Invitbox, an Australian start-up responsible for developing a cloud-based data extraction solution for paper bills, has celebrated its first year anniversary.

The company was able to successfully gain 600 clients in Australia and process $120 million worth of electronic bills in their first year. By leveraging the cloud and using Invitbox’s patent pending, rule-based data extraction technology, it means businesses no longer needed to receive bills by hand or post.

Suppliers will only need to send a PDF bill by email to a company branded Invitbox email address and data from these bills will be extracted and presented to a client for approval on Invitbox. Data can then be exported to Xero, Saasu, MYOB, QuickBooks, Adept and other financial systems for payments to be processed after approval.

Invitbox has also been designed to automatically price-check against unit prices to ensure clients are not being overcharged and it allows users to export data into other POS and ERP systems to reconcile inventory levels.

 “Invitbox is helping clients change the way they do things. With Invitbox, we have solved some of the fundamental business challenges the bookkeeping and accounting industry is facing by helping them manage their costs better and to streamline processes.  However, Australian businesses need to change their accounting practices and overhaul the current practice of paper billing to achieve real cost efficiencies and organisational productivity,” Roger Gregg, CEO/Founder of Invitbox said.

“The future of bookkeeping and accounting is changing and businesses can embrace this by incorporating Invitbox in its accounts payable process to give their bookkeepers and accountants the freedom from having to perform repetitive tasks – like data entry. This will allow them to offer more strategic value and services to their clients.”