We’re excited to bring Transform 2022 back in person on July 19 and pretty much July 20-28. Join AI and data leaders for insightful conversations and exciting networking opportunities. Register today!
Headquarters in Austin sudozia company that provides a software-as-a-service (SaaS) platform to help enterprises improve their money management capabilities announced today that it has raised $4.3 million in a seed funding round.
Regardless of the organization, financial leaders often struggle with a lot of manual work when dealing with financial aspects. This can be anything from unexpected invoices that come across out of context to endless meetings to align department budgets with the actual numbers. Many regularly receive random pings throughout the day for approvals and guidance, leaving little time for the most important task of strategic decision-making and saving money for the company.
“Modern finance teams want to manage supplier procurement, staffing and budget tracking through a single platform, but the data it takes is trapped in spreadsheets and disparate systems. Most companies don’t have the resources to build an internal system to connect all the dots and give their finance teams the visibility they need to support rapid business growth,” said Rose Punkunus, founder and CEO of Sudozi .
Sudozi’s platform centralizes everything
To address these challenges, Punkunus and his team have developed an integrated, real-time platform that automates workflows and brings all supplier, spend and budget information together in one place. This gives finance teams a way to collaborate with confidence, approve and track expenses, and make decisions for business growth.
“The platform is user-friendly and quick to set up. We work with payment tools, so we see the full spectrum of AP systems (payers) used by our customers,” Punkunus told businesstraverse.com.
“Some of our customers’ favorite Sudozi features are supplier renewal alerts, consolidated real-time access to budgets versus actual numbers, and easy-to-use expense request workflows to ensure proper approvals and reconciliation,” she added.
In addition, the platform also provides automated department roles and permissions to securely share relevant details with department leaders, live integration with QuickBooks Online to complete an organization’s financial picture, and a consolidated database and contract repository to store all suppliers, statements of works (SOWs), commitments and renewals to avoid wasted budget and surprise costs.
While the offering sounds promising, it should be noted that this is a highly competitive space with many players already in the market, including Brex, Precoro, Bento, Vic.ai, and Airbase. However, Punkunus claims that their platform stands out from the crowd with its easy setup and wider connectivity to show the full financial picture.
“While it can take months to set up an enterprise finance platform and deploy a team of consultants, we are up and running in hours and automating workflows in days. We also connect to your ERP, bringing financial data and budget insights directly into the app,” she said.
Mar Hershenson of Pear VC, who led the seed round, emphasized that other solutions just create a dashboard debacle and do not automate the workflows nor provide the opportunity for informed decision-making and collaboration, but Sudozi enables real-time financing.
Now the company will use the funding to build on its progress and scale further. It will increase the size of its team, expand the capabilities of its solution and expand its market reach. The CEO did not comment on the exact product plans, but the company’s immediate focus will be on building out additional data integrations with financial tools such as Sage Intacct and Oracle NetSuite.
According to an Ernst & Young questionnaire53% of finance leaders believe that more than half of the finance tasks currently handled by humans could be performed by AI in the next three years.
The mission of VentureBeat is a digital city square for technical decision makers to gain knowledge about transformative business technology and transactions. Learn more about membership.