In its early days, iPaidThat was an automatic invoice collection tool. Today, with the help of Budget Insight, iPaidThat offers an all-in-one SaaS that simplifies the financial and accounting management of startups, VSEs, and SMEs.
Jean-Pierre Ocalan, CTO and co-founder of iPaidThat, shares his vision for the future and explains how Budget Insight’s solutions help optimize the platform.
How does iPaidThat support entrepreneurs daily?
Entrepreneurs face many challenges in running their businesses! The all-in-one solution iPaidThat helps them solve their financial and accounting management issues. Our AI-based SaaS platform allows them to quickly and automatically manage all the complex aspects of recovering and processing accounting documents.
In real terms, iPaidThat reduces the time spent on accounting data entry by 40% to 60% for the entrepreneurs or their accounting firm, taking into account that a SME’s processes 200 invoices per month in average. This work is tedious and time-consuming for entrepreneurs: accounting documents are scattered in their emails and suppliers’ websites. In addition, some documents are still sent in paper format.
What is Budget Insight’s contribution to your solution?
2020 marked the beginning of our collaboration with Budget Insight. Our decision was motivated by strengthening our connection stability and completing our banking coverage.
We use Budget Insight’s Bank product in order to synchronize banking transactions flow in real-time. Through this synchronization, our solution performs a bank reconciliation between invoices and transactions of our customers. In addition, a notification system alerts our customers of missing or unpaid invoices and makes them save a considerable amount of time by anticipating their accountant’s requests!
And that’s not all: access to bank data has enabled us to create a cash management tool which automatically categorizes expenses. Dashboards help entrepreneurs to analyze their finances and anticipate their needs. They can access several scenarios through our platform, thus optimize their cash management, prevent and manage their company’s finances daily.
We are also interested in the complementarity of Budget Insight with iPaidThat for the automatic bill and invoice recovery. Our objective is to strengthen our collaboration around the Bill product.
How does your solution work?
We have developed robots to scan emails and connect to suppliers’ websites to collect invoices automatically. We also provide an email transfer system to recover paper invoices directly from your scanner.
All recovered invoices are automatically processed in order to extract key information (total amount, VAT, supplier name…) and associate them with the corresponding bank transaction. This information is then used to generate cash flow monitoring tables.
What are iPaidThat’s plans for the future?
Our 3 areas of development for 2022 development are:
- Continuous improvement of our services, especially through our UX
- Development of new features
- International expansion
Budget Insight’s coverage in Belgium, Luxembourg, Italy, and Spain is particularly interesting to support our internationalization. As a European player in open finance, Budget Insight maximizes the banking connectivity footprint offered to our customers.
Why choose Budget Insight ?
- Open Banking pioneer & Open Finance expert since 2012
- European coverage
- ACPR approved
- Guarantees of security and PSD2 compliance
- In-house risk and compliance department
iPaidThat is a French startup created in January 2017 that offers accounting automation solutions for startups, VSEs, and SMEs—combining artificial intelligence, and more specifically, machine learning. IPaidThat aims to optimize productivity by reducing the time spent on accounting to promote the growth of small and medium-sized businesses.