While there have been great advancements in digitizing payment and financial systems, 80% of accounts payable documents in the United States are still entered manually. In the corporate segment, 15-20 million employees enter their expenses by hand. Among small businesses, the burden of paper receipts and invoices is even greater, evidenced by the large number of third-party bookkeeping services. For businesses of all sizes, purchase data remains trapped in receipts, invoices, and other payments documents. Expense reimbursement, compliance, reconciliation, and audit processes are choked and inefficient, lacking structured access to underlying purchase details.
Itemize holds the key to solving these complexities and inefficiencies. The Itemize platform automatically reads and extracts data from receipts and invoices. It matches data with payments records and pushes the data sets into workflow and accounting systems. The market opportunity associated with these inefficiencies totals $10+ billion across a broad set of industries and functions: Corporate Card banks, Business Services Automation including Travel and Expense, Tax Reporting, and Audit and Compliance.
The Itemize platform automatically analyzes receipts and invoices in real time, pairing them with credit card payments records sourced from banks and payments networks. Machine Learning technology powers the SaaS process at minimal marginal cost. While there are many firms in the Business Services Automation space, most rely on manual data entry and manual transaction matching. The Itemize platform is more scalable, efficient, and accurate.
Itemize provides a RESTful API for clients that need extraction and matching from documents sourced through their own user interfaces. The Itemize API sits behinds these interfaces and reads the documents. The API service is distributed through Itemize’s institutional sales force in the US and Europe. Clients include banks and Business Services Automation companies. Itemize also offers a complete small business expense management service powered by the Itemize platform, marketed directly online and by the salesforce through B2B partnerships. In support of these two offerings, the platform processes over 1,000,000 documents monthly, growing at 20% monthly over the last two quarters.
CEO Jim Thomas has assembled a strong team of payments and processing experts who previously built MasterCard’s industry-leