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Imagine you work as a CFO at a trading shops which deals with invoices, receipts and G702 and over the counter (OTC) contracts. Most of your invoices, receipts and G702 are coming through emails or by post. Your accounts payable person receives this invoices, receipts and G702 and works on entering this data into your ERP system. Unfortunately he makes a mistake by not type a decimal in 100.00 and the ERP gets the invoices, receipts and G702 for 10,000. This data entry error can get captured today when someone reviews it or it could make it to month end where your books don’t balance. When this error is found the person missing that decimal point feels bad, there is significant time lost in reconciling and human relations get stressed in the process.  In the same vein the people entering your OTC contracts whether traders or other accounting people into system of records make a data entry mistake. And next day in your morning meeting your value at risk report (VAR) which gets circulated to your CEO shows a VAR of $10mil for a portfolio which had a VAR limit of $100k.  There is intense amount of nervousness in the morning meeting between your CEO and the trader – both of whom are not sure whether the VAR number is accurate or not. The trader spends crucial hour right when market opens in figuring out his position from yesterday. This exposes your trader to not looking at market at the critical time of market open. Unfortunately the market moves in a direction which causes a $100k loss which your trader could have avoided if he was looking at the market open.  Hello, my name is Rishi Srivastava – I am the cofounder of Beiing Human. I have been activate part of both of these scenarios and know how manual data entry caused financial loss and emotional stress in my previous organizations. We here at Beiing Human believe that humans ought to do creative, deep and analytical work not error prone data entry. Here is one of our solutions: Document Processor You get to double check the value given by the document processor and also can download the excel file.  If you believe that your business suffers from these data entry hiccups, I invite you to follow us on our social page or sign up for our mailing list to get more updates.

I have been thinking about this for a while. How is the Document AI problem that we are solving is quite similar to pure system integration problems? Let us say you want your Procore to synch with your Foundation. In that case you will have an integrator connect the two sql databases and ensure that the project management system like Procore talks to an accounting system like Foundation. In this scenario of system integration the same company owns the two databases (Procore and Foundation) so a system integrator can build the integration without having to deal with data access issues. Lets say you as a construction company just won a bid and now its time to execute. You get thousands of quotes from various vendors. How do you get these quotes and create POs from these quotes efficiently. The quotes information is going to be residing with those thousands of vendors – some have ERPs and may be even some are generating this quote information using Excel. The construction company can not go and ask all these thousands of vendors that are sending these quotes for their database access so the information from quote in vendor’s database can flow to construction company’s database. To solve this problem using pure sql db integration is infeasible because of the combinatorial explosion in number of integrations you need to build. This is the type of problem where Document AI shines. The vendor quote information from vendor’s database gets put into a quote document (usually pdf) that the Document AI parses and converts it to a structured form. Now this structured information can get passed to the construction company’s database. Essentially instead of requiring thousands of system integrations to be built for this construction company the Document AI cuts the number of integrations to just 2. There is a huge amount of time waste in document processing and I hope one day the industry will realize amount of time that can be saved in document processing with Document AI.

