We help multi-unit businesses with 10 or more locations boost employee productivity by 12x in 1 month or less by automating the accounts payable process.
Trusted by multi-unit operators of
Here’s the truth
- It’s possible to boost your employee productivity by 12x and measure the ROI within a month by providing your employees with the right tools.
- Unfortunately, most operators hesitate to invest in technology because of the perception of adding on extra costs, allocating resources for implementation, changing current processes and the need to train staff.
- We are the only ones dedicated to solving this problem for multi-unit businesses with 10 or more locations.
- We have simplified the process transformation and can onboard your entire organization onto the platform within a week.
- You will see an immediate increase in productivity, employee satisfaction and measurable ROI all within the first month, or less.
Digitize The Way You Receive Vendor Invoices
Old Way: The vendor sends their invoice to either the head office by email, regular mail, an excel spreadsheet, EDI or directly to the store by email, regular mail, or drops it off at the location. Sometimes, the vendors even send the same invoice to both head office and the store. If the invoices are received by the store, someone from the store will ultimately need to forward the invoice to head office. They do this by forwarding the invoice by email, scanning and email or couriering the original invoice.
Depending on the format you receive the invoices in, you may have different manual processes established for each format. It is typical to receive various formats from vendors where EDI info comes in one format, some invoices come in PDF and some invoices come in paper, complicating the organizational flow of what should be a simple process of receiving an invoice.
New Way: Digitize the way you receive invoices by notifying the vendor to CC (carbon copy) a centralized email address when they send an invoice, or stores can capture the paper invoice by snapping a picture of the invoice and sending to the centralized email address. This creates a singular way of getting the invoices into the accounts payable process pipeline without having to have various processes for each type of invoice format.
Old Result: It takes time and money to scan, forward and/or courier the invoices to head office and is expensive when using courier services, especially when each store is sending packages of invoices a few times a week. You may have multiple processes depending on the format the invoice is coming creating multiple inefficient processes.
New Result: Reduce invoice preparation time by 90%, eliminate 100% the costs of courier fees and paper costs. In addition, head office will receive the invoices almost instantaneously.
Digitizing the way you receive invoices will save your organization hours and expenses related to couriering and paper costs.
Removing bottlenecks in the accounts payable process such as initially receiving the invoice sets an expedited pace for the entire AP process and saves thousands of dollars.
Let’s look at an example:
A vendor for a multi-location restaurant sends their invoices directly to the store as this vendor typically uses the store address on file vs. head office’s address. Jim, the store manager uses a courier service once a week to deliver the invoices to head office, as head office requires the original invoices to start the accounts payable process. Another example, the store also receives a vendor’s invoice. Cindy, the store manager needs to scan the invoice to be forwarded to head office. Cindy is busy managing the restaurant and procrastinates on her administrative duties. Head office does not receive the store’s invoices in a timely manner and regularly gets charged late fees from its vendors. In both examples, Jim and Cindy could simply snap a picture of the invoice with their phone and send it to a centralized email address. This option is optimal to manage invoices that are received by the store, saving time and money.
If you have any questions about Digitizing invoices:
1) What are the benefits of digitizing invoices? Do you remember the old way of making mix tapes? You needed to play a song from one system and record with another. To get a full side of tracks would take hours. Years later when MP3’s came out, you could make a playlist within seconds by dragging and dropping. It is the same thing when you move from paper invoices to digital invoices, everything becomes seamless, easy and only takes seconds.
2) What formats can an automated system handle? Automation enables businesses to electronically process invoices received in any format (paper, e-mail, fax, scanner, supplier portal, XML, mobile, or EDI), at any location.
Automate All Data Entry
Old Way: A vendor sends an invoice for their purchased goods or service and expects to get paid within the terms of the agreement. Once your accounts payable (AP) department receives the invoice they will manually enter the necessary information from the invoice into your accounting system. This will be followed by paying the vendor, completing the accounts payable process.
New Way: Automated data extraction where the technology reads the invoice and knows which data is needed to be prepared for the accounting system, eliminating any manual data entry and duplicate invoices. This will be followed by your current process of paying the vendor, completing the accounts payable process.
