Former Spenmo executives announced the launch a new venture, Summit, to target spend management for small to mid-sized companies.
Led by CEO Jo-Ann Chung, CTO Isaq Ahmed, and CFO Jim Goudie, Summit is backed by Global Founders Capital and Insight Partners.
Summit aims to address common pain points in finance management by modernising and automating accounts payable and employee expense claims processes.
The platform reportedly provides greater visibility and control over business spending, significantly reducing accounts payable processing time by up to 75%.
Summit’s platform offers a real-time, centralised view of information, enabling efficient audit and reconciliation of vendor invoices and staff claims.
The firm’s intuitive interfaces and smart automation tools streamlines invoice processing and employee claims, leveraging advanced algorithms and machine learning for actionable insights.
The platform includes vendor invoice management and employee expense management products.
“With Summit, we have taken great effort to design our platform to fit and complement a finance teams’ workflow requirements and lighten their workload by removing repetitive manual tasks such as data entry, status tracking, information retrieval and quality checking.
With smart, sophisticated, and user-friendly tools, finance managers can expect to save valuable time and identify opportunities to further reduce operating costs.”
said Jo-Ann, CEO of Summit.
Featured image: From left to right: Isaq Ahmed (CTO), Jo-Ann Chung (CEO), Jim Goudie (CFO)