Data wields an omnipotent power that can both empower and overwhelm. Managing data efficiently means the difference between success and failure for an organization. History is proof that the organizations that stood the test of time were the ones embracing the ever-evolving nature of technology. But surprisingly even with such resounding examples as Blockbuster and Nokia standing as a warning, many organizations are still averse to taking a proactive approach with technology. It all comes down to a repulsion to change – a part of basic human nature. A problem that’s further fueling the need for a move toward digital transformation, particularly for the construction sector, is the prevailing labor shortage problem. This phenomenon is projected to get even worse in the coming years, with 41% of the construction workforce retiring by 2031 and the next generation’s diminishing interest in this sector. How Document AI contributes to a solution for this issue? Repetitive and time-consuming tasks like complex data entry should be allocated to AI – which it is better suited to handle anyway. As automating data entry, especially with Document AI technology, saves 80% of the time spent on manual entry, this significant time saved is instead utilized toward focusing human attention on more worthy tasks. Furthermore, depending on the company size, Document AI also saves organizations millions of dollars per year. These sizable funds could instead be allocated toward attracting talent to the construction industry – mitigating this crucial issue. As businesses navigate the complex world of handling data, Document AI emerges as a game-changer. AI has become pivotal in the big world of data management. In this spirit, Beiing Human has launched a Document AI software that boasts an accuracy rate of 96%. This is in stark comparison to the other software that is available in the market (like QuickBooks, Sage, Foundation, etc.) that use the old OCR model and therefore only offer an accuracy between 60 – 70%. The Power of Document Automation Document automation, driven by Artificial Intelligence (AI), has become pivotal for operational efficiency within the construction and ERP sectors. Businesses leveraging technology like document automation witness a substantial reduction in manual errors, an upswing in productivity, and remarkable cost savings, emphasizing its undeniable impact on organizational success. A crucial factor here is to select the perfect ERP for the organization depending on the company size and needs. Aside from the other more obvious advantages, Document AI accelerates project timelines and ensures that critical decisions are made promptly, fostering a competitive edge in the market. Beiing Human Document AI The low accuracy rates associated with traditional OCR-based extraction paired with the challenges posed by new templates affecting OCR solution had users frustrated, and understandably so. Developing Document AI to extract structured information from documents is a time-consuming and challenging task. This became the reason for BH introducing the ultimate template-agnostic solution – BH Document AI, the remedy to all document extraction challenges. This Document AI is dramatically superior compared to an OCR solution. It was developed to solve templatization problems in an OCR. How is it the perfect solution? It is template agnostic which means it can read different documents, no format needed, unlike OCR based software. Furthermore, BH Document AI software boasts an impressive 96% accuracy, a significant improvement over the 60 – 70% accuracy offered by OCR-based software. Product Updates Beiing Human software is consistently updated and enhanced to meet evolving needs. The software features are offered both as a front-end component or through an API call. Some key upgrades to enhance Document AI API usability include: Beiing Human user interface ensures a seamless and user-friendly experience for users of all skill levels. This enhancement aims to empower even the most novice users, making document management intuitive and efficient. The redesigned details page allows users to view all information extracted from a document alongside a comprehensive activity log, ensuring every detail is readily available and easily accessible. Users can now view consecutive documents without returning to the main page, promoting a smoother and more continuous document viewing experience. Did you know? A user-friendly interface reduces errors by up to 50%. Users can view documents by vendor names, cost IDs, job IDs, document aging, and other crucial information directly on the Documents dashboard. This feature simplifies document location, allowing users to effortlessly search for documents using vendor names or specific financial values. 3. Effortless Deletion of Unwanted Documents: Unwanted documents can now be easily deleted – streamlining document management and contributing to a clutter-free and organized document archive. Did You Know? On average, employees spend 18 minutes searching for a single document. 4. Audit Trail The audit trail feature provides a comprehensive overview of changes made by users, ensuring transparency and accountability. It records every modification, highlighting our commitment to data integrity and security. We’ve added an “Activity” feature that tracks your documents with absolute diligence. It’s not just about tracking changes; it’s about solving mysteries. Who made the change? When? Why? The new audit trail feature provides a comprehensive overview of changes made, ensuring transparency and accountability. 5. Duplicate Document Detection:Ever played hide-and-seek with duplicate documents? Our AI software immediately alerts users in case of a duplicate document, preventing potential errors and ensuring data accuracy. The advanced BH software uses image hashing to detect similarities between documents. If the similarities are above a certain threshold, our AI flags it as duplicate. After being flagged as duplicate, users will be presented with both documents, and they can decide if they want to process or delete the document. Did You Know? 20% of documents in an average business are duplicates. For ERP giants, data is the lifeline. BH enables the effortless viewing, syncing, and attachment of ERP data, including vendor names and GL accounts, to any document. This integration ensures a cohesive and centralized data repository. Vendor names, GL accounts – consider it a data fiesta! Did You Know? 85% of companies consider data syncing crucial for business success. Get ready to sync

Imagine a world where your entire accounts payable entry process can be completed with a few clicks of a button. At Beiing Human, we are striving to solve this issue. My name is Luke Nelson, co-founder of Beiing Human. Every day millions of invoices, receipts, and G702 are manually entered by accounts payable staffers across the world. With over a decade of experience in the construction industry, I’ve seen firsthand how laborious this process can be. From regular hardware store invoices, receipts, and G702 to complicated G702, the likelihood of a human making a mistake is around every corner; even the most professional of employees have been known to transpose a number or miss a zero or two. As a business owner, why would you want to pay an AP Clerk to do hours’ worth of work when it can be done in seconds?  Our company’s mission is to eliminate repetitive human data entry where possible. Simply put, we want humans to be humans, to think strategically, to be a valued member of the team. Will you make the change today? Will you make your company more efficient? Will you make your company more money? Or will you do things the old way, because “that’s how it’s always been done.” The choice is yours. 

