AccountsIQ launches paperless invoice capture service

13th Sep 2021
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AccountsIQ, the cloud accounting pioneer, has launched AP Inbox, a paperless invoice capture service which will be deployed to all customers as an extension to its Accounts Payable features. 

The new service is a response to customer feedback says Chief Product Officer, Russell Cooper:

Automating manual tasks, such as supplier invoice processing, is a major time saver for finance teams. Our customer research was clear; finance managers recognise the benefits of Accounts Payable automation but can be put off by the cost and complexity of current offers in the market. AccountsIQ’s new AP Inbox is an integrated automation service.”

AP Inbox will be made available to all AccountsIQ customers at no extra cost. We believe that this is the first time an accounting software vendor has deployed such functionality, for free, as part of core module capabilities. Others have provided add-ons by acquisition or partnering. “As companies grow, finance teams without digital document management systems can struggle to deal with the volume of supplier invoice paperwork,” says Russell. “Manually organising, copying, filing, and retrieving invoices is time consuming, repetitive work, and errors and delays are inevitable. AccountsIQ’s AP Inbox helps them automate and go paperless.”

How AP Inbox works

PDF invoices are routed to a dedicated email address per company. AccountsIQ’s platform uses OCR technology to read and extract the relevant data from the invoices and generates transactions in the new inbox. The finance team can then quickly and easily access the inbox to validate and submit the invoice for approval or posting.

AccountsIQ already integrates with several AP automation providers through its open API structure. However, as Russell notes, “Our customers told us they wanted to ‘dip their toe’ into AP automation without any added cost, commitment or process change requirements. Our AP Inbox service is not designed to compete with the mainstream AP automation solution providers; it’s a new offering that complements our award-winning cloud accounting software and helps make our customers’ lives easier.” 

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About AccountsIQ

AccountsIQ's award-winning cloud-based Financial Management Software (FMS), launched in 2008 in Dublin, simplifies how multi-entity businesses capture, process and report their results. It provides anytime-anywhere access to dynamic businesses, growing via subsidiaries, branches, SPVs or through a franchise model. Its unique architecture allows it to consolidate thousands of entities in a group. Its open API allows integration with 3rd party software and it is already integrated with ​TransferMate Global Payments​, Lightyear, BrightPay, Kefron AP, ​Chaser, Stripe, Fusebill, ​Salesforce​ and ​ISAMs​.

AccountsIQ is now used by 4,000 businesses across 85 countries. Blue chip partners and customers across a range of sectors enjoy worldwide 24/7 access to top level FMS functionality and smartphone apps. These deliver comprehensive consolidated results and a superior level of business insight. AccountsIQ was awarded Enterprise Accounting Software of the Year 2019 and 2018, was a finalist in 2020 and has been ranked in the top half of the Deloitte’s Technology Fast 50 high growth index for the past 6 years.