Rising companies usually wrestle to take care of sudden will increase in invoices. Throw in handbook bill processing and siloed knowledge and programs, and you have 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 might cut back the fee to $1.42 per bill, resulting in important value financial savings. Along with value reductions, automation may help mitigate fraud dangers and supply elevated visibility into money stream traits.
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 handbook knowledge entry, validation, and processing, permitting AP groups to concentrate on extra strategic duties. This automation can enhance the velocity and accuracy of bill processing and simplify compliance.
This weblog put up will discover how an SME improved operational effectivity and saved sources utilizing Nanonets’ QuickBooks bill automation. Additionally, get a step-by-step overview of learn how to arrange the automation workflow for your enterprise.
The enterprise
Glad Jewelers is a small-sized enterprise specializing in handcrafted jewellery. They’re decided to offer the best high quality handmade jewellery. Based mostly in California, their repute for innovation, professionalism, and buyer satisfaction has been constructed over 40 years.
The challenges
Due to its development, Glad Jewelers juggles a hefty load of invoices. Guide administration was not only a colossal time-sink but additionally 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 obtained. ~ The AP Group at Glad Jewelers.
How Nanonets helped Glad Jewelers enhance AP effectivity
Utilizing Nanonets for QuickBooks bill automation, Glad Jewelers might extract invoices from emails mechanically, course of them effectively, and retailer them in a structured method on the cloud.
This drastically decreased their time spent on handbook knowledge entry and bill administration. The SMEs might additionally combine this knowledge immediately into their QuickBooks account, streamlining their accounts payable course of.
Let’s take a look at the alternative ways Glad Jewelers benefited from Nanonets and QuickBooks integration:
1. Minimize down on handbook knowledge processing
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“We’d spend 4-5 hours in getting our paperwork ready.” ~ AP Group at Glad Jewelers.
Enterprise expansions meant Glad Jewelers had a rise within the quantity of invoices. The AP crew at Glad Jewelers wished to make sure they might deal with the inflow with out sacrificing accuracy or effectivity.
Nonetheless, the present handbook course of meant the crew spent beneficial hours manually extracting, categorizing, and processing invoices. Solely after finishing this might they add them into QuickBooks. Other than being a time drain, handbook bill processing left them weak to late funds, strained vendor ties, and unbalanced monetary statements.
Realizing the necessity for automation, the AP crew and the administration determined to deploy Nanonets. By combining OCR and AI capabilities, Nanonets might learn, classify, and extract knowledge from invoices. That is not all. It ensures bill particulars are synced with QuickBooks’ vendor and account knowledge. And when invoices from new distributors land within the inbox, Nanonets mechanically creates new vendor profiles in QuickBooks, making certain your vendor checklist is at all times up-to-date.
Total, the mixing ensured that extracted knowledge might be simply uploaded into QuickBooks, decreasing the necessity for handbook knowledge entry.
This allowed their accounts payable crew to course of 50% extra invoices in the identical time with out hiring extra sources.
2. Scaling up with enterprise development
As Glad Jewelers expanded their enterprise to new places like Chicago and New York, they confronted the problem of managing an elevated quantity of invoices from a number of sources. This meant elevated complexity and potential for errors of their accounting processes.
The rising enterprise demanded a extra versatile answer than handbook bill processing. So, as a substitute of increasing their AP crew or hiring engineers to construct primary workflow automation instruments, they turned to Nanonets.
The system has pre-built workflows and AI fashions that may adapt to completely different enterprise wants. As soon as arrange, the system might mechanically course of invoices from numerous distributors throughout the completely different branches. Furthermore, it learns from the info it processes and handbook interventions — bettering its accuracy over time and enabling companies to course of structured and unstructured invoices seamlessly.
This versatile and scalable answer allowed Glad Jewelers to deal with the inflow of invoices from the enlargement with out growing prices or sources, 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 a substitute made their work simpler.” ~ The AP Group at Glad Jewelers.
Glad Jewelers has been utilizing QuickBooks for accounting for fairly a while. They valued the comfort and familiarity of the software program however had been annoyed with the time-consuming technique of manually coming into bill knowledge. Making certain seamless integration with QuickBooks’ current workflow was essential for any new system they thought-about buying.