Old Result: Manual data entry tasks are excruciatingly slow, error prone, provide low value to the company and are one of most unsatisfying jobs. In addition, there is a good chance at some point you have double paid a vendor due to duplicate invoices, and you may have even paid late fees for not paying your vendors on time, both of which have cost the company unnecessary amounts of money.
According to the Institute of Finance and Management’s (IOFM) report, the average cost of processing one invoice no matter what size of business is $12.90. Not surprisingly, 47 percent of controllers believe that minimizing errors is their organization’s biggest accounts payable challenge, IOFM finds.
Your employees want to work on value-added assignments that make them feel productive and that they are a contributing member of the team.
Using accounts payable automation software saves thousands of dollars in erroneous payments to vendors including duplicate payments and late fees and results in more productive happier employees.
Let’s look at an example:
Tim, the accounts payable manager receives an invoice from a vendor. Tim takes the invoice and types in the relevant data from the invoice into their accounting system, essentially copying information from one place to another . Tim spends 8 hours a day 5 days a week performing this monotonous work entering the data from invoices into the accounting system. Tim makes many data entry errors that rarely get caught resulting in inaccurate financial statements and payment errors to vendors. If Tim was using an automated data extraction technology that can read the data from the invoice and prepare it for the accounting system, he would eliminate the need to do any manual data entry. He would save hours and eliminate any data entry errors, resulting in more accurate financial statements and correct payments to vendors.
If you have any questions about automating data entry:
1) What technology is used to automatically capture the data? The technology used is called Optical Character Recognition or OCR.
Old Way: Companies establish policies to determine the different approval levels for employees to approve an invoice based on thresholds by dollar amount, vendor type, expense type, etc. There are multiple levels of approvers depending on the hierarchy of the organization including the store manager, district manager, and executive as examples. The result is an approval process called the approval workflow. Every business has their unique approval workflow process but generally someone from the accounts payable department will request an approval from managers or above store manager levels depending on the dollar amount of the invoice. The AP individual must email, track all outstanding emails and continuously follow up to ensure the invoice gets approved. Further, if there are multiple sign-offs for one invoice the AP individual will receive one level of the approval before sending it off to the next approver. This process follows in a sequential path until all parties have approved the invoice.
New Way: Implementing an accounts payable management system utilizes technology that reads the necessary information from an invoice to know where the invoice needs to get routed for the next stage of getting approved. As the management system is automated it can email all necessary parties simultaneously and handle multiple invoices at the same time. Finally, the system notifies all approvers and sends follow up notification if it isn’t completed within a certain time.
Old Result: When dealing with a high volume of invoices employees become stressed and lethargic spending the whole day emailing different managers for their approval. It is time consuming to email each manager as this task has to be performed sequentially. Further, the AP individual needs to print out paper to keep track of the outstanding invoices for approval, making it extremely painful to continuously follow up for approvals. As the approvers are performing their duties, their priorities are not administrative work like approving invoices which leads to long time lags with the need for the AP individual to follow up multiple times. Obtaining approvals are extremely important especially around the end of the month when accounting wants to close the books but has to wait for outstanding invoice approvals, usually making them miss the cut off date.
Technology that completely eliminates tasks is the optimal productivity application.
You don’t have to wait for AP to start the approval process which could take days from the time an invoice is received to the time they get around to requesting an approval. Now, the process kicks off within seconds of the invoice being received, once again saving time and money.
Let’s look at an example:
One of the main benefits of automated accounts payable management system is the system does all the routing, management, and notifications to obtain the approvals. Emma, wouldn’t have to perform this step of the AP process anymore which would save her hours and many headaches.
If you have any questions about automating the workflow
1) How does the automated system know how to route the approvals? The most widely used way is to create a rule based system that is configured based on the businesses needs.
2) Why is implementing an approval process & policy necessary for my business? When you are operating multiple locations, your accounting department is removed from day to day operations. If equipment in a store needs maintenance or the store purchases cleaning supplies, it is typically ordered by the store manager. When the vendor sends an invoice, accounting doesn’t know if the work was performed, done properly, or billed correctly as the store manager has that information. Setting up an approval process and policy limits fraud, ensures vendors are paid exactly what they are owed (not more), the vendors perform quality work as they only get paid once approved, and financial statements represent a true picture of all costs. As you grow the number of locations, your problems will exponentially grow as head office becomes further and further removed from operations and will have to manage an ever increasing load of invoices.
