How many invoice mistakes are you paying for? We collected data from trade contractors across the U.S. and found that 27% of material invoices have errors. This can translate to tens of thousands of dollars in extra project costs that shrink your margins.
Right now, it’s expensive to catch these invoice errors. Many contractors have a manual reconciliation process where an accounting team member tries to eye-ball instances where the invoice, delivery documents, and POs don’t align. These documents might need to be scanned or copied. This is error-prone and spirals into a time-consuming process, costing an average of 20 hours per week across the office and field teams. Or worse, it becomes an impossible feat with office teams trying to chase down delivery receipts from the field that have gone missing entirely. And you still might pay invoice errors!
You need a solution for catching invoice mistakes where the costs don’t outweigh the benefits.
That’s why Kojo is excited to introduce the first ever Automated Invoice Matching solution built specifically for trade contractors.
Kojo integrates Automated Invoice Matching directly into the procurement process. Before an invoice is issued, the PO was already created in Kojo, and the delivery was logged in the field or warehouse. When the invoice is sent from the vendor, Kojo scans the invoice PDF using Optical Character Recognition technology, and automatically matches the invoice against the PO and delivery receipt - no data entry required. Any issues with the price, quantity, or delivery are highlighted for you to see. Simply send the mistakes back to the vendor with a couple of clicks. Once the invoice is fixed, sync it directly to your accounting system. The whole process is accomplished in minutes, not hours.
Never pay for mistakes again.
Automated Invoice Matching this easy is only possible because Kojo is an all-in-one procurement and inventory management system.
“Before Kojo, half of the delivery tickets never made it back to the office. We had no idea whether we were being billed for something that was missing or damaged. Now, with Kojo, we have proof of delivery every time.” -Alex Eldridge, Project Manager at Tharco, Inc.
With Automated Invoice Matching, Kojo customers are saving precious time for both field and office teams, improving the communication between purchasing and accounting teams, and paying their bills on time.
"Kojo's invoice matching feature enables our accounting team to verify invoice accuracy without needing to involve the project managers - all the information we need is right there. We can approve invoices faster and it frees up the project managers' time. Our invoice approval process is truly much more efficient for accounting.” -Cathy Boso, Controller at James Babcock, Inc.
Now that they have a streamlined process, Kojo’s customers are saving thousands of dollars by catching invoice errors.
“The invoice was for $7,750 and the quote price was $775. It was a $7,000 difference! Without Kojo, our accountant would just go ahead and pay it, but Kojo threw up the red flag.” -Zach Ratner, Operations Manager at BAR Electric
Are you ready to start saving thousands of dollars with virtually no effort? See Kojo’s Automated Invoice Matching in action.