At InstaSupply we like to listen to customer feedback and always work to make life easier for every single user engaging with our platform. The accounting piece of the system has been the segment we've learnt most about. Different businesses have different ways of working and varying levels of staffing depending on the amount of accounting data they need to process.
As InstaSupply prides itself on beinga system of intelligence, we learn from your data. We then use this knowledge to improve and simplify how you track purchases, control spend, and export data. This in turn helps free up time and resource to focus on growing the business.
There is no better example of this intelligence than the machine-learning we use to suggest values when your users encode documents in InstaSupply for accounting. Using current and historical data, we derive best-guess accounting nominals, departments, and cost centres for line items on documents wherever possible. Until now, as a final step, it has required a finance user to actively check and manually approve the values before a document can be marked as reconciled.
That is about to change…
Automatic Reconciliation for Accounting
As of today, in direct response to feedback from multiple users, we have taken the brakes off and allowed the system to automatically reconcile documents with accounting values served up by the machine-learning. This means a finance user will no longer need to go into each document and verify nominals, departments, and cost centres before exporting. Time savings on this process should be immediate. To benefit from this, please make sure that your Chart of Accounts is properly set up.
Default Accounting Data on Products
Not content with just that change to the accounting reconciliation, we have also re-activated the ability to provide default accounting data on the products you buy from your suppliers. This means that any invoices associated with an InstaSupply PO number will now be encoded with the default information from the products in that PO as soon as we receive the invoice. This will override any values derived by the machine-learning. To update the product's information, please go to the supplier's product list and edit it.
Despite these two upgrades to our automation, you still have final manual control: To change any of the accounting information that has been derived by automation, you simply edit in the documents before exporting, as you did before.
It is our hope that, with both these changes, we will speed up your accounting reconciliation processes and freeing up your time you to focus on checking and marking-up the edge-cases, instead of every single document processed.
As ever, do let us know thoughts, suggestions and general feedback.