NEW YORK, June 23, 2021 /PRNewswire/ — James Thomas, the founder and CEO of Itemize, is helping corporations and FinTechs save billions and increasing their productivity by deploying intelligent automation to capture data from financial documents that would otherwise be done manually.
"At Itemize, our focus is enabling organizations to implement and accelerate business processes using Machine Learning (ML) and AI technologies," said Thomas. "We’ve seen results showing 97 percent accuracy, 80 percent time-savings freeing up valuable resources and cost savings."
Itemize specializes in B2B accounting and finance applications, documents, and workflows. Its team and technology are experienced in finance and accounting systems, commercial payments, tax processing, and Accounts Payable. This sector focus puts Itemize ahead of the competition in dealing with financial and accounting documents.
"Itemize is ready on the first day that a customer signs up. Our competitors are only selling tools, not out-the-box-ready solutions. They typically require a lot of time and resources in configuration and training," said Thomas.
Research shows that 60 percent of Accounts Payable and expense documents in the U.S. are using paper-based, according to CPA Practice Advisor. As a result, companies are wasting money, time, and resources on manually capturing information from receipts, invoices, purchase orders (PO), and other B2B purchase documents.
Itemize continuously builds on its product suite and offers new capabilities to address manual data entry and the loss of critical intelligence challenges and further accelerate finance and accounting digital transformation.
"Accounting and finance leaders seeking to drive digital transformation and reduce invoice processing headaches are benefiting from Itemize every day. Other solutions require time-consuming, custom integration and set-up processes, Itemize users can see immediate ROI with the click of a button," said James.
Itemize is constantly working towards empowering business operations so finance teams can focus on higher-value activities by liberating them from laborious and costly manual data entry and reconciliation tasks.
It does this by harnessing the power of AI to capture and transform unstructured and semi-structured data in Accounts Payable (AP) documents, such as invoices, receipts, and purchase orders, into rich data sets for financial applications. Itemize reads invoice and PO images, pdfs, emails, and text files in any layout.
Itemize solutions can capture high-value intelligence such as Early Pay Discounts (EPD), VAT, and much more. It also reconciles data from all other financial documents, such as receipts and purchase orders, and alerts accounting personnel to make it a priority for payment.
"Itemize automatically recognizes, captures, and reconciles data from invoices, purchase orders, and receipts. Whereas legacy technologies like RPA and other generalist tools only automate part of the data capture leaving multiple loopholes in the process," said Thomas.
Another issue that most finance and accounting teams struggle with is expense compliance, which can be driven by human error or something more malicious. Either way, this results in monetary losses, compliance issues, and in some cases, even reputational damage.
This has been a growing and ongoing concern with many companies even before the COVID pandemic. The COVID pandemic has further exacerbated companies’ concerns as expense fraud risk and monitoring puts further pressure on small and busy finance and accounting teams.
To overcome this issue and to support our customers better, Itemize validates vendors’ and distributors’ invoices and assigns a risk factor to it so the accounting team can make better payment decisions efficiently.
Fraud-related risk is a big concern, specifically among companies in the U.S. and Europe. Because of specific regulations and stringent monitoring by regulatory bodies, they need to be extra careful with reputational and regulatory risks associated with potential frauds in their finance and accounting controls.
"Besides losing money, the company has opened themselves up to an audit, review, and litigation. That’s not good news for them because it could lead to reputational damage to customers and shareholders. Nobody wants to do business or be associated with a company that has a bad reputation," said Thomas.
"By automating data entry and offering intelligence, we’re able to offer more customers not only an innovative solution but a competitive advantage through productivity, cost-savings, and the ability to capitalize on vendor payment discounts and improve vendor relationships," said Thomas.
For further information or schedule an interview, contact Khushboo Koutu at (212) 206-0880 or [email protected].