New Singapore-based Summit backed by Global Founders Capital and Insight Partners launches Smart Spend Management for Businesses.
● The firm is focused on Simplifying Spend Management for underserved small to mid-sized businesses via the use of smart tools and automation.
● Designed by finance for finance, Summit addresses the pain points commonly experienced by finance managers reducing their accounts payable processing time by up to 75% while providing them with greater visibility and control
SINGAPORE, 3 July 2024 — Summit, Singapore-headquartered SaaS (Software as a Service) company, today announced the launch of their Smart Expense Management solution for small to mid-sized companies. Backed by key investors, Global Founders Capital and Insight Partners, Summit is set to transform spend management for businesses with a platform that is targeted at finance managers of small to mid-sized companies. Summit helps to modernise and automate traditionally manual Accounts Payable processing and employee expense claim processes. Aided by smart tools, the platform also empowers finance managers with greater visibility and control over their businesses spending.
“We understand how frustrating it is for businesses to deal with invoices and staff claims. Their processes are usually manual, time-consuming, prone to error and overly complicated spanning multiple tools like email, accounting platforms, banking, and spreadsheets. We see a real gap in the market for a spend management solution for small to mid-sized businesses that helps with delivering efficiency, visibility and control. That's why we created Summit. With Summit, we have taken great effort to design our platform to fit and complement a finance teams’ workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval and quality checking. With smart, sophisticated, and user-friendly tools, finance managers can expect to save valuable time and identify opportunities to further reduce operating costs.” said Jo-Ann, CEO of Summit.
For 300 invoices/claims per month and 10 minutes per invoice, this can mean over 50 hours a month in time spent processing paperwork. In fact, a recent study has found that companies can spend up to US$9.00 processing an invoice. By leveraging smart tools to automate invoice processing, businesses can save up to 75 per cent of time spent, potentially saving tens of thousands of dollars every year.
Summit is built with the user in mind based on extensive research and interviews with finance personnel. The platform provides a real-time centralised view of information and data. It also acts as a one-stop shop where vendor invoices and staff claims can be both audited and reconciled in 3 easy steps: (1) Scan (2) Approve (3) Pay & Auto Reconcile.
Summit delivers intuitive interfaces and smart automation tools that simplify complex invoice processing and employee claims processes. By leveraging advanced algorithms and machine learning to process large amounts of financial data, users will be able to glean actionable insights while eliminating the burden of manual non-value-adding tasks. There are two products available for use:
1. Vendor Invoice Management to help streamline expenses relating to invoices received from vendors.
2. Employee Expense Management to help streamline expense processing for employee-incurred expenses
About Summit: Summit is a smart spend management software, designed by finance for finance teams, as a new challenger brand that helps businesses achieve value that is both significant and tangible. Acknowledging the need notably among mid-sized companies for a streamlined and automated vendor invoice and employee expense process, Summit offers a smart connected workflow experience that empowers finance managers to enhance financial controls, make faster decisions, reduce the risk of overspending, and save on time. Powered by a suite of smart tools that go beyond basic payment processing, Summit’s Software as a Service (SaaS) solution provides greater visibility, control, and efficiency. Summit recognises the importance of workflow management for finance teams and has developed a comprehensive Spend Management solution. There are two products offered in this suite - 1) Vendor Invoice Management tackles the challenge of managing vendor invoices and payables effectively and 2) Employee Expense Management that helps to manage and process employees’ reimbursements seamlessly. For more information on Summit, click here www.summitglobal.com.