Moss event recap — Autumn 2024 Moss Quarterly Product Showcase

In our recent product showcase, we unveiled powerful new tools to simplify invoice processing, improve the supplier and reimbursement payment experience, automate approvals, and much more. Here’s what you need to know.

Hi, I’m Tomas, the head of product marketing here at Moss. We've been working hard to deliver on our promise to help you manage spend more efficiently across corporate cards, accounts payable, and reimbursements. In our Autumn product showcase, I walked through the new features designed to enhance workflows that are flexible, and have robust controls, reduce errors, and save time in your finance team. 

Here’s a summary of what’s new, and some of what’s coming soon:

1. Pay with Moss: Handle payments all in one place

We’re excited to introduce Pay with Moss, a feature that lets you pay supplier invoices and reimburse employees directly through the Moss platform. Pay with Moss speeds up your business payments and reduces errors along the way.

Key benefits:

• You can make domestic or international payments using our bulk payment option.
• Two-factor authentication adds an extra layer of security.
• Automatic exports ensure your accounting records are always up to date.

Take a look at how Pay with Moss can help streamline your payments in this demo video.

Current availability (October 2024)

EU market:

• Instant reimbursements for employees and payments to suppliers via SEPA Instant Credit Transfer.
• Ability to pay global suppliers in over 70 currencies.
• Immediate opt-in availability for Pay with Moss through settings.

UK market:

• Access to instant reimbursements and payments for local suppliers.
• Global payouts will be available after New Year.

2. Invoice Verification: An extra step for accuracy

With our new Invoice Verification feature, you can assign the right person to check whether an invoice matches the goods or services received, before it gets approved for payment. This ensures everything is in order before payments are made.

Watch this quick video to see how easy it is to add this step to your workflow.

Current availability (October 2024)

EU & UK market: Invoice Verification is available to all Moss customers who have the Accounts Payable spend module as part of their plan.

3. Automating payment terms and discounts

We know that keeping track of payment deadlines and discounts can be a challenge, so we’ve automated the process. You can now set default payment terms for suppliers, meaning invoices will automatically show the correct due dates. Plus, we’ve added support for early payment discounts, helping you save when you pay ahead of time.

This video shows you how to set automated payment terms up quickly and easily.

Current availability (October 2024)

• EU & UK market: Invoice Verification is available to all Moss customers who have the Accounts Payable spend module as part of their plan.
• Germany: Early payment discounts (aka Skonto) is available for Moss customers with a connected DATEV accounting system.

4. Better data accuracy with smart automation

We've significantly improved data extraction accuracy with new AI tools, reducing manual corrections to just 1 in 100 invoices. This is a 5x improvement over previous performance and well beyond the industry standard of 1 in 20 invoices. This means fewer errors and less manual work for your team, resulting in faster, more efficient AP processes.

Our updated smart automation pre-codes 85% of transaction attributes and achieves 98% supplier matching accuracy, requiring manual matching to just 1 in 50 invoices.

Powered by custom machine learning models trained solely on your data, Moss continuously improves, so your workflows get smoother and more efficient over time.

5. Approval rules builder: Tailor approvals to your needs

Approval processes can be tricky, so we’ve made them fully customizable with our Approval rules builder. You can now create approval flows that perfectly fit your business needs, whether it’s for employee expenses, supplier invoices, or card transactions.

It’s super simple to use, and you can set different rules for different types of expenses. Check out this video for a walkthrough.

Current availability:

EU & UK markets:

The approval rules builder is being rolled out throughout Q4 of 2024, with the option to opt in for early access through approval policies settings.

6. Usability improvements for faster workflows

We’ve made some changes to improve how you use Moss on a daily basis:

• Widescreen support for handling complex data.
• Keyboard shortcuts to make navigating faster.
• A new document review drawer to help you review invoices and data more efficiently.

These improvements are already live, and you can start using them today. Watch this quick overview video to learn more.

7. Preparing for e-Invoicing mandates in the EU

If you’re in Germany or other parts of the EU, you might be aware of the upcoming e-invoicing mandates. We’ve got you covered. Moss will support the new e-invoicing formats by the start of 2025, ensuring you stay compliant with the new regulations.

Other improvements you should know about

• Biometric login is now available in our mobile app for quicker, more secure access.
• We’re now an official partner of Oracle NetSuite, making onboarding easier for customers using NetSuite.
• Bulk card creation is now live, so admins can issue multiple cards in just a few clicks.

Thanks to all of you who engaged with our product showcase, live or recorded. We’re excited about what’s coming next and truly value your feedback. Please drop us a line if you have any further feedback or questions. 

Warm regards,
Tomas