipts in real-time.
Corporate Cards
- Airbase offers both virtual and physical corporate cards with advanced approval workflows, spend controls, and robust security measures. Users can load Airbase cards into digital wallets like Apple Pay or Google Pay for contactless payments.
Additional Key Features
- Advanced Approvals: Customizable approval workflows that reflect an organization’s unique policies, including rule-based criteria and multi-layered approval processes.
- Automatic Audit Trail: A comprehensive record of every dollar spent, ensuring all documentation is readily available for audits or financial reporting.
- Real-time Reporting and Visibility: Provides up-to-date spend analytics, enabling real-time visibility into all spend activities and helping control budgets and build a healthy spend culture.
- Multi-Subsidiary & Multi-Currency: Supports international and domestic subsidiaries, allowing payments in foreign currencies and linking multiple banks to a subsidiary.
- Security & Fraud Detection: Includes robust security measures and a dedicated fraud investigation team to flag and mitigate potential fraud.
- Vendor Management: Facilitates strong vendor partnerships through smooth onboarding, effective risk management, and data-driven insights.
- User Management: Integrates with HRIS systems to manage employee spend authorization and removal seamlessly.
Integration and Scalability
Airbase integrates with various Enterprise Resource Planning (ERP) systems such as NetSuite, Sage Intacct, QuickBooks, and Xero, ensuring it can scale with the needs of the organization. This integration helps standardize practices, eliminate reconciliations, and create a single source of truth for financial operations.
In summary, Airbase is a powerful spend management platform that automates and streamlines financial processes, providing comprehensive visibility, control, and compliance. Its user-friendly interface and advanced features make it an invaluable tool for CEOs, CFOs, and finance teams aiming to optimize their financial operations.