Clear launches ClearCapture to remove inefficiencies in Accounts Payable process 

Bangalore, June 17, 2022:

Manual invoice punching, data inaccuracies, lengthy invoice booking cycles, backlogs in approvals, and lack of compliance checks affect AP processes, Clear’s Capture will remove these issues

Clear, India’s leading fintech SaaS firm, today announced the launch of ClearCapture, an AI-based end-to-end solution for enterprises to streamline their accounts payable journey. The tool allows the Accounts Payable team of enterprises to automate purchase invoice entry and detect non-compliant and fraudulent invoices coming from their suppliers.

Prior to launch, Clear ran a survey with 2,000 enterprises across India aimed at identifying the pain points of managing accounts payable. 

In addition, there are inefficiencies associated with indexing when the quantum of invoices is high which leads to a lack of control and visibility of transactions. The accounting error rate is around 3-4%, the respondents noted. 

Clear Capture empowers an enterprise AP team by automatically validating all their incoming invoices and extracting the invoice data to bring over 90% automation into their invoice booking process. Its AI-based data extraction technology cuts the invoice entry time from ten minutes per invoice entry to a few seconds. With Clear Capture, the company expects to digitize and validate 75 million purchase invoices with an average invoice value of Rs 50,000 in three years. 

The tool runs 45+ compliance checks on invoices to identify non-compliance & mismatches by comparing the invoice fields with the GST data instantly. It also minimizes errors and cuts short the man-hours needed for invoice data entry which reduces overheads. Post validation of invoices, the users also get an option to export the invoices hassle-free directly to their ERPs or accounting systems. 

Archit Gupta, Founder and CEO of Clear, said, “An important first step in the compliance journey of an enterprise is recording the invoice for goods received. ​Clear Capture is a powerful tool for invoice digitisation by AP teams that ​reduces errors and the time spent on invoice recording. ​Our AI based technology can help enterprises save lakhs of man hours spent on invoice capture each year​.”

The accounts payable automation market in India is growing at 11% CAGR owing to the growth in spending of enterprises on digitisation of accounts payable processes to enhance business growth, as per MarketsandMarkets survey report on Accounts Payable automation. 

Some of the tool's other features include a single unified channel for communicating with vendors on their invoice compliance status, personalized dashboard, and configurable invoice approval workflows.

There have been multiple instances where enterprises have had to pay penalties worth lakhs of rupees for claiming ITC on fraudulent and non-compliant invoices. Therefore incorrect invoice recording can have a massive impact on an enterprise’s bottom line.

About Clear

Clear (formerly ClearTax), is India’s leading fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian taxpayers, more than a million tax practitioners, 600,000 small businesses, and 4,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, and a range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR, and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $140 million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear.