Rising companies usually wrestle to cope with sudden will increase in invoices. Throw in guide bill processing and siloed knowledge and programs, and you have got a recipe for inefficiency and frustration. The price of manually processing invoices can climb from $15 to $40 per bill, to not point out the numerous hours spent on knowledge entry.
In sharp distinction, automated bill processing may cut back the associated fee to $1.42 per bill, resulting in important value financial savings. Along with that, automation may also help mitigate fraud dangers and supply elevated visibility into money circulation tendencies.
At Nanonets, we have been serving to companies worldwide streamline their AP processes with our QuickBooks bill automation integration. It’s designed to drastically cut back guide knowledge entry, validation, and processing, permitting AP groups to give attention to extra strategic duties. This automation can enhance the pace and accuracy of bill processing and simplify compliance.
This weblog put up will discover how an SME improved operational effectivity and saved assets utilizing Nanonets’ QuickBooks bill automation. Additionally, get a step-by-step overview of easy methods to arrange the automation workflow for your corporation.
The enterprise
Blissful Jewelers is a small-sized enterprise specializing in handcrafted jewellery. They intention to offer the best high quality handmade jewellery. Primarily based in California, their status for innovation, professionalism, and buyer satisfaction has been constructed over 40 years.
The challenges
Due to development and growth to new cities, Blissful Jewelers needed to juggle a hefty inflow of invoices. Guide administration was not only a colossal time-sink but in addition riddled with inaccuracies. They wanted a system to streamline their accounting duties, delivering precision and effectivity.
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We’ve been utilizing QuickBooks for accounting for fairly a while now. Nonetheless, to get invoices into QuickBooks, we have to scan the invoices, punch in all particulars, create separate folders by distributors, and handle an Excel sheet for all of the invoices that we’ve acquired. ~ The AP Group at Blissful Jewelers.
How Nanonets helped Blissful Jewelers increase AP effectivity
Utilizing Nanonets for QuickBooks bill automation, Blissful Jewelers may extract invoices from emails robotically, course of them effectively, and retailer them in a structured method on the cloud.
This drastically diminished their time spent on guide knowledge entry and bill administration. The SMEs may additionally combine this knowledge straight into their QuickBooks account, streamlining their accounts payable course of.
Let’s have a look at the alternative ways Blissful Jewelers benefited from Nanonets and our QuickBooks integration:
1. Minimize down on guide knowledge processing
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“We’d spend 4-5 hours in getting our paperwork ready.” ~ AP Group at Blissful Jewelers.
Enterprise expansions to New York and Chicago meant Blissful Jewelers had a rise within the quantity of invoices. The AP staff at Blissful Jewelers needed to make sure they may deal with the inflow with out sacrificing accuracy or effectivity.
Nonetheless, the prevailing guide course of meant the staff spent helpful hours manually extracting, categorizing, and processing invoices earlier than importing them to QuickBooks. Except for being a time drain, guide bill processing left them weak to late funds, strained vendor ties, and unbalanced monetary statements.
Realizing the necessity for automation, the AP staff and the administration determined to deploy Nanonets. By combining OCR and AI capabilities, Nanonets may learn, classify, and extract knowledge from invoices.
That is not all. It ensures bill particulars are synced with QuickBooks’ vendor and account knowledge. So when invoices from new distributors land within the inbox, Nanonets robotically creates new vendor profiles in QuickBooks. This ensures that the seller record is at all times up-to-date.
Total, the mixing ensured that extracted knowledge might be simply uploaded into QuickBooks, decreasing the necessity for guide knowledge entry.
This allowed their accounts payable staff to course of 50% extra invoices in the identical time with out hiring extra assets.
2. Scaling up with enterprise development
As Blissful Jewelers expanded, they confronted the problem of managing an elevated quantity of invoices from a number of sources. New bill layouts and constructions, totally different compliance necessities, and ranging cost phrases posed a major problem to the AP staff. The guide bill processing was proving to be a bottleneck.
The rising enterprise demanded a extra versatile answer than guide bill processing. So, as an alternative of increasing their AP staff or hiring engineers to construct primary workflow automation instruments, they turned to Nanonets.
