SmartUi AI Invoice Automation for Premier Construction Software

Copy Of Premier Const Soft + Cloud Black Side 01

SmartUi AI Invoice Automation Platform for Premier Construction Software is a cloud-based revolutionary solution that streamlines the accounts payable process for Premier Construction Software users. It allows businesses to process their invoices, credit notes, and statements, quickly and effectively, avoiding data entry, validating invoice data, and uploading critical documents into Premier.

The platform utilizes Artificial Intelligence (AI) and Machine Learning (ML) technology to auto-extract information from any invoice, credit note or statement all whilst constantly learning the format and structure of all documents as they are processed. SmartUi’s Platform is fully integrated with Premier Construction Software and simplifies the entire invoice process from end to end. The accuracy of the system results in an 88% reduction in the manual effort required within the accounts payable team to process invoices, credit notes and statements.

SmartUi’s Web-based interface

Figure 1: SmartUi’s Web-based interface

 

How SmartUi Invoice Automation for Premier Construction Software Works?

A key feature of SmartUi’s AP automation platform is its ability to automatically ingest invoices, credit notes, and statements from any nominated company . This means that businesses no longer have to manually source documents from suppliers or email addresses and then key them into Premier Construction Software. Instead, all documents are sent directly to an email address and then automatically ingested into SmartUi’s platform for processing.

Once ingested, the invoice classification and separation begins reading and understanding the content on each page. The engine takes over the tedious process of classifying and separating documents into invoices, credit notes and statements. By reading and understanding the content on the page, the system accurately classifies each document as a statement, invoice, credit note or relevant correspondence. By understanding the type of document, it then routes each document directly into its corresponding workflow without any manual intervention.

In addition, the engine also intelligently separates each document automatically by reading single document files which contain multiple invoices, credit notes or statements which are separated and processed individually. It does this by understanding the content on the page including document header fields, changes in invoice numbers, page numbers, footer payment information and other key identifiers which are used to ensure perfect separation.

SmartUi’s Web-based interface – Automated Classification of the document as an invoice with associated annex page

Figure 2: SmartUi’s Web-based interface – Automated Classification of the document as an invoice with associated annex page

 

The documents are now ready for SmartUi’s intelligent data extraction engine, which recognises invoice data (down to line items).  Using Machine Learning capabilities, the system records exactly how each vendor’s documents are formatted, resulting in perfect recognition any time a trained document is ingested and fuels the seamless processing to Premier Construction Software. The system extracts vendor information, invoice number, invoice date, PO number (if available), subcontract number (if available), job numbers, header and line-item values, and then validates extracted data with Premier Construction’s database. If no errors are located, invoices are processed to Premier Construction’s approval workflow without human intervention at all. Thanks to this feature, businesses can rest assured that the data extracted is accurate and up to date without having to constantly adjust each time invoices are processed.

To add an extra layer of compliance to the process, dynamic algorithms provide an accurate, reliable solution for invoice reading and verifying financial data extracted from the documents. These algorithms use extracted values to calculate and verify invoice total summations, line-item summations, and tax calculations. This allows users the confidence that invoices will always be correct, given all recognised values must balance mathematically to be valid – which subsequently removes the chance of keying errors. One-cent rounding discrepancies within Premier Construction Software become a thing of the past making it easier than ever before to ensure all inputted information is accurate.

SmartUi Invoice verification with automatic PO match

Figure 3: SmartUi Invoice verification with automatic PO match

 

The machine learning and AI engine not only learns how different documents look, but it also performs automatic verification tasks with data present in Premier Construction Software such as duplicate checking, invoice-to-purchase order matching, invoice-to-subcontract matching, job number matching, vendor matching, automatic GL coding or automatic tax group allocation. The system will automatically flag when issues are presented; for example, when an invoice value is greater than or has an insufficient balance remaining a subcontract or purchase order, the AP operator will be immediately notified so mandated organisational processes can be implemented and followed for speedy rectification. This not only helps reduce costs associated with the manual review of documents, but also flags when vendors overcharge for their products or services which are quoted on the purchase order.