Old Way: A typical approval workflow involves the approver needing to print out the invoice for review and either signing the invoice, scanning and emailing back to the AP department or simply emailing AP that they approve the invoice.
New Way: The approver gets notified via an email with a link to the invoice and can approve and communicate within the application. There isn’t a need to print out the invoice and they can perform the administrative work within a quick turnaround time and from anywhere. As the system continuously generates the notification, there is a higher probability they see the email and complete the approval which expedites the process.
Old Result: Most managers and executives are busy running the business and dislike annoying administrative work as it is time consuming, a distraction from whatever they are working on and a waste of paper. Further, they are unaware of the time sensitivity either to pay the vendor on time or to close the books during month end. Consequently, they procrastinate on approving the invoice creating a very inefficient and long process.
Managers should be spending more time on managing without interruption from administrative tasks.
Making the job easier for management makes them happier and more productive which transfers down to their subordinates and improves overall operations.
Let’s look at an example:
Old Way: The AP individual needs to research through files to catch a duplicate invoice. Most duplicate files slip through the cracks as it is hard to keep track of every invoice when monitoring things manually.
New Way: An automated invoice management system will catch duplicate invoices and notify AP to disregard the duplicate invoice from the process.
Old Result: There is a high probability that duplicate invoices slip through the cracks as it is hard to keep track of every invoice resulting in double paying vendors and double counting in the financial accounting records.
You will feel relieved knowing you are never paying more to a vendor than the agreed upon cost.
1/3rd of businesses have experienced paying a vendor more than once for the same invoice which is an expense that is 100% preventable but frequently occurs due to human error.
Let’s look at an example:
If you have any questions about catching duplicate invoices:
1) How does an automated process know to catch duplicate invoices? The OCR technology extracts various data points like invoice number and vendor. Behind the scenes, the automated system keeps track of all that information and when it appears twice, it flags the duplicate invoice.
Old Way: If there is an issue with the invoice, the AP individual needs to speak with the approver to understand why they are rejecting the invoice due to an exception. Further, it is sometimes hard to get in touch with the approvers as they are busy working in a store managing the business. According to the IOFM 17% of invoices result in an exception. Issues that arise are including: wrong price, wrong quantity, missing tax amount, missing tax identification number, no requester name, no contact information, no contract and/or purchase order, missing purchase order number, no shipping notice, incorrect net amount, etc. The AP individual will need to follow up with the vendor to get the issue resolved.
New Way: The approvers communicate directly in the application where they can leave notes with the invoice as to why they are rejecting the invoice. The AP individual doesn’t need to track down the approver and can take a screenshot of the invoice and the notes and email directly to the vendor to get resolved.
Dealing with exceptions sidelines your team from focusing on tasks that move the operation forward.
Dealing with exceptions used to mean it was going to cost you more in late fees or not being able to take advantage of early payment incentives. You work hard for your money and it is better in your pocket than your vendors.
Let’s look at an example:
Old Way: Both AP and the approvers need to print copies of the invoice to be filed for record keeping or to be reviewed and signed off on.
New Way:An automated invoice management system that is cloud based can store all the invoices and allow easy access to retrieve and view the invoices.
Saving forests is the environmentally conscious way of running a business today
Your employees and the environment will thank you.
Let’s look at an example:
Old Way: If someone in the organization needs to find an invoice, they need to look through a filing cabinet for the paper copy.
New Way: A cloud based system that stores all historical invoices with the ability to search within the application by vendor name, date range, approver, etc.
Tasks that provide no value to the company is a complete waste of money.
It’s so much easier to search for electronic files by criteria than to sort through filing cabinets.
Let’s look at an example:
Old Way: New store level staff involved with approving invoicing would have to learn the company’s current process of sending invoices to head office and approving the invoices. Within the AP department, it would necessitate a few days of training to walk through all the moving pieces of the AP process.
New Way: Simplifying the processes by using technology eliminates many of the steps resulting in less tasks to complete. Ultimately, creating a simple process makes onboarding quick to understand what they need to do to approve or reject an invoice.
Simple products require less training resulting in a faster onboarding process.
The faster you can get new employees trained, the faster they are going to produce. The easier the task is to learn they will become proficient at it with less mistakes.