Speed. Accuracy. Agility. Are these the traits of your favorite NFL quarterback? Of course, but they are also the traits of your company’s Accounts Payable Clerk. Entering invoices, receipts, and G702, writing checks, answering “where’s my money questions” tracking lien waivers, responding to emails, reconciling statements, the list can go on forever. Every payable dollar goes through the hands of the AP Clerk. Think about that, depending on your company’s size, you are asking a person, or a team of people to manually enter thousands of invoices, receipts, and G702 to the tune of 100% accuracy while also getting distracted, answering questions, etc.  The scenario I just laid out in the previous paragraph can be found in basically every business throughout the world. While this is fine and has worked for years, there is one big piece of the puzzle that is missing in today’s typical AP process, AUTOMATION. With today’s advancements in technology and the use of artificial intelligence the need for someone to sit and manually enter invoices, receipts, and G702 is a thing of the past. Simply put, if your company is still doing this, you are getting left in the dust. Not only are you underutilizing your staff, but you are also running the risk of input errors that will cost your company money.  I ask that you take a look at all of the different AP automated options that are currently available. No doubt, some are better than others, but I encourage you to shop around and find the best fit for your company. I guarantee you will be pleasantly surprised at how easy the integration with your current ERP system

A game-changer for construction companies of all sizes, accounts payable automation has emerged as a pioneer for sustained revenue growth through streamlining operations. With the ability to simplify invoice processing, reduce manual data entry, and increase efficiency – automating accounts payable processes provides immense benefits to construction companies in particular. For enterprises that are looking to optimize their financial operations, automation streamlines the financial operations of the business, saves time and money, reduces errors, and increases productivity. In this article, we will discuss the benefits of implementing accounts payable automation and why it is vital for construction companies in particular – as well as the optimal method to go about its implementation. What Automating Accounts Payable Can Do for Your Business Construction companies typically deal with a high volume of invoices, including those for materials, equipment, and subcontractors. With account payable automation, these invoices are processed and paid quickly and efficiently. This results in reduced time spent on manual data entry and approval processes, freeing up staff time to focus on other critical tasks. Construction companies need to keep a close eye on costs, as even small increases can impact the overall profitability of a project. Account payable automation helps to improve cost control by providing real-time visibility into expenses and invoice status. This makes it easier to manage budgets and identify potential cost-saving opportunities. Manual data entry is prone to errors, which can lead to incorrect payments and lost revenue. Account payable automation helps to eliminate these errors by automating data entry and validation processes. This results in fewer payment errors and greater accuracy in record-keeping. To gain further insights about the complexities of data entry in high pressure environments read – Data Entry/AP improvements in high pressure environments Construction projects require a significant upfront investment, and managing cash flow is crucial to ensuring the success of the project. Account payable automation aids the optimization of cash flow by providing real-time visibility into invoice and payment status. This makes it easier to manage cash flow and ensure that funds are available to pay suppliers and subcontractors on time. Construction companies rely on their suppliers and subcontractors to deliver materials and services on time. Late payments can damage these relationships, leading to delays and increased costs. Account payable automation helps to improve supplier relations by providing faster invoice processing and payments. This creates a more efficient and timely payment process, improving supplier relationships and reducing the risk of project delays. Construction companies deal with a high volume of invoices, and manually processing them can be a time-consuming task. Automated accounts payable processes eliminate the need for manual data entry and approval processes, freeing up staff time to focus on other critical tasks. This results in faster invoice processing and payment, reducing the time it takes to manage accounts payable. Automated accounts payable processes provide real-time visibility into invoice and payment status. This makes it easier for the organization to manage budgets, identify potential cost-saving opportunities, and ensure that funds