ConstructionInvoice processing

Accurate, visible, and backlog-free bill processing

Purchasing and vendor invoice processing provider for commercial construction projects

95%reduction in errors

98%of vendor bills now processed by FormedAI

$65Ksaved a year

The challenge

This outsourced invoice processing company’s own processes were in chaos: three full-time staff were processing 50+ vendor bills per day for construction clients with an error rate so high that their clients had offered to do it themselves! They were unable to quickly find in-process bills, many bills were getting lost, and employees had to manually re-enter data multiple times across different systems.

Each client needed its bills or invoices imported into its own QuickBooks account with the appropriate billing parameters, like markup percentages or consolidated billing frequencies, matched to the correct construction project. These slow and error-prone processes created a massive backlog for the company’s clients.

The solution

Process automation from FormedAI saved the day. Clients now drop invoices or bills into an online folder and FormedAI’s system uses the PO number to automatically sync it to the appropriate QuickBooks account for each client, importing all open PO lines and applying project-specific parameters.

Through automated workflows, employees now focus on comparing and approving invoice and PO data, instead of doing manual data entry. FormedAI automatically calculates tax percentages and generates printable PDF templates of invoices to email to customers. And, consolidated billing is now a breeze, as automation enables combining of AR tasks for the same project and vendor on a weekly or monthly basis to create one bill.

The results

A 95% reduction in errors and improvement in how invoices are received by clients has improved relationships with customers.
With 98% of vendor bills now processed by FormedAI, elimination of 1.5 biller positions saves $65,000 a year.
A significant backlog reduction and huge improvements in efficiency complement better visibility into in-process bills.

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