Livecosts have built a unique piece of software that can extract details from a invoice with very high accuracy in less than 1 minute. Although there are other extraction softwares they tend to struggle when a new document is seen for the first time.
When we format an invoice, we put rules for extraction in place for you. This allows the software to read a recognised / formatted document with a 98% + accuracy. This is an important step, which is why we look at the most regular invoices you having coming in. The Livecosts inbox also requires the documents to be an original PDF. This means the documents cannot be printed or scanned before they reach the inbox. This ensures the scanning will produce the best and most accurate results.
What we hope to achieve is the 80/20 rule. By giving you a method to extract on a number of your suppliers, we hope to take away 80% of the manual entry. This gives you the added bonus of the ability to save the line Items to a catalogue for re-use and track the costs of that item.
It is important when setting up Livecosts to think about who sends you the mosts invoices. This for our current customers is generally their suppliers. Livecosts will extract the product code and use it as the unique identifier to track the price of the line item. Labour and Subcontractors invoices tend not to have product codes so consider manually entering these or flipping a Purchase Order to an Invoice to save on manual entry.
The button highlighted in the image above will link you to a page where you can see the supplier documents that are supported for your company. The number of suppliers here will reflect the subscription package that you signed up for. If you need to add more suppliers to this list. Please contact firstname.lastname@example.org