are available to pay suppliers and subcontractors on time. Construction companies need to comply with various regulations related to accounting and finance. Automated accounts payable processes help ensure compliance with these regulations by providing accurate and timely record-keeping. To learn all the benefits businesses glean from automating accounts payable read – How accounts payable automation propels your business forward Best Practices to Follow For Successful Implementation Image source – stampli.com Here are some steps that construction companies take to optimize the benefits of implementing accounts payable automation: Start by evaluating the current accounts payable process and identifying pain points and inefficiencies that are addressed with automation. This helps organizations determine what areas need improvement and what solutions can be implemented. There are several accounts payable automation solutions available, including cloud-based software and digital payment platforms. Consider the features and benefits of each solution and choose the one that best fits the needs and budget of the construction company. Once a solution has been chosen, set up the system and integrate it with existing accounting software and payment platforms. This may involve setting up payment workflows, automating invoice processing, and configuring payment options. Provide training to staff members who will be using the accounts payable automation system. This leads to better understanding of how to use the new system and maximizes its benefits. Test the new system with a small batch of invoices to ensure that it works as intended and to identify any issues that need to be addressed. Once the system has been tested and is working as intended, roll it out to the entire accounts payable team and other stakeholders. Monitor the accounts payable process and identify areas for improvement. Continuously refine the system to increase its benefits and ensure that it meets the needs of the construction company. Implementing accounts payable automation can take time and effort, but the benefits it brings to organizations particularly, construction companies, makes it well worth the investment. Although, to fully avail these benefits it is crucial that best practices be followed, to gain further insights into this read – 10 Accounts Payable Automation Best Practices It is an indispensable asset for construction companies that are looking to optimize their financial operations. By streamlining invoice processing, improving cost control, increasing accuracy, improving cash flow management, and enhancing supplier relations – account payable automation is a crucial tool for construction companies to stay competitive and achieve greater profitability. Pave the Road to Success   To keep in stride with today’s fast-paced business world, it is essential to avail yourself of every edge you can get. Automating accounts payable processes frees up employees to focus on activities that generate value for the company. At Beiing Human, our seasoned team of professionals and thought leadership are well-versed in the technical language of both AI and finance. We are constantly evolving and innovating our products to provide our clients with the ultimate solutions to complex problems. We are differentiated from our competitors in the construction industry

Choosing the right ERP software is a critical factor in a construction business’s sustainable success. But it can be a nerve-racking process. An ERP (Enterprise Resource Planning) system is a business management software that allows for the smooth running of accounting processes and company operations. It enables the business to use one system to manage all the business procedures. ERP has skyrocketed in fame for growing businesses – by simplifying complex processes it provides organizations with a competitive edge. Construction companies, in particular, benefit a lot from using ERP software due to their detailed and complex payment processes. However, to reap all the benefits of implementing ERP software, it is crucial to make the right choice. This can be daunting due to its time-demanding nature, which also warrants internal and external collaboration. Each business has its challenges when making this decision. In this article, the criteria for selecting the perfect ERP software for construction companies is established, along with picking the right vendor – which can be just as important. You can also find a detailed analysis of the points to keep in mind when transitioning to a new ERP system in the article – 6 Points to Consider When Transitioning to a New ERP The Right Approach to ERP Selection Procedures For construction companies, specific processes are more significant than others. For example – customer relationship management (CRM), job costing and construction accounting, managing bids and creating estimates, budgetary and variance analysis, human resources (HR), and month-end financials like payroll management and billing. A collaborative view of