Nanonets, with its capacity to combine with QuickBooks, was an ideal match. Glad Jewelers’ AP crew might streamline their course of to most effectivity. Now, regardless of the place an bill originates — be it e mail, Google Drive, or elsewhere — it is swiftly validated, categorized, and prepared for QuickBooks. They may rapidly 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 related, Nanonets can mechanically add SKU-level data in QuickBooks inside seconds and match provider and GL codes mechanically. This could save the AP crew from having to manually enter and match the knowledge, decreasing errors and rushing up the bill processing time.
Furthermore, any modifications made to the extracted knowledge in Nanonets in real-time are mirrored in QuickBooks with none handbook intervention.
The mixing was seamless and didn’t considerably change their current workflow. As an alternative, it enhanced the workflow by automating the time-consuming elements of the method.
4. Improved the crew morale
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“Our staff now really feel extra productive and blissful as many of the clerical work is now out of their lives.” ~ The AP Group at Glad Jewelers.
Glad Jewelers’ is dedicated to making sure the satisfaction of their staff. They consider it contributes to a extra sturdy group, leading to higher merchandise for patrons and higher vendor relationships. Nonetheless, the handbook processing of invoices was a major supply of frustration for the crew. 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, releasing up the crew to concentrate on extra impactful duties.
The crew instantly seen a major lower of their workload. This not solely improved their productiveness but additionally boosted their morale. They may commit their time and power to extra significant and rewarding duties.
The discount of handbook duties and the improved effectivity caused by Nanonets led to a extra happy and motivated crew, contributing to Glad Jewelers’ total 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 Glad Jewelers.
Glad Jewelers was coping with a major period of time spent on making certain compliance and audit readiness. The handbook processing of invoices, cost data, 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 repute.
With Nanonets, the method of sustaining compliance grew to become considerably extra simple. The system mechanically validates the info extracted from invoices in opposition to the corporate’s inside insurance policies and exterior rules. If the bill values don’t match the acquisition order or if different discrepancies pop up, the system flags these invoices for handbook overview. This helps to take care of correct monetary data and reduces the danger of compliance points or audit failures.
Moreover, Nanonets’ integration with QuickBooks allowed the crew at Glad Jewelers to sync cost data and different monetary paperwork immediately from the system into their accounting software program. This eradicated the necessity for handbook knowledge entry and considerably decreased the time spent on cost and upkeep.
This elevated degree of compliance and audit readiness saved the crew numerous hours and introduced peace of thoughts, understanding that their monetary paperwork had been correct and simply accessible.
QuickBooks-Nanonets Integration: A Step-by-Step Information
Wish to understand how Glad Jewelers built-in Nanonets with QuickBooks so seamlessly? Here is a step-by-step information that will help you get began:
1. Entry the Nanonets platform
You may go to our web site and create a brand new account or log in to your current account. You may 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 may join your QuickBooks account to Nanonets.
3. Import your QuickBooks knowledge
After connecting, your Chart of Accounts and Normal Ledger (GL) Codes from QuickBooks are mechanically imported to Nanonets. When you use Courses and Initiatives, these are learn and made obtainable in your invoices as properly.
4. Add or import invoices
Choose the ‘Invoices’ mannequin from ‘Doc sorts’, configure the fields you want from the bill, and the formatting. You may simply add invoices by importing them manually or arrange an automated import out of your e mail or different sources like Dropbox, Google Drive, and even your scanner.
5. Information extraction and overview
Nanonets can seize 20 distinctive items of data, 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 overview and proper the knowledge if there are any errors or discrepancies.
6. Confirm and validate knowledge
Nanonets guarantee the info is validated in opposition to 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 may add as many reviewers as you want for the approval course of. Arrange guidelines for every stage of overview. For example, you may need to set off a overview if the bill quantity exceeds $1000.
8. Carry out matching
The Nanonets platform permits you to carry out 2-way, 3-way, or GL code matching. You may add paperwork for matching (like buy orders) and confirm if particular values, such because the grand whole similar to a given buy order quantity, match the worth within the database.
9. Export to QuickBooks
Go to the bill element display screen. You may 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 may monitor the workflow’s efficiency over time and make mandatory changes. Nanonets supplies complete analytics on the dashboard, enabling you to trace accuracy, processing time, and different important metrics. This may assist you determine any areas which may require additional optimization.
Closing ideas
Embracing automation in bill administration, as Glad Jewelers did with Nanonets, can considerably improve your enterprise operations. It not solely reduces the effort and time spent on mundane duties but additionally ensures a excessive degree 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. By doing so, you may release your crew’s time, enhance their morale, and finally contribute to your enterprise’s total development and success.