Let’s look at an example:
- Digitize the way you receive vendor invoices
- Automate all data entry
- Automate the approval workflow process
- Simplify the way approvers sign off on invoices
- Catch duplicate invoices
- Simplify how you troubleshoot exceptions
- Go paperless
- Optimize invoice searching
- Simplify training for the AP process
Case Study 1
Samantha has been working for the QSR Group Inc. for over four years. In that time, the Tim Hortons and Wendy’s franchisee has grown their store count to 45 today, and is looking to continue their growth into the future. Unfortunately, the accounts payable process hasn’t changed since they were operating a handful of stores. This has resulted in an non-scalable inefficient process that takes hours to process and wastes tonnes of paper. As the store count has grown, the accounts payable team has remained the same from a headcount perspective but the employees have taken on an extra workload that is now stretching the team. Their only option to scale their AP team would have been to add additional staff.
Now with factura.ai their accounts team is working efficiently and is so productive they can work on other assignments within accounting. They are in a good state to scale their business from 45 stores to 100 and beyond without having to add additional AP individuals. Factura.ai catches all duplicate invoices and eliminates duplicate approvals while allowing her to keep track of the status of every invoice in the process. And best of all for Samantha, they are now environmentally friendly eliminating the need to print anything.
Media 1: Samantha Reid, Accounting Supervisor, QSR Group Inc. telling us how factura.ai has been a godsend to her and the team.
“Prior to factura we were killing a lot of trees…. The volume was crazy and it was increasing as our stores were increasing…. So time consuming, tedious and environmentally unfriendly… It’s (factura.ai) actually been a godsend, less paper, the time has been cut significantly, not only that we can track things a lot easier. “
Case Study 2
Jackie Simancas, Accounts Payable Coordinator, QSR Group Inc.
Jackie was working 10 to 15 hours a day, 5 days a week to keep up with the growing number of invoices. She spent countless hours performing data entry but also emailing the store managers for approval requests. While waiting for their approvals she would have to print out the approved invoices to be filed away. The process was so inefficient that she would sometimes miss her 3 day cut off during month end to close the books. Frustrated, she didn’t know how much longer she could go on working at QSR Group Inc.
Now with factura.ai, she is so efficient that she works normal working hours and has time to work on other accounting assignments outside of accounts payable. Not only that, she finishes her portion of closing the books within 2 days, even though she has 3 days to complete. She discovered the boost in her productivity within her first two days of using factura.ai. She is ecstatic about how factura.ai has helped her perform her job better which has provided her with a greater outlook on her job satisfaction.
Media 2: Jackie Simancas, AP Coordinator, QSR Group Inc. telling us how much factura.ai has improved her life.
Jackie Simancas from QSR Group Inc. improved her job satisfaction and productivity within her first two days of using the platform and said “It has made my job so much better. Greatest AP system ever invented. I love it. The benefits of this system is that it is so efficient at processing a daily high volume of invoices.”
Working with factura.ai
Here’s what is going to happen when you work with us:
You will be up and running with your entire organization within 1 week.
You will boost your employee productivity by 12x within the first month or less.
You will be able to grow your store count without adding additional accounting human resources.
You will be proud that you invested in technology that your employees love to use.
You can finally get rid of manual tedious tasks like data entry, eliminating data errors, duplicate payments and late fees to vendors.
You can forget about killing trees.
You will never fall behind on closing your monthly accounting books.
You will feel like a captain of industry, because an efficient machine is a profitable machine.
How it works
Actual Store Manager Quotes:
“it has been simple and easy”
“It is a wonderful experience”
“Easy and accessible”
“Easy to navigate”
“i like how simple it is”
“Its easier to have 1 platform for invoices”
Now you are probably paying $585 per location per month processing invoices. Multiply that by the number of locations you operate and the costs run in the hundreds of thousands annually.
On average, you will save 1/10th per location, a fraction of the cost you are currently paying. We do it by charging a flat monthly fee, like Netflix. Discover which package is right for you based on the number of invoices you process per month.
Autonomous Data Extraction
Autonomous Approval Workflow
$585 of value per location per month
Instead of paying $585 per location per month, we are offering this to you at a fraction of the cost with low monthly plans starting at $50 per month per location. You can achieve an ROI of 1000% in your first month.
