Ottimate
Ottimate, formerly known as PlateIQ, is a fintech company based in New York, NY, and Emeryville, CA, specializing in AI-powered accounts payable automation for various industries.
Company History
Ottimate, previously known as PlateIQ, was established in the fintech industry to provide AI-powered accounts payable automation solutions. As a participant in the Y Combinator's S15 batch, the company has significantly evolved, rebranding itself from PlateIQ to Ottimate. Ottimate operates from two primary locations: New York, NY, and Emeryville, CA, USA, and caters to a diverse client base throughout the United States and partly remote regions.
Industry and Sector
Ottimate is a part of the fintech industry, with a specific focus on payments. Their solutions are primarily aimed at automating accounts payable processes, leveraging advanced AI technologies to streamline and enhance financial operations for various businesses. The company’s offerings are particularly beneficial in sectors such as restaurants, country clubs, hotels, accounting and bookkeeping, grocery, retail, construction, healthcare, and manufacturing.
Products and Features
Ottimate provides a range of products designed to automate and optimize accounts payable processes. Key features include end-to-end AP automation, invoice automation, payment automation, and spend management. Their software integrates with major accounting systems like QuickBooks, NetSuite, Sage Intacct, and more, providing functionalities such as detailed GL mapping, deep learning AI, invoice and payment automation, PO matching, and one-click bill pay. This automation can help businesses spend 80% less time on invoices, enhance cash flow with vendor-sponsored early payment discounts, and manage inventory and data storage in the cloud.
Solutions for Finance Professionals
Ottimate offers tailored solutions for AP managers, approvers, controllers, and CFOs, enabling them to manage the entire invoice lifecycle more effectively. The platform automates key tasks such as invoice coding, routing, approval, and payment. It supports various payment methods, including checks, ACH, and virtual cards, boosting cash flow and providing real-time spend visibility. By implementing advanced AI-powered features, Ottimate simplifies the accounts payable process, allowing finance professionals to work more efficiently.
Strategic Integration and Partnerships
Ottimate strategically integrates with a variety of accounting systems, including QuickBooks, NetSuite, Sage Intacct, and Acumatica, ensuring seamless synchronization with any software system. The company also forms strategic partnerships to enhance the overall accounts payable experience for clients. By integrating with these systems, Ottimate provides detailed analytics around purchasing and allows businesses to go paperless with ease. Additionally, Ottimate participates in trade shows like The National Restaurant Association Show and HX: The Hotel Experience, and hosts webinars on Accounts Payable, financial technology, and mature AI.