Among other benefits, the platform offers improved visibility into any discrepancies, preventing potential financial losses due to incorrect payments or billing mistakes – not to mention costly budget miscalculations due to unjustified spending. Validation of invoice data saves countless hours by automating the validation of critical financial data associated, whether it be via job, PO or subcontracts. SmartUi’s platform will ensure you are within budget every time. In a manual environment, this validation process is one of the largest consumers of valuable resource time which could be spent on more important tasks such as strategic planning, managing vendor negotiations, ensuring receivables are up to date or conducting other business-critical financial tasks. This feature ensures key financial reconciliations between invoices sent by a vendor and invoices in Premier Construction are mandated and never overlooked.

In addition to invoices and credit note documents, SmartUi also reconciles monthly vendor statements – with invoices processed in Premier Construction Software. This is an innovative feature that automatically reconciles invoice numbers and amounts extracted from statements with the historical invoices that have been processed in Premier Construction Software. The engine identifies any discrepancies and flags missing invoices immediately that AP staff would have traditionally had to find manually or wait for the overdue invoice reminder. The system quickly reconciles tens of thousands of statement lines without human intervention. This not only helps you save time, but it also ensures vendor invoices are not lost or left unpaid as it quickly highlights anything missing from Premier Construction. Through SmartUi’s comprehensive automated statement reconciliation process users can trust that the data handled is both accurate and up to date.

Automatic identification of invoices missing in Jonas Premier from a monthly statement

Figure 4: Automatic identification of invoices missing in Premier Construction Software from a monthly statement

 

When errors are found, the intuitive web-based user validation interface (seen below) provides instant feedback on business rule violations, or discrepancies in data entry. This means AP staff can make adjustments quickly and easily before submitting anything to Premier Construction Software for approval or payment processing. AP staff only need involvement when exceptions are flagged and need attention. An exception could relate to duplicate invoices, invoices that require line coding, job number matching, or missing PO or subcontract numbers.  With this feedback loop in place, businesses have greater control over their accounts payable processes so they can ensure accuracy while remaining compliant with internal policies across multiple departments within their organization.

SmartUi Intuitive interface flagging the following errors for user handling

Figure 5: Intuitive interface flagging the following errors for user handling. 1. duplicate invoice 2. Add a PO or Subcontract Number. 3 if not a PO or subcontract please as a GL code or Job number, cost type and cost item on the lines.

 

Finally, SmartUi’s platform seamlessly integrates with Premier Construction Software so that any changes made within Premier Construction are synchronised across both systems simultaneously without any additional steps required on behalf of users or administrators alike. All data including vendors, chart of accounts, PO, subcontract, jobs and Premier Construction approval workflows are fully integrated with SmartUi. Upon upload from SmartUi to Premier Construction Software, the invoice system also uploads the invoice document, email message (if required), and any attached correspondence to the invoice transaction in Premier Construction Software within the documents tab – which makes critical documentation visible to approvers (see below image).

Picture6

Figure 6: Invoice Uploaded to Premier Construction Software from SmartUi for Approval

Invoice Document and other pages appended in the documents tab In Premier

Figure 7: Document and images appended in the documents tab

 

Another benefit is the reduction of regulatory compliance risks during audits and providing a quick, easy method for invoice retrieval. This expedited process also ensures that any disputes or investigations are quickly resolved as everything relevant is readily available in one place. The innovative platform presents an ideal solution for Premier Contruction Software users looking to streamline their invoicing processes. The system enables businesses to save valuable hours which would otherwise be spent manually processing documents, resolving issues or reconciling statements in order to keep everything up to date at all times.  The system will prevent delays in payment approvals or other critical invoicing discrepancies typically associated with manual entry processing. Importantly, your business can grow without adding additional headcount to the team.

In conclusion, SmartUi’s cloud-based AP automation for Premier Construction Software is a powerful tool designed specifically for streamlining accounts payable operations while reducing the processing costs associated with errors often seen when dealing with manual invoice processing. The combination of AI & ML technologies provides an automated solution designed specifically for accurate & cost-effective processing of invoices, credit notes & statements into Premier Construction. This cloud-based solution will help you streamline your invoice entry process, remove manual data entry, reduce cost, increase visibility and better manage your construction business.

Share this great article

Subscribe

Get the latest news update

Share This

Select your desired option below to share a direct link to this page