Limited Time Offer
Your first month of factura.ai is on us if you act now.
Want to save even more?
Pay annually and we will take 30% off the monthly fee.
If you aren’t completely satisfied with factura.ai in the first 90 days, there is a 100% money back guarantee.
Digital conversion capabilities
Autonomous data extraction
Autonomous approval workflow
Lifetime of invoice storage
Smart duplicate detection
Unlimited training & support
Your first month is free
30% off the monthly price if paid annually
90 day 100% money back guarantee
All for a low monthly fee starting at $50 per location per month
Who is the factura.ai platform best suited for?
Factura.ai is best suited for multi-location businesses like restaurants, retail, hotels, banks, etc.. Further, we find that it is best when you have 10 or more locations as the workflow approval process becomes more important to manage.
How much am I spending to manually process and invoice?
According to The Institute of Finance & Management (IOFM) it costs on average $12.90 to process one invoice. Using factura.ai can reduce the cost down to around $1.00 per invoice depending on the plan. That’s a ~1300% ROI. Amazing.
Do you charge per invoice?
Our competitors charge around $2 per invoice and I’ve seen it as high as $4 per invoice. We charge a low monthly fee per location that averages to 50% cheaper than the competition. We simplify managing your cash flow knowing what your stable monthly expense will be.
How long does it take to get onboarded?
We strive to have the fastest onboarding process. We can onboard your entire organization within the first week. You can even see instant results within the first few hours on the platform.
Do I need an IT team to implement the technology?
The system is cloud based so you do not need an IT team to implement the technology. Simply login from an internet browser anywhere in the world. It’s that simple.
What if I am not satisfied with the platform?
We offer a 90 day 100% money back guarantee. We know our platform is great and am confident that you and your team will love it.
How many users can I add?
There is no limit on the number of users that can be added. Simply invite any user through User Management by adding their email address.
How many stores can be on the platform?
There is no limit on the number of stores for the platform and it is great if you are a growing business as it is so simple to add additional locations and can scale as you scale. The system is best for operators of multi-location businesses with at least 5 locations.
What is the machine learning component?
We use a mix of various artificial intelligence algorithms to ensure the best data extraction performance and parsing of the invoice to direct it to the proper approver within the workflow.
How many invoices can you process in a day?
There is no limit as to how many invoices you can process in a day whether you are processing hundreds, thousands or even hundreds of thousands of invoices. They will all be processed within seconds.
How do you set up the workflow?
We are a white glove service shop and we will set up the workflow based on your configured needs.
What happens if there is a duplicate invoice?
The system will identify the duplicate and notify that there is an error with that invoice.
How do you integrate with my accounting system?
There are hundreds of different accounting platforms with various versions out in the market today. Our team will review your accounting system to figure out the best way to integrate.
When do you encounter an error extracting information?
It is rare but occasionally the data does not extract correctly. The OCR technology works 99% of the time on non-handwritten invoices and 80% of the time on handwritten invoices.
Can you handle line item details?
Yes, we use specialized OCR technology where you can extract any detail from any invoice.
What happens if I change my GL codes?
You will be able to edit GL codes when processing an invoice. Once you make a GL code change the system will maintain the new code on an ongoing basis.
What happens when an invoice gets rejected?
When an approver rejects an invoice we make it mandatory for them to write a note as to why they are rejecting it. That way AP can read the note and resolve the issue with the vendor if need be.
What happens when a vendor changes their invoice layout?
The system will recognize a layout change and will notify of the error. You will then need to go into our vendor management and easily update the template.
How does the system know where to send the invoice for an approval?
The system reads the information from the invoice like the address and uses intelligence to send the invoice to the right store. Further, it will follow the rules that you have set up for the approval workflow and send it the request to the right individuals.
What does factura mean?
In many non-English languages factura means invoice or bill
Can you work globally?
Our platform is cloud based and can be accessed from anywhere in the world. Currently we support English but have the ability to add new languages. Please inquire.
How fast can you process an invoice?
We are now processing a single invoice within 30 seconds. We can process multiple invoices simultaneously within 30 seconds.
Can I change the workflow?
Currently, we manage the workflow setup based on your desired configuration. If you have any changes it’s as simple as contacting support and it will be completed within 2 hours.