With Nanonets’ pre-built workflows and AI fashions, they may adapt to totally different enterprise wants. Furthermore, the AI mannequin learns from guide interventions and the info it processes — enhancing its accuracy over time and enabling companies to course of structured and unstructured invoices seamlessly.
As soon as arrange, the system may robotically establish and classify the invoices, extract the mandatory data, confirm and validate the info, assign the invoices for approval, and synchronize the info with QuickBooks — making the invoices payment-ready sooner than ever.
Every step would have taken hours if carried out manually. And the AP staff would have needed to double their workforce. As a substitute, they deployed the brand new workflow with Nanonets in lower than 7 days from the signing date.
The versatile and scalable answer diminished their doc processing time by 90% and helped the staff deal with the growth with out growing prices or assets, thus enhancing operational effectivity.
3. Built-in into QuickBooks with out disturbing current workflow
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“The opposite necessary factor about Nanonets was that it didn’t disturb the operations for any worker, as an alternative made their work simpler.” ~ The AP Group at Blissful Jewelers.
Blissful Jewelers has been utilizing QuickBooks for accounting for fairly a while. They valued the comfort and familiarity of the software program however have been pissed off with the time-consuming means of manually coming into bill knowledge. Guaranteeing seamless integration with QuickBooks’ current workflow was essential for any new system they thought of buying.
Nanonets, with its potential to combine with QuickBooks, was an ideal match. Blissful Jewelers’ AP staff streamlined the workflow to attain 50% effectivity enchancment. Irrespective of the place an bill originates — be it e mail, Google Drive, or elsewhere — it is swiftly validated, categorized, and exported to QuickBooks. They might shortly remodel uncooked knowledge right into a tidy Excel sheet that might be uploaded to the accounting software program.
As soon as the 2 accounts are linked, Nanonets can robotically add SKU-level data in QuickBooks inside seconds and match provider and GL codes robotically. This could save the AP staff from manually coming into and matching the info, decreasing errors and dashing up bill processing.
Furthermore, any modifications made to the extracted knowledge in Nanonets are mirrored in QuickBooks with out guide intervention.
The combination was seamless and didn’t considerably change their current workflow. As a substitute, it enhanced the workflow by automating the time-consuming elements of the method.
4. Improved the staff morale
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“Our workers now really feel extra productive and glad as many of the clerical work is now out of their lives.” ~ The AP Group at Blissful Jewelers.
Blissful Jewelers is dedicated to making sure the satisfaction of their workers. They imagine it contributes to a extra strong group, leading to higher merchandise for patrons and higher vendor relationships. Nonetheless, the guide processing of invoices was a major supply of frustration for the staff. It was a cumbersome course of that left little time for extra strategic duties.
Understanding the necessity to enhance worker morale and productiveness, they carried out Nanonets. The AI-powered answer automated the clerical work related to bill administration, like knowledge entry, validation, categorization, matching, knowledge synchronization, and extra.
It may additionally remove the extra tiresome features of the job, similar to chasing down colleagues for approvals, detecting duplicate invoices, or updating suppliers on delayed funds.
The AP staff instantly seen a major lower of their workload. This not solely improved their productiveness but in addition boosted their morale. They might commit their time and vitality to extra significant and rewarding duties.
The discount of guide duties and the improved effectivity led to a extra glad and motivated staff, contributing to Blissful Jewelers’ general development and success.
5. Enhanced compliance and audit readiness
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“We’d spend 2-3 hours on the precise cost and upkeep.”~ The AP Group at Blissful Jewelers.
The AP Group at Blissful Jewelers spent important time making certain compliance and audit readiness. The guide processing of invoices, cost information, and different monetary paperwork was time-consuming and susceptible to human error. This might open companies as much as potential penalties throughout audits and will negatively influence their status.
With Nanonets, the method of sustaining compliance turned considerably extra easy. The system robotically validates the info extracted from invoices towards the corporate’s inside insurance policies and exterior laws. If the bill values don’t match the acquisition order or if different discrepancies pop up, the system flags these invoices for guide evaluate.
