Finofo adds expense & purchasing tools to platform

Finofo has launched expense management and purchasing modules on its software platform, expanding the Calgary company beyond accounts payable automation.

The new products bring vendor invoices, corporate card spending, employee claims, purchase orders, approvals, payments and reconciliation into a single workflow. Customers can keep their existing corporate cards, banking relationships, and ERP or accounting systems rather than move to a new card programme.

The launch targets a common problem for finance teams that use separate tools for invoices, expenses and purchasing. Those systems often have different approval rules and coding structures, leaving finance staff to reconcile the same period across several platforms.

Finofo's platform now routes these processes through one queue and one approval model before records are posted to the customer's accounting system. Its existing accounts payable engine already ingests documents from different channels, extracts line-level data, matches them against purchase orders and receipts, routes approvals and posts the results into ERP systems.

Single workflow

With the latest launch, that same core system extends to employee expenses and purchasing. For expense claims, employees can submit receipts by text, email or mobile app. The platform then matches them to card transactions, applies coding and checks them against company policy before an approver reviews them.

Corporate card spending and reimbursable expenses appear in the same queue, with the resulting record posted to the accounting system alongside the supporting receipt. On the purchasing side, businesses can approve spending before issuing a purchase order, create purchase orders within the platform or import them from an existing system, and then match incoming invoices against what was approved and received.

This differs from several spend management providers that tie expense software to their own card products. Finofo does not issue cards. Instead, it connects to banks and other card providers to pull statement data and reconcile spending on cards employees already use.

Prateek Sodhi, Chief Executive Officer and Co-Founder of Finofo, said the launch reflects how finance departments actually work rather than how software markets are divided.

"Finance teams do not think in software categories. They think in workflows," said Prateek Sodhi, Chief Executive Officer and Co-Founder, Finofo. "A vendor invoice, an employee expense, a purchase order, and a payment are all the same question asked four ways: what money left the business, who said yes, and was it supposed to happen? We built Finofo so that this question has one answer in one place. Your cards stay, your bank stays, your ERP stays, and the mess between them is what goes away."

Control and policy

The purchasing module is intended to add controls before money is committed without forcing every transaction through a procurement process. Approval policies already used for invoices, such as rules based on amount, legal entity, vendor or department, can also be applied to expenses and purchasing.

Charles Maranda, Chief Technology Officer and Co-Founder of Finofo, said the platform is designed to adapt to different internal processes rather than require businesses to rebuild them around the software.

"Some spend needs a PO, some does not. Some teams already have a process they like, and Finofo adapts to that instead of asking them to change it," said Charles Maranda, Chief Technology Officer and Co-Founder, Finofo. "That flexibility carries across the platform. Approval policies built for invoices, by amount, entity, vendor, or department, can extend to expenses and purchasing without being rebuilt. And the same engine keeps checking beyond the initial approval: vendor statements are compared against invoice, credit, and payment history so AP can see what is actually outstanding before anyone follows up on the wrong balance."

The launch comes as finance teams face pressure to modernise back-office work without significantly expanding headcount. In many organisations, accounts payable and expense administration remain heavily manual, with invoices and receipts often entered, checked and reconciled several times across disconnected systems.

By combining these processes in one platform, Finofo is seeking to provide a single audit trail that links approvals, documents, coding, payments and reconciliation as work is completed. Approvers see invoices and expenses in the same inbox, while finance teams can follow each transaction from the original request or receipt through to final posting.

Founded in Calgary, Finofo has positioned itself as a Canadian software provider for finance automation. The latest launch broadens that pitch from accounts payable into a wider range of business spending, while keeping the focus on working with existing bank cards and accounting infrastructure rather than replacing them.

Payments and reconciliation remain connected to prior approvals, so the audit record is created during the process rather than reconstructed later.