What are the thresholds that I can set for the workflow?
Thresholds can be set by dollar value, vendor type, expense type, location. Pretty much any workflow process can be customized for your needs.
Who do I contact if I have a technical issue?
We have a dedicated support team to address any technical issues. Most issues are resolved within 2 hours.
Can I speak with someone at factura.ai for sales or support?
More and more companies nowadays want you to talk through a chat bot or via email. We like hearing your voice so that we can resolve any issue as quickly as possible. Please call 1-833-905-2159 to speak with a live person.
Do you store the invoices?
We store the invoices for as long as you are on the factura.ai platform. The invoices can be accessed instantly in the cloud.
What happens to the invoices if I cancel factura.ai?
We will provide a zipped file with all historical invoices
Can I search for invoices?
As the invoices are stored in the cloud it is super simple to search by vendor, date, invoice number and access the files within seconds.
Is there an audit trail of invoice approvals?
We timestamp and store name records for every invoice approved to ensure there is an audit trail.
Can I leave notes attached to an invoice?
Yes, there is the ability to communicate within the platform to leave notes per each invoice. Further, we make it mandatory to leave a note when rejecting an invoice.
Do you handle the payment to vendors?
At the moment, we do not but it may be a feature in future developments.
Do I need to download your software?
The platform is cloud based and can be accessed anywhere. There is no need to download any software.
Where can I access your platform?
As long as you can access the internet you will be able to log into the factura.ai platform
Can the platform be viewed on a phone?
The approval view is mobile friendly. Although the main AP view is mobile responsive, it is optimized on a desktop.
How can I digitize the way I receive an invoice? We set up one centralized unique email address for all invoices to be sent to. You can send the invoices in any electronic form including cc’ing the original email, forwarding the email, taking a picture of the invoice or scanning the invoice and forwarding to the email address.
Do I need an email address per location? Unlike our competitors, we set up one email address for all your locations. The system is smart enough to know which invoices belong to which store.
What if my locations are in multiple states? The internet is borderless and the invoices can be received electronically from anywhere in the world.
How does the system ensure it is capturing the right data? We use best in class data capture technology (Optical Character Recognition) that continuously learns to read and capture the right data.
How long does it take to set up the system to start reading invoices? The system is ready to start reading the data as soon as you upload your first invoice. It really is efficient.
How long will it take to onboard an accounts payable employee? The system is very intuitive and takes 60 minutes of navigating the system to become an expert.
How long does it take store managers to onboard? The system is so simple with either approve or reject buttons, that within 5 minutes your managers should be a pro.
Do you provide any training? We will provide whatever you need to ensure that you and your team are comfortable using the system.
What criteria can I search for an invoice?: You can filter your search criteria by date, vendor names, invoice number.
How long do you store the electronic invoices? Forever
Will I lose all of my historical invoice records if I leave your system? We can provide you with a zipped file of all invoices prior to your departure.
How do you ensure that the manager communicates with the issue when they reject an invoice? We have made it mandatory when an invoice gets rejected that the manager has to write comments which get saved as notes for accounts payable to read and deal with.
How does the system ensure that there are never any duplicate invoices processed? The technology keeps track of all invoice numbers by each vendor and can easily identify duplicate invoices.
Does the manager need to print a copy of the invoice? Everything is electronic and the manager can view the original invoice in the application. There is never a need to print an invoice again
How often is the manager notified to follow up for their approval? We configure it to how often you want the manager to be notified. The default setting is every 2 days.
What do I do if I have multiple managers per location? We recommend having an email address for the store for the managers to login to. That way the invoice approval never gets missed if one manager is on vacation. The invoice is approved on a first come first serve basis, so the first manager to login has access to approve the outstanding invoices. Once an invoice is approved it gets kicked out of the system so to speak so that there is never a double approval by two managers.
Does accounts payable need to track and follow up with approvals? The system automatically sends notifications and follows up within a few days to ensure the approver signs off.
What if executives need to sign off on big ticket items? The approval workflow is configured to your business workflow needs and triggers can be set by dollar amount, vendor, type of expense, legal entity, business unit, location.
Can I track the status of each invoice?There is a dashboard that provides transparency into the status of where the invoices are in the process, for AP to quickly see which invoices are outstanding and where the bottlenecks are.