New accounts payable automation with an Automated Inbox that scans vendor invoices and links them to purchase orders and receipts, plus 3-Way Matching that flags discrepancies in cost, quantity, and line items. Both launch by month end with fully configurable thresholds.
Chapters
We have a new feature, I guess, package. And what this package is, is automations built on top of the entire process, everything from entry of an invoice all the way through to payment. We're still pretty early in the development of some of these features. So I'll talk, talk to you about 3 of these features that are either available today or will be coming shortly. And then of course we can talk about what's coming even a little bit further out. But these features are our 3-way matching system and our automated inbox. Those 2 are available as of the end of this month. And what they do is automate the bill entry process through the inbox. So you get a dedicated email address to forward your invoices to. You get an email address that you can forward automatically or manually vendor invoices to that you want in ServiceTitan. Those invoices are scanned and matched to the purchase order and/or receipt associate— well, I guess both purchase order and receipt that the invoice is connected to. And then our 3-way matching system kicks in and checks for any discrepancies between the 3 documents. So it will check for things like discrepancies in unit cost, um, unit or item quantities, whether an item that appeared on the purchase order doesn't appear on the bill, or maybe there's something on the bill, vice versa, that didn't appear on the purchase order or on the invoice. All of this is configurable by you, so you're able to say for your business what constitutes a discrepancy in unit cost. For example, is it any change, any difference at all, even a fraction of a penny for the unit cost needs to flag a discrepancy? Or is it no, you know, we really don't care, it's not worth our time to investigate this for anything that's, say, less than a $50 or $100 or $10, you know, whatever it is, difference. Or maybe we only care if it's a different percent— if the percentage difference is significant. Say we only want to see this if it's greater than 5% difference than what we expected. In which case, um, we will flag a discrepancy for you and you go through that reconciliation process and can reconcile or, um, resolve the discrepancies that we found.