Furthermore, the inbuilt approval workflow characteristic of Nanonets ensures transparency and accountability in bill processing. It reduces the probabilities of fraudulent actions and helps preserve a transparent audit path. This characteristic additionally permits supervisors to arrange a customized approval hierarchy, making certain all invoices are reviewed completely earlier than they’re paid.
This helps to keep up correct monetary information and reduces the chance of compliance points or audit failures.
Moreover, Nanonets’ integration with QuickBooks allowed the staff at Blissful Jewelers to sync cost information and different monetary paperwork straight from the system into their accounting software program. As soon as the invoices are reviewed and permitted in Nanonets, the mixing will robotically generate payments able to ship for cost.
This eradicated the necessity for guide knowledge entry and considerably diminished the time spent on cost and upkeep.
This elevated stage of compliance and audit readiness saved the staff numerous hours and introduced peace of thoughts, realizing that their monetary paperwork have been correct and simply accessible.
QuickBooks-Nanonets integration: An implementation information
Need to know the way Blissful Jewelers built-in Nanonets with QuickBooks so seamlessly? This is a step-by-step information that will help you get began:
1. Entry the Nanonets platform
You possibly can go to our web site and create a brand new account or log in to your current account. You possibly can both enroll utilizing your Gmail account or manually enter your e mail and create a password.
2. Connect with QuickBooks
On the dashboard, navigate to Integrations -> QuickBooks. With a single click on, you’ll be able to join your QuickBooks account to Nanonets.
3. Import your QuickBooks knowledge
After connecting, your Chart of Accounts and Common Ledger (GL) Codes from QuickBooks are robotically imported to Nanonets. In case you use Courses and Tasks, these are learn and made obtainable in your invoices as nicely.
4. Add or import invoices
Choose the ‘Invoices’ mannequin from ‘Doc varieties’, configure the fields you want from the bill, and the formatting. You possibly can simply add invoices by importing them manually or arrange an computerized import out of your e mail or different sources like Dropbox, Google Drive, and even your scanner.
5. Information extraction and evaluate
Nanonets can seize 20 distinctive items of knowledge, together with desk knowledge, from invoices. As soon as the info is extracted, it’s verified for accuracy. You’ll get notified and may manually evaluate and proper the knowledge if there are any errors or discrepancies.
6. Confirm and validate knowledge
Nanonets guarantee the info is validated towards set requirements. For instance, Nanonets checks if a given GL code exists in your database and is just legitimate if discovered there.
7. Arrange approval workflows
You possibly can add as many reviewers as you want for the approval course of. Arrange guidelines for every stage of evaluate. For example, you would possibly wish to set off a evaluate if the bill quantity exceeds $1000.
8. Carry out matching
The Nanonets platform lets you carry out 2-way, 3-way, or GL code matching. You possibly can add paperwork for matching (like buy orders) and confirm if particular values, such because the grand whole equivalent to a given buy order quantity, match the worth within the database.
9. Export to QuickBooks
Go to the bill element display. You possibly can obtain the info in numerous codecs, together with CSV and XLSX, or export it to a CRM or AP Automation software program like QuickBooks.
10. Monitor and optimize
Lastly, you’ll be able to monitor the workflow’s efficiency and make essential changes. Nanonets gives complete analytics on the dashboard, enabling you to trace accuracy, processing time, and different very important metrics. This can make it easier to establish any areas which may require additional optimization.
Closing ideas
Embracing automation in bill administration, as Blissful Jewelers did with Nanonets, can considerably improve your corporation operations. It not solely reduces the effort and time spent on mundane duties but in addition ensures a excessive stage of accuracy, compliance, and audit readiness. The seamless integration with QuickBooks additional streamlines the method, making your monetary administration extra environment friendly and dependable.
Keep in mind, the important thing to profitable digital transformation lies in choosing the proper instruments and implementing them successfully in your workflow. Doing so can unlock your staff’s time, increase their morale, and finally contribute to your corporation’s general development and success.
