Kojo, a materials management platform, has announced the launch of its new Automated Invoice Matching product. This product supports the accounting process for commercial trade contractors, helping eliminate billing mistakes. Automated Invoice Matching builds on Kojo’s purchase order and delivery functionality, making Kojo a a platform that allows customers to manage the materials procurement process. Invoice Matching also marks Kojo’s first foray into the fintech space as the company continues to expand to help meet the needs of more than 11,000 construction professionals who use its platform.
“Invoicing errors are far too common in construction,” said Maria Davidson, founder and CEO of Kojo. “Hundreds of companies have told us that billing mistakes have cost them tens, and in many cases hundreds of thousands of dollars. At Kojo, our mission has always been to streamline processes for our customers so they can focus more on what’s really important – building. With Automated Invoice Matching, we’re able to give our customers full confidence they’re paying the right amount for what actually arrived.”
Kojo’s Invoice Matching instantaneously flags errors such as incorrect quantities and prices entered by vendors by automating the three-way matching process, comparing the vendor invoice to the purchase order and then to proof of delivery. This ensures vendors are charging contractors for the correct prices and quantities, at the line-item level. Invoice Matching allows Kojo customers to save time and eliminate manual data entry, while reducing the number of systems needed to complete a job.
“Kojo gives me better visibility into our end-to-end materials management process,” said Alex Eldridge, project manager at Tharco Inc. “I used to have to do everything from memory. Now, with Kojo, I can see everything from the time we ordered through receiving, invoicing, and payment, all in one system. Kojo makes it easier for me to back up our data and catch mistakes before we pay for them.”
Automated Invoice Matching soft-launched in Q4 of 2022 and to date has processed $2.8 million in invoices, catching mistakes on 27% of invoices processed.