all these procedures needs to be taken into account when deciding whether a single or integrated system will fit the company’s requirements or else a system with separate applications would serve better. Size As deciding on the best ERP system according to your organizational needs is a complex decision with many variables it is wise to also consider the size of your organization. There are 3 tiers of ERP systems according to the scale of the business. Businesses with revenues above $500m are considered large, for whom complex systems are built. Businesses with yearly revenue between $20m to $250m are considered mid-size, while the tier 3 systems are relatively cheaper and easy to implement – these are focused on small companies. However, choosing between these tiers is a complex process with many organizations losing money by making the wrong choice, with additional associated costs to correct this mistake. This is because there are a lot of other factors at play when you’re choosing a tier, like how many people are simultaneously using the system, the number of transactions taking place, whether the bids are of a complex or simpler nature, the number of subcontractors allowed, etc. For example, in the case of a construction company with various high-end projects, like skyscrapers, that uses many contractors – going for Tier 1 is obvious. However, if you’re technically a mid-sized company with the associated number of employees and revenue streams, you might automatically choose Tier 2 – but this might be a wrong choice if you only have a few contracts with a relatively higher value, and fewer subcontractors and transactions taking place. Conversely, Tier 3 might not suit a small company with lots of small contracts, resulting in a high number of transactions and subcontractors. Therefore, to save considerable costs by making the wrong choice and then spending time and resources correcting the mistake, it is essential that organizations give this decision a fair amount of thought and make data-driven decisions. Placement According to your organizational requirements and size, the next step is to choose between three deployment methods – hosted, on-premise, or cloud-based. By allowing access to real-time data via mobile devices, very useful for field technicians on the job site, cloud-based systems are proving to be the top choice. This is also due to their cost-friendliness as well as the fact that it is a more efficient system that creates optimum value with fewer resources and provides safety for the company data. Horizontal and Vertical Systems A further choice to make when considering ERP systems is whether you want an industry-specific solution and the configurational capabilities of the chosen system. Horizontal Systems Horizontal systems offer features like project management, a robust budgeting system, payroll, estimation, etc. For construction companies, the particularly useful features include being able to create project prototypes, user-defined progress billings, and tracking projects, with many horizontal systems also coming with accompanying mobile apps for on-site users. They do not, however, allow you to change order management or project cost categories – features that are especially useful to the construction industry. Vertical Systems With vertical ERP systems, you get features like job costing, bid management, job progress billing, field time entry, payroll management, reporting, etc. Some vertical systems also come with property management elements specific to the needs of the real estate industry. But vertical systems are not as advanced as horizontal systems and, mostly, do not offer mobile applications. Ultimately, organizations need to consider business process requirements like billing, bidding, payroll, month-end closures, procurement, etc. to make the final decision. You must choose a system that is specific to your organizational needs. And very clearly define needs in your RFP (Request For Proposal) so the supplier can set up the system per these requirements. Find out how AP automation can help you achieve sustained success by reading – Revolutionizing Construction Company Finances: Why Account Payable Automation is Essential 5 must-haves in a construction ERP For construction ERPs to provide optimum value, in addition to some common characteristics, some distinct features are also required. 1. Estimation of Costs An estimation of the overall costs of a project no matter the nature – whether it’s construction, renovation, internal, external, etc. – is the fundamental component of every construction ERP system. For the client and contractor to reach an agreement a basic estimate of the final cost and revenue must be made. Several factors go into creating this estimate and

