Before the technological advancements, maintaining books was a tough task. One error committed in books used to result in dire consequences. Additionally, the cost and time involved in implementing those changes would be another matter. Later, with technological breakthroughs, more advanced and accurate ways of bookkeeping softwares found its way in the marketplace. Some were accurate while others needed few updates; however both required human intervention.
Over the course of six years and studying nearly 20 million documents, this technology was built on a self-learning library based on machine learning algorithms. It used artificial intelligence to perform financial tasks which earlier required human involvement. Founded in 2012, Itemize uses computer vision and machine learning techniques to read expense documents such as invoices, receipts, and purchase orders.
Utilizing Cutting-edge Technologies to build Revolutionizing Solutions
Itemize operates on a cloud-based processing service that involves both fully and partially automated systems for extraction, validation, and verification. Some of the unique platform features that make Itemize as one of the cutting-edge tech providers are its accuracy rate, detailing, multi-dimensional confirmation, quick results, and reconciliation system that match receipts to payments and bank data. More importantly, all of it is 100% scalable in the cloud. With its cutting-edge technologies, Itemize offers the following revolutionizing solutions.
- Itemize Expense: It is full-featured expense management in a straightforward intuitive application. This service allows users to scan and manage within one intuitive platform. The unique feature is that it is 100% mobile-enabled with a companion website.
- Itemize Retriever: Retriever is a highly beneficial invoice and AP management software. It is a user-friendly service with easy-to-use automated invoice and payables system. It simplifies the time-consuming manual data entry processes.
- Itemize API: It delivers a fully automated solution for receipts, hotel folios, and invoices, transforming the world of expense tracking and management. Itemize enables businesses to accurately read, verify, and harness detailed data sets for use in expense management, payments, accounting, and other applications.
With years of experience and tech advancements, the leading bookkeeping software provider has crafted tailor-made solutions for different industries as per their client requirements and industry scenario. Currently, Itemize offers solutions to the architecture and design industry, legal services, non-profits organizations, and the real estate industry.
Prime Focus on the Improvement of Business
James Thomas, Founder & CEO of Itemize constantly stresses on the ways to improve the business. His mind wanders around looking forward to the next big thing in the space and what actually is its worth. The next thing he questions about is Blockchain technology and its impact in the sector. Thomas’s visionary mind focuses on a Distributed ledger or centralized ledger sitting underneath the Itemize Data Hub and it’s fitting in the next two decades. Irrespective of the size of the organization, he aims that the product of the company should help the users in simplifying and improving the expense management.
Founder’s Word of Advice
According to James, there is so much going on, so many opportunities available for each and every individual that one should go with their interest and talents. Following the interests and talents will help individuals in shaping their future. He further believes that a real leadership in tech requires a lot of broader perspective on organizations and businesses than in the past. Moreover, he stresses on encouraging the budding tech leaders to climb down from the stack and mix in it up with the lines of business. The reason for this is that it will help them to understand how their applications are in fact applied.
In Pursuit of Overcoming Challenges
The biggest challenge Itemize faces today is the quest for potential talent. As it is a relative small IP and skills driven business, the major concern of the company is finding the talented and passionate workforce. Finding the right people for the right kind of role and who are ready to make the difference is what the company is looking for. Keeping this in mind, Itemize believes in creating such an environment where the technical talent and healthy culture will align with the company’s vision and goal.
A Litmus Test for all Business Leaders
Itemize as a company tries to solve practical problems for the end-users in various time horizons. It also assesses the technology solution which can solve the problems in that time frame. The cutting-edge tech provider believes that a great technology also has to be a great investment. Therefore, as a business leader, James reveals that the key litmus test is about pairing a solution with the need for the solution and to check when resources are available to deliver. He also emphasizes on checking with the investor as to when the return is required.
Transforming the Future
Itemize is excited about the opportunity for SaaS technology that will help to transform traditional business processes and workflows. In the next couple of years, many changes are expected to come in its way such as fancy new payments frameworks like Blockchain and distributed ledgers. The company is addressing this opportunity of tech changes by helping the transition to dramatically more efficient financial operations. Itemize is already working with leaders in several financial sectors such as credit cards, VAT tracking, ERP, and accounting software, to reimagine the financial supply chain with intelligent and structured data at the core.