OFX Features

Creation of expense reports takes little time and is intuitive for new users

Can easily pull in receipts from all credit card statements

Automatically assigns categories/accounts based on past entries and credit card statements

Provides various methods to easily capture receipts digitally and can automatically parse receipts to create expenses report entries. Methods may include mobile photos, desktop drag and drop, etc.

Enables easy entry of expenses in other currencies and converts to expense report currency

Integrates with corporate or personal credit cards (import or bi-directional)

Allows advanced integrations to travel systems like Uber, airline ticketing systems, hotels, etc.

Accepts electronic payments from clients

Provides adequate reporting and/or can integrate to AP systems to recognize revenue appropriately

Can easily capture receipts, parse receipts and convert/assign them to a report from mobile device

Provides standard connectors for popular Finance, Payroll, HRMS and CRM systems

Sends automatic reminders to employees that have not completed expenses reports and/or timesheets

Enables administrators to create rules that enforce compliances of corporate time and expense policies

Grant access to select data, features, objects, etc. based on the users, user role, groups, etc.

Complies with PCI security standards

Access pre-built and custom reports and dashboards.

Application Programming Interface - Specification for how the application communicates with other software. API's typically enable integration of data, logic, objects, etc. with other software applications.

Software is consistently available (uptime) and allows users to complete tasks quickly because they are not waiting for the software to respond to an action they took.

Allows software to be easily used on multiple mobile devices include phone and tablet devices.

Offers embedded AI/machine learning

Provides workflow for complex approval structures

Allows users to choose which foreign currencies to manage

Updates exchange rates for currencies (ideally in real time)

Tracks exchange rate fluctuations and their impact on transactions

Manage payment confirmations and link them to corresponding transactions

Ensure that transactions are compliant with financial laws and regulations

Manage various transaction types such as cash collection or prepaid cards.

Support multiple currencies, multiple countries, and multiple languages.

Provide features for money transfer online and on mobile devices.

Track and manage fees for different types of transactions.

Consolidates procurement data from multiple systems such as ERP systems and supply chain suites.

Define rules and workflows that managers can use to approve different kinds of spending.

Align spending across various departments such as procurement and accounting.

Provide standard spend KPIs that can be customized by users.

Use historical spend data to create benchmarks per company or department.

Provide forecasts on future trends that may impact spending performance.

Identify savings opportunities per activity, department, or at the company level.

Consolidate information from multiple sources or multiple entities

Classify information by category, supplier, or supplier

Integrate with external sources for market intelligence

Integrates with ERP systems general ledgers for transfering of AP transaction data

Ability to cleanse and consolidate AP data

Provide benchmarking options for comparison with peers

Include standard spending KPIs that can be customized

Deliver reports for compliance purposes

Analysis that identifies errors in AP processes such as duplicate payments, anomalies, and fraud

Track invoices based on due dates to identify overdue payments

Ability to compare AP automation metrics with other companies

Monitor KPIs such as time to process an invoice or erroneous payments

Comply with security and privacy standards and regulations.

Include fraud protection features for all types of transactions.

Checks remitters' ID and information such as address at registration.

Provide integration with accounting systems or deliver APIs for integration.

Integrate with foreign exchange software for international transactions.

Deliver features or accreditation or Anti-money laundering and Know your customer.

Provide integration with accounting and financial management software

Integrate with payment gateways and enterprise payments software

Deliver integrations with accounting modules of ERP systems

Provide features to capture invoices such as import or scanning

Deliver a central repository of AP documents, such as POs and invoices

Ability to match AP invoices to POs, contracts, or payments

Identify incomplete or late supplier payments

Include workflows for approvals and invoice processing

Comply with local and global tax regulations for collections

Reduces future risks through root cause analysis and process improvement

Reduces frequency of errors, identifies risk and improves efficiency

Scores suppliers and employees based on risk factors

Identifies and recoups funds and prevents errors from happening again

Offers reporting to aid in minimizing future lost profits and process breakdown

Approve, reject, or query historical payment transactions to identify anomalies

Recover overpayments, duplicate payments, or unused credits from suppliers

Includes a library of audit-tested filters to identify AP outliers that are outside company policy

Conducts a post-audit analysis of large volumes of data to identify historical payment errors and automatically generate claims

Detects and prevents a wide range of overpayment errors

Detects and prevents a wide range of duplicate payments

Enables automatic checks of new vendors being set up in the system to combat potential billing schemes

Generates comprehensive data needed to conduct a thorough investigation

Provides continuous, proactive fraud monitoring across multiple systems and data formats

Constantly evaluate AP transactions to optimize workflows

Improves management oversight by reconciling external data against internal transaction data

Strengthens process controls by using analysis to proactively reduce errors before they happen and detect fraud risk

Manage multiple types of cards such as physical and virtual, debit and credit, or prepaid.

Allow users to activate cards, define spend limits, or change PIN codes.

Define how cards can be used: single use, multi use, online, POS

Track card fulfillment information such as orders, inventory, and shipping

Manage replacements of stolen ,damaged, and lost cards.

Protect card data using algorithmically generated numbers (also known as tokens).

Comply with Payment Card Industry Data Security Standard (PCI DSS)

Provide integration with card networks such as Visa and Mastercard

Integrate with software such as accounting, expense management, or banking.

Deliver APIs for custom integrations and to exchange financial data with other applications.

Online credit card number that can be instantly sent to employees and used for secure, one-time purchases

Online credit card number that can be instantly sent to employees and used for secure, recurring payments, such as subscriptions or services

Physical credit cards used by employees for various expenses that allow management to monitor spending and budgets

Report on spend transactions as they happen in real time

Reports that allow the user to sort and filter by vendor, team, GL, department, etc.

The ability to export reports in various formats, such as excel, CSV, and Google Sheets

Report on and track spending against budgets

Pay vendors through a dashboard or portal and maintain vendor payment information

Manage and execute recurring payments, such as subscriptions, services, utilities, etc.

Reimburse an employee for all necessary expenditures or losses incurred by the employee within the employee's scope of employment

Allows for the electronic transfer of funds between banks

Real-time notifications for fraudulant and/or duplicate spending

Individual, unique cards for each vendor to help manage duplicate and overpayments

Control spend limits, expiration dates, and lock and unlock stolen or lost cards

Anticipates needs and offers suggestions without prompting

Makes informed choices based on available data and objectives

Works across multiple software systems or databases

Capability to perform complex tasks without constant human input

Works across multiple software systems or databases

Capability to perform complex tasks without constant human input

Anticipates needs and offers suggestions without prompting

Makes informed choices based on available data and objectives

Converts images into a textual description, identifying key elements.

Allows users to generate text based on a text prompt.

Condenses long documents or text into a brief summary.