In recent years the construction industry has gone through dramatic fluctuations due to factors like COVID-19, material acquirement delays, and changing consumer behaviors. Miraculously, the industry still managed to pull off a win, going 17% above last year’s record to a whopping $1 trillion. Industry experts predict a slowdown in this upward trajectory due to the rising interest rates. Fortunately, owing to government funding, particularly for commercial projects, the construction industry will likely not feel the brunt of any ensuing economic turmoil. To aid your construction company in remaining competitive in the times to come, we’ve assembled a list of trends to watch for. 1. Virtual Design in Construction Unsurprisingly, digitalization is becoming a major part of the construction industry. One significant trend is the adoption of advanced technologies such as Building Information Modeling (BIM), drones, and augmented reality (AR) in construction processes. These technologies enable improved project visualization, enhanced collaboration, and streamlined construction workflows, resulting in increased efficiency and reduced costs. With techniques like virtual design and Construction Management Software, contractors visualize structures before their inception. This is particularly useful in multi-million dollar projects, as according to research roughly 30% of costs in the construction sector amount to faulty builds. Virtual design helps cut down on this by allowing builders to first build structures in a virtual environment. Construction is a very complex procedure, with multiple parties involved and a variety of tasks all happening at once. This is why digitization is especially crucial in this sector. Technologies like Construction Management Software (CMS) allow for the streamlining of data by making all the documentation accessible in one place. 2. Modular Construction General contractors and builders are increasingly moving toward modular construction as while keeping costs low, it also makes for speedier construction and less waste of resources. Modular construction refers to the practice where generally 60% – 90% of a structure is built before bringing it onsite. The benefits this brings are so substantial that Dodge’s 2020 Prefabrication and Modular Construction Report found that almost 90% of contractors stated that “prefabrication and modular construction methods are more beneficial than traditional construction.” Not surprisingly, modular construction is gaining rapid traction and is expected to be the next big thing in the construction industry.  3. Document Automation The nature and volume of transactions in the construction industry are vastly complex, not to mention the data inputs. To gain further insights into this read data entry/AP improvements in high-pressure environments.  By embracing automation processes like CRM and accounts payable automation the industry is seeing a visible improvement in efficiency and revenue growth. Automation eliminates the need for manual data entry, formatting, and repetitive tasks involved in document creation. This significantly reduces the time required to generate documents. Furthermore, it streamlines the entire process by eliminating errors and inconsistencies commonly associated with manual entry. Automated document systems often feature cloud-based platforms that facilitate collaboration among project stakeholders. Multiple team members can access, review, and edit documents simultaneously, promoting efficient communication, mitigating errors, and reducing delays. Automating documents in construction improves productivity, accuracy, and collaboration while reducing risks and costs. It allows construction professionals to focus more on critical tasks and decision-making, leading to better project outcomes. Overall, document automation has revolutionized construction company finances. 4. Internet of Things (IoT)   Smart cities equipped with IoT are seeing a rapid increase in the construction industry. A smart city refers to areas whose infrastructure is embedded with software and technologies to connect and exchange data with other devices. This aids in a more smooth and efficient running of systems. According to the projected reports of the International Data Corporation (IDC), the smart city market will grow to a resounding $203 billion by 2024.  This trend will have a major impact on the construction industry with investments in digital transformation technologies like the IoT becoming a must. To keep in pace with the times, the organizations operating in the construction industry would need to act fast as many market-leading companies have already made agreements to construct smart cities in the coming year. 5. Going Green Given the environmental crisis we are facing today, it is our moral obligation to do all that we can to reduce our carbon footprint. Construction companies, in particular, are being held to higher standards in the era where awareness is widespread. Therefore, companies need to take ethical stances to exist in an increasingly perceptive society as building operations alone accounts for the majority of greenhouse gas emissions in the construction and real estate sectors. The design and construction process should be sustainable with a focus on optimizing limited resources. The seriousness of this factor can be analyzed from the McKinsey report that perpetrates that 90% of the construction industry analysts believe that building green to become environmentally sustainable is no longer an option.  