Meet the client:
B&G Enterprises is a maintenance company based in Western Sydney, NSW, Australia, providing services to local, state, federal government departments, community housing, real estate, domestic, commercial, and industrial groups. The company offers Plumbing, Electrical, General Minor Building repairs, Waterproofing, Sewer and Drainage Replacements, Complete Dwelling Restorations, CCTV- drainage inspections and reports, and many other services to its many clients for more than 30 years.
The client was looking at improving its invoice management process, a hugely complex part considering that B&G issues hundreds of RCTI bills daily to its clients. The client was facing an issue documenting their RCTI (Recipient created tax invoices) statement accurately. The RCTI is auto-created on Receipt from the Purchase Order data record, allowing the payment to proceed following the payment terms for the supplier.
These bills are entered in QuickBooks automatically (without actually receiving the final invoice from the vendor) based on the information in the purchase receipt. The problem arose when the vendor sent the final purchase order receipt, and it does not match with the amount mentioned in the RCTI raised by the client and entered in QuickBooks.
Before our invoice management software, B&G Enterprises had to hire employees to manually understand the difference arising between both the invoices and change the entries accordingly in QuickBooks. It was tedious and a lengthy process to change every single entry, resulting in a loss of valuable time and money. Our client needed to address this issue.
We worked diligently to understand the Australian Tax implications, the working of QuickBooks, and the client’s accounting system. We designed a bespoke invoice management software by taking the client’s requirements to the technical board in terms of both functionality and technology. Here is how we did it:
The solution helped to extract PDF files (received from vendors) from the predefined email address. Simultaneously, the .net script reads the PDF content and stores information in the database. The background process then checks all records against QuickBooks, finds the record that matches against the invoice, and verifies the amount. The records are searched from QuickBooks via API to understand any difference between the two invoices. If this is a mismatch, the amount is automatically adjusted in QuickBooks via API call.
As a result of this innovative invoice management software, the client was able to witness the following results:
- Purchase Orders can be closed quickly
- No price variances in Invoice Verification, resulting in smooth accounting compliance
- No need for a dedicated workforce to find the price variance
- The accounting department has seen a 50-60% efficiency improvement
- Simple and easy to use tool has led to quick implementation and acceptance by the team members
Pulse Tech Solutions Pty Ltd specializes in engineering custom, state-of-the-art business process automation solutions to increase your productivity by automating key processes. We will utilize your knowledge of the products and processes specific to your business to achieve the most helpful solution possible. Contact us today.