MakersHub, a startup specializing in accounts payable, has launched a new product called MakersHub Pay. The company aims to provide construction, industrial, and manufacturing companies with a solution to eliminate manual data entry for bills. By leveraging their proprietary WiseVision technology, MakersHub can decipher and contextualize all data on bills and receipts, including line items and data fields, more accurately than legacy systems. This breakthrough technology allows customers to instantly capture bill and receipt data, implement rules-driven approval processes, and auto-map records to QuickBooks.
Key Takeaway
MakersHub Pay, developed by accounts payable startup MakersHub, offers construction companies a groundbreaking solution to eliminate manual data entry for bills. The platform’s innovative technology, including the proprietary WiseVision technology, enables instant data capture, streamlined approval processes, and seamless integration with QuickBooks. By adopting MakersHub Pay, construction companies can experience a significant reduction in administrative workload and obtain more accurate financial insights for better decision-making.
Background of the Problem
Construction companies often face the challenge of managing numerous line items on their bills. Capturing and coding each item accurately is crucial for these companies to track job costs and estimate future project expenses. Phong Ngo, co-founder and CEO of MakersHub, experienced this issue firsthand while working as the president of General Plasma, a nanotechnology equipment supplier. Despite having a CFO, accounting manager, and third-party accounting assistance, Ngo found that the company’s books were never accurate or complete. Bills and receipts were not entered or coded correctly, resulting in missing data and reports that took days to compile from multiple spreadsheets. Ngo recognized the need for a real solution to streamline vendor management and bill payment processes.
The Solution: MakersHub Pay
MakersHub Pay is a game-changing feature developed by MakersHub to digitize payments and integrate them seamlessly into the accounts payable workflow. By placing the accounting system at the center of a company’s financial operations, MakersHub ensures that payment data aligns precisely with accounting records and bank statements. The goal is to enable small businesses to shift away from paper checks and invoices and adopt efficient digital payment methods. MakersHub captures nearly 40 data fields on bills and receipts, providing users with a wealth of accurate information that can flow seamlessly across different systems.
Benefits for Construction Companies
MakersHub’s innovative technology offers significant advantages for construction companies:
- Instant bill and receipt data capture: The automated process eliminates the need for manual data entry, saving time and reducing the risk of errors.
- Rules-driven approval and authorization flows: MakersHub Pay streamlines the approval process, ensuring compliance with company policies and reducing bottlenecks.
- Auto-mapped records to QuickBooks: The integration with QuickBooks simplifies the tracking and management of expenses, allowing for more accurate job costing and future project estimations.
