Invitbox – The Way of the Future!
Review: Invitbox – The Way of the Future!
The more I review the AddOn ecosystem, the more I realise machines/software are truly going to end up replacing humans. Roger Gregg the founder of Invitbox writes an article on The Future of Accounting – The Rise of the Machines, which is a really interesting read.
I have now been working in the accounting industry for almost 17 years, I remember when I first started there was only MYOB and Quickbooks in the SME market, and software was still driven by the human end user. How that has changed, especially in the last few years is nothing short of extraordinary.
Invitbox and a host of other AddOns are changing this mindset, and to some I suppose they would look at it as a threat. I love innovation and those that think outside the square, and embrace it and encourage it.
So what does Invitbox do?
Invitbox is an accounts payable solution that scans PDF’s line by line and inputs it into your respective accounting system. It does this by assigning you a unique email address, which you can use to forward an invoice, or have suppliers email their invoices directly to you.
When the supplier invoice hits the system one of two things happens. One, if it is a new invoice, it will need to be mapped out so that in the future it will be automatically recognized and assigned to be approved.
If the supplier mapping is already in the system, Invitbox takes it through a workflow process of getting the invoice approved, signed off, filed and then finally exported to your accounting system. It also has a section for disputes and variances that are being investigated due to incorrect pricing, etc prior to approval.
This entire process happens almost instantaneously, as opposed to most other solutions in the same category. The reason it can do this is because the software reads the metadata of the pdf to complete its internal process, rather than needing to scan and OCR the document.
Stand out features
A really powerful feature in Invitbox is the fact that it scans line by line inventory items off the invoice, and it doesn’t just get an OTR type basic recognition. Instead it pulls out each line and compares it against pre-loaded price lists to ensure price variances are kept to a minimum. These price lists can be imported every season or annually to compare against.
This sort of solution really comes into its own in a high volume environment, and in most cases Invitbox could completely replace the person out of the Accounts Payable team, who is in charge of data entry. Invitbox does it quicker, and with little or no errors it is hard to argue against.
The filing section is also really amazing! The search engine allows you to search by supplier, order numbers, invoice numbers, date ranges, amount ranged, or even product codes, and the information is stored for seven years to meet mandatory ATO guidelines. With all the amount of searchable fields, there is no reason to not find what you are looking for, or loose any document ever!
Invitbox integrates with just about any accounting system, ranging from Quickbooks, Xero, Netsuite, to being able to be exported in a number of recognizable formats that can be imported into any myriad of accounting systems. Invitbox is a really agnostic solution that is completely flexible and works with just about any solution out there.
Pricing is by how many invoices you need processed each month, and you can buy bulk lots or a monthly estimate, that ranges from a minimum of 25 invoices for $19, all the way upto 11,500 invoices for $3,999 per month. You can have a look at the full price list here.
Invitbox has had a lot of take up in the hospitality and manufacturing environments, which have a lot of line by line items that really lends itself to the strengths of Invitbox.
The only limitations I see at this stage is the fact that the documents can only be emailed through and they have to be in a recognizable PDF format. If they could improve this side to incorporate differing input methods and file types, it would make a world of difference.
But then again that’s not necessarily the functionality they are targeting, they aren’t necessarily chasing after the market Expensify, Entryless and Receipt Bank are currently in. But rather they are focused on tight internal controls for medium to large organization that have a lot of data entry, which inevitably leads to human error, and it is in this area that Invitbox comes into its own.