6. Labor Shortages Though the construction industry has been amid a labor scarcity dilemma for around a decade, in the past year it has become an official crisis. The year 2022 represented a 40% increase in the jobs left open in the construction industry from 2021. The Association of Builders and Contractors states that “the industry would need to hire 650k additional workers on top of the normal hiring pace in 2022 in order to keep up with demand.” These numbers are not expected to go down any time soon. A survey found that a resounding 89% of construction firms face problems in filling positions while 61% are suffering project deferrals as a consequence of labor shortages. This is a serious blow to completion rates and project timelines. To deal with this crisis industry experts predict a sharp increase in labor costs to hire and retain the workforce. Aside from this, other incentives like retention bonuses and marketing tactics are being applied through the likes of social media platforms. 7. Rise in Material Costs Global economic triggers have resulted in material shortages and thus, a rising price for these resources. More than 90% of builders attest to facing shortages in

Are you anxious that entering your invoices, receipts, and requisition for payments into QuickBooks and other ERPs will lead to unnecessary mistakes? Do you find yourself collecting bills and receipts into an envelope at the end of every week and laboriously shipping it off to your bookkeeper? It then takes hours for your bookkeeper to get this information correctly into the ERP. Additionally, assigning the correct cost code to your projects is a problem that you and your bookkeeper both struggle with. Issues that I described here often leave you clueless as to how profitable, or loss generating, different projects are. For contractors looking for accurate profit and loss statements, project-wise, project costs must be correctly entered into QB and other ERPs. What is then the solution, you ask? Beiing Human’s Intelligent Document Processing of course! Also read – Revolutionizing Construction Company Finances: Why Account Payable Automation is Essential Intelligent Document Processing (IDP) is the use of artificial intelligence (AI) and automation technologies to extract relevant data from various types of documents. IDP is a must-have tool for contractors using QuickBooks and other ERPs as it streamlines thedata entry process, reduces manual errors, and improves efficiency. Here’s how contractors can leverage our IDP with QuickBooks and other ERPs: Document Collection Contractors often receive various documents like invoices, receipts, purchase orders, and contracts from their clients, vendors, and suppliers. Beiing Human’s IDP software automatically collects and organizes these documents from multiple sources, such as email attachments, cloud storage platforms, handwritten documents, or scanned copies. Data Extraction Our IDP utilizes AI algorithms to extract relevant data from the collected documents. These tools can identify key information such as invoice numbers, dates, line items, quantities, prices, and vendor details. The extracted data is then automatically populated into the appropriate fields within QuickBooks Online and for other ERPs an easy-to-use csv file is generated. Data Validation Our software cross-validates the extracted data against existing records in QuickBooks Online to ensure accuracy. For example, the system can verify if the vendor or customer already exists in the QBO database or check if the invoice number is unique. This validation process helps minimize errors and ensures data integrity. Reporting and Analytics By using our IDP contractors can enjoy real-time insights and analytics to help them in generating reports, track expenses, monitor outstanding payments, and gain better visibility into their overall financial performance. By leveraging our advanced IDP in conjunction with QuickBooks and other ERPs, contractors automate mundane data entry tasks, reduce errors, and improve overall productivity. It streamlines the contractor’s financial processes, enabling them to focus more on core activities and enhance their business efficiency. If all these benefits seem like something you want to see in action, please schedule a demo and one of our experts will show you how you can use our system to increase transparency, timeliness, and accuracy of project-wise profit and lossreports. We connect with your team to understand your pain points and personalize our services to your needs. The Beiing Human’s IDP software cuts your processing time on invoices, receipts, and G702 by a resounding 90%. Embrace the power of our advanced AI and propel your business to new heights. Start your journey today! Find more valuable insights – Top Construction Industry Trends to Watch