Precoro
UnclaimedAI-powered platform for centralized procurement and automated accounts payable.
Visit WebsiteTL;DR - Precoro
- Centralizes and automates the entire procure-to-pay process.
- Provides 360-degree visibility and control over all procurement spending.
- Utilizes AI for AP automation, reducing manual work and errors.
Pricing: Paid only
Best for: Enterprises & pros
4.8/5 across review platforms
Pros & Cons
Pros
- Significantly faster month-end close and purchasing cycles.
- Improved control and visibility over multi-branch spending.
- Reduced purchase document error rates.
- Intuitive and easy to adopt for users.
- AI-powered features reduce manual work and increase efficiency.
Cons
- Pricing for the 'Core' and 'AP Module' plans starts at $499/month, which may be a significant investment for very small businesses or startups.
- The 'Core' plan lacks advanced features like AI-powered AP automation, intake management, inventory, PunchOut catalogs, and a supplier portal, which are only available in higher-tier plans.
- Some features like 'Bill Payments & Expense Cards' are listed as 'Coming soon', indicating they are not yet fully available.
Ratings Across the Web
4.8(428 reviews)
Ratings aggregated from independent review platforms. Learn more
Key Features
Intake management with smart formsPurchasing with pre-approved vendors and workflowsAI-powered AP automation with OCR for invoice data extractionSupplier management and centralized Supplier PortalSpend management and budget trackingAutomated approvals with no-code configurationPunchOut catalogs for controlled shoppingMobile app for on-the-go requests
Pricing Plans
Core
$499/month
- Procurement basics: PRs POs Receipts Invoices
- 2- and 3-way match
- Automated approvals
- Custom fields and workflows
- Service & item catalog
- Spend & Vendor management: Vendor management Contract repository Expense management
- Mobile app
- Integrations: Quickbooks Online Xero Slack
- Reporting and analytics
- Automation
Automation
$999/month
- Everything in Core
- AI-powered AP automation: OCR AI expenses and AI assistant
- Procurement operations: Intake management Inventory PunchOut catalogs
- Vendor collaboration: Vendor onboarding and approval Supplier Portal RFPs
- Real-time budget tracking
- Integrations: Advanced integrations API access SSO
- Coming soon: Bill payments and credit cards
Enterprise
Custom
- Everything in Automation
- Capability & Access: Unlimited users Advanced admin controls
- Integrations: ERP systems Custom-built integrations
- Regional server selection: US-based EU-based
- Security & Compliance: IP white-listing Enterprise-grade data protection
AP Module
$499/month
- Invoices
- AI-powered Google OCR
- Budget management
- AI expenses
- AI assistant
- Vendor management
- Vendor onboarding
- Automated approvals
- Reporting and analytics
- Accounting integrations
- API access
- SSO
- Mobile app
What is Precoro?
Precoro is an AI-powered procurement centralization and automation platform designed to help businesses track, control, and save on purchases across projects, locations, or business units. It provides comprehensive visibility into every procurement transaction, from initial request to final payment, ensuring compliance with company policies and optimizing spending.
The platform is built to address the needs of both finance and procurement executives, offering modules for intake management, purchasing, AI-powered AP automation, supplier management, and spend management. It helps prevent duplicate orders, secure favorable pricing, and streamline the entire procure-to-pay cycle through full-cycle automations and intuitive modules. Precoro is ideal for growing, multi-entity businesses looking to scale operations, reduce manual processes, and gain full control over their spending.
Precoro integrates with various business tools like QuickBooks Online, Xero, and Slack, and offers advanced integrations including ERP systems and custom APIs. It aims to deliver significant ROI by speeding up month-end closes, reducing purchasing cycle times, eliminating document errors, and enabling centralized procurement processes across multiple branches.
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Precoro FAQ
How does Precoro ensure compliance with purchasing policies across decentralized teams?
Precoro guides employees to use approved suppliers, items, and workflows. It allows organizations to set specific rules, and the software helps teams adhere to these guidelines, ensuring policy enforcement even across multiple locations or business units.
What specific AI capabilities does Precoro offer for accounts payable automation?
Precoro utilizes AI-powered OCR (Optical Character Recognition) for automated data extraction from invoices. This technology helps in matching and validating invoices, ensuring only fully approved invoices are processed for payment.
Can Precoro manage procurement and budgets for multiple company entities or branches?
Yes, Precoro offers a 'Multiple Companies' add-on that allows users to manage purchases, users, and budgets across different branches and subsidiaries within a single Precoro account. This centralizes control for multi-entity organizations.
What integrations are available with Precoro, particularly for accounting and ERP systems?
Precoro integrates with accounting software like QuickBooks Online and Xero, and also offers Slack integration. For its 'Automation' and 'Enterprise' plans, it provides advanced integrations, API access, and custom-built integrations for ERP systems.
How does Precoro facilitate vendor collaboration and management?
Precoro includes a Supplier Portal where vendors can update product catalogs. This centralizes vendor information and pricing terms, ensuring that your team consistently orders from approved sources and maintains control over supplier interactions.
What is the typical timeframe for implementing Precoro and achieving operational excellence?
Precoro aims for a go-live within 2-8 weeks with full support and no IT involvement. Operational excellence, including standardizing procurement across business units, is typically achieved within 1-4 months.
Source: precoro.com