Fintech
MYGOM INVOICES: AUTOMATING INVOICE MANAGEMENT TO SAVE $200,000+ ANNUALLY
MYGOM INVOICES: AUTOMATING INVOICE MANAGEMENT TO SAVE $200,000+ ANNUALLY
Client Overview
MYGOM Invoices addresses a critical, yet often overlooked challenge many businesses face: managing invoice chaos that leads to significant financial losses. Manual invoice processing costs companies time and money, with an average of 15 days to process each invoice and errors occurring in nearly 40% of cases. Duplicate payments, missed early-payment discounts, and wasted subscriptions can collectively cost businesses over $200,000 annually. MYGOM empowers companies by providing an intelligent financial platform designed to automate invoice management, reduce errors, and recover hidden savings.
The Challenge
Companies struggle with invoice overload spread across emails, PDFs, images, and spreadsheets, leading to inefficiencies and costly mistakes. Finance teams spend over 10 hours weekly chasing invoices, rectifying errors, and reconciling mismatched data from disparate systems that don’t communicate. Lost invoices, duplicate payments, subscription waste, missed discounts, manual entry errors, and weak audit trails contribute to mounting losses and stress. Existing quick fixes like scripts and third-party tools fail to resolve the core issue of disconnected financial systems.
Our Solution
MYGOM Invoices transforms chaotic, manual invoice management into a streamlined, AI-driven process that saves time and reduces errors. Key capabilities include:
- Automated Invoice Capture: Scans inboxes and files to pull invoices from PDFs, images, spreadsheets, and email bodies.
- Smart Reconciliation Engine: Matches invoices to bank transactions with up to 95% accuracy, including partial and disguised payments.
- Duplicate Payment Detection: Flags duplicates instantly to prevent costly double payments.
- Subscription Management: Tracks recurring charges, usage, and flags unused tools and price hikes before budget leaks occur.
- Early-Payment Discount Identification: Automatically finds and calculates vendor discounts to boost savings.
- Centralized Dashboard: Provides real-time visibility into invoices, expenses, payments, and subscription spend on one platform.
- Audit-Ready Records: Maintains clean, trustworthy audit trails to simplify compliance and reduce audit stress.
These features work together to eliminate wasted time chasing invoices, reduce manual data entry errors, and provide clear financial oversight across systems.
Tech Stack
Next.js
Nest.js
PostgreSQL
TypeScript
Tailwind
Python
OpenAI
Results
Businesses using MYGOM.AI Invoices experience significant operational improvements and cost savings, including:
- 40% Reduction in Invoice Processing Time: Tasks once taking days and multiple staff now take minutes by one person.
- Prevention of Duplicate Payments: Average savings of over $2,000 per prevented duplicate.
- Subscription Waste Uncovered: Onboarding reveals multiple forgotten subscriptions immediately, stopping needless spending.
- Automatic Capture of Early-Payment Discounts: Converts missed opportunities into real savings.
- Elimination of Key Invoice Challenges: Lost invoices, manual entry errors, categorization problems, and audit headaches are drastically reduced.
- Improved Financial Control and Clarity: Real-time dashboards give actionable visibility into cash flow, vendor payments, and subscription spend.
- Increased Team Productivity: Finance teams regain hours previously lost to manual reconciliation and error correction.
Overall, MYGOM.AI Invoices delivers measurable ROI by cutting costs, preventing errors, and simplifying complex invoice management into a calm, automated process.