We, the people behind Innovo42, are on a mission to bring efficiency and productivity to financial teams and AP experts by enabling them to streamline the tedious process of invoice processing and empower them to save time and cut down on costs.

To achieve this, this year we launched Innovo Invoice, a machine-learning powered web application that helps AP experts to take on more productive and fulfilling roles in their companies.

Innovo Invoice frees teams up from manual invoice processing tasks with fast and accurate automated invoice data extraction.

Without such automation, teams will need to spend time checking incomplete data, partial payments and multiple invoices on a single remittance.

Options for verifying information can then be presented to teams after the data extraction process is automatically done, who can then book the information into their ERP or accounting system with no fuss.

To recap, Innovo Invoice is an easy to use invoice processing solution that allows you to digitize incoming supplier invoices.

Once your account is up and running, all you need to do is:

1.Upload invoices in PDF or any image format to Innovo Invoice

2.Verify extracted data

3.Export data to your ERP and/or accounting system

The past year has been a busy one for us here at Innovo42 and our goal has always been to work closely with our clients to collect feedback and add new features based on what brings value to clients. 

Read on as we reveal some of our milestones this year and share some behind-the-scenes features that are coming up in 2020.


INTEGRATIONS

Xero Partnership

We have successfully integrated our Innovo Invoice application with Xero so that data can be quickly and accurately extracted from incoming supplier invoices, bills, and receipts, and automatically booked into Xero.

Innovo Invoice works easily with Xero, creating an intuitive setup process. 

With unlimited token access, users can directly generate accounting postings for invoices. 

iCHEF and Innovo42 Integration

Innovo42 has partnered up with iCHEF, an iPad restaurant POS provider to enable the seamless and automated booking of daily sales revenues from the iCHEF point of sales system into customers’ Xero accounting system without any manual effort.

iChef and Innovo42’s seamless integration lets customers automatically book sales revenues on a daily basis, with no manual intervention, as well as benefit from daily reports to gain insights and a full overview of transactions.

Optimized the File Export in ABSS

We have improved the file export function into ABSS and now you can directly download files and upload them into ABSS premier.

The files are in CSV format and include information like account number, Vendor ID, invoice details like dates, total amount, GST amount, and line item details like quantity and unit cost.

Enhanced the Fields Extracted from Invoices

When you process an invoice and are ready to validate the data, you will now be able to see more extracted fields both for header items and line items, making the data extraction process more comprehensive.

For the header, we have added PO number and for line items, we have included PO on a line item level and the serial number.

USER EXPERIENCE

Improved Usability

The presentation of the dashboard is now much clearer. We have also tweaked the Overview screen and added a filter to determine who in your team has worked on certain documents. This allows you to easily assign a task to a team member for more accountability.

In the validation screen, you can now see that the image of the document is filling a much larger part of the screen for improved user experience. You can now clearly spot all the information extracted on the right-hand side before you book it. 


What’s Coming Up in Q1 2020

Vendor-Based Defaults

Specific information like account categories (accounts), tax codes, and line item extraction requirements can set as default for each vendor so that when an invoice from that vendor is received, these details can be automatically set up without manual intervention from the user.

Approval Flows 

We’re working on creating optimal approval flows to improve your invoice routing experience for approvals within your organisation.

For invoices that need to be approved by various staff across departments before being booked into downstream systems, the approval workflow functionality will provide a convenient way to route invoices for approval. 

The approval workflow will provide the approving party with access to the invoice data and image/PDF file for easy verification and approval.

Handling of Multiple Entities (Grouping)

Grouping is important and this is why we want to help you categorize data from multiple clients to make the process easier and for you to have a better overview.

This functionality will allow accountants/bookkeepers to log into Innovo Invoice and have access to all their clients that they manage. Users will be able to process invoices and carry out other functions across multiple clients seamlessly.

QuickBooks Integration 

We will finalise the QuickBooks integration so you can easily integrate into your existing accounting software without requiring lengthy implementation.

This integration will allow customers to easily combine QuickBooks and Innovo Invoice for an automated business flow, allowing vendor, bill, payment, payment terms, fees, and account data to seamlessly sync. 

The integration is designed for simplicity, with a self-service setup configuration that doesn’t require any custom development work for standard AP flows. 

With the integration, customers can eliminate their AP workload, accelerate payment reconciliation, improve supplier relationships, and strengthen financial, tax and regulatory compliance controls.


We would love to hear your feedback on the recent updates and upcoming features. If you want to get in touch, send your comments to info@innovo42.com. We’d love to chat!

Posted by:Andreea Serb

Andreea Serb is a Content Marketing Lead at Innovo42. Follow her on Twitter @Andreea_Serb to discover stories and fresh perspectives from the industry.