Invitbox, an Australian start-up that has developed the world’s first cloud-based data-extraction solution for paper bills, celebrated its first year anniversary recently with the acquisition of 600 clients in Australia and processing $120 million worth of electronic bills in the first year with its technology.
Invitbox has simplified accounts payable processing by eliminating the need for data entry. By leveraging the cloud and using Invitbox’s patent pending, rule-based data extraction technology, businesses will no longer need to receive bills by hand or post.
Suppliers will only need to send a PDF bill by email to a company branded Invitbox email address and data from these bills will be extracted and presented to a client for approval on Invitbox. Data can then be exported to Xero, Saasu, MYOB, QuickBooks, Adept and other financial systems for payments to be processed after approval. Invitbox has been designed to automatically price-check against unit prices to ensure clients are not being overcharged and it allows users to export data into other POS and ERP systems to reconcile inventory levels.
Roger Gregg, CEO/Founder of Invitbox said, “Invitbox is helping clients change the way they do things. With Invitbox, we have solved some of the fundamental business challenges the bookkeeping and accounting industry is facing by helping them manage their costs better and to streamline processes. However, Australian businesses need to change their accounting practices and overhaul the current practice of paper billing to achieve real cost efficiencies and organisational productivity.”
“The future of bookkeeping and accounting is changing and businesses can embrace this by incorporating Invitbox in its accounts payable process to give their bookkeepers and accountants the freedom from having to perform repetitive tasks – like data entry. This will allow them to offer more strategic value and services to their clients.”
Since its launch, Invitbox estimates that it has helped an average customer save up to $15,000 annually or an average of 75% in the cost of processing bills. Invitbox is endorsed by the Institute of Certified Bookkeepers and is fully compliant with the Australian Taxation Office’s record retention requirements.
Invitbox customer, Jade Dixon, CFO of The Riversdale Group said, “Invitbox has significantly reduced the need for data entry in our invoice processing. The tool grows with your business and can free you of the additional costs involved with hiring and managing staff.”
According to Invitbox, approximately two billion bills are sent between business-to-business and business-to-government organisations annually in Australia. The Australian market for electronic billing is under developed and businesses are failing to realise the cost efficiencies and productivity gains they can achieve with the adoption of electronic billing.
Invitbox estimates the cost to Australian business of manual data entry to be $60 billion a year, and that the value of the market for solutions like Invitbox to be worth more than $1 billion and this sets a path for the company’s growth and expansion in the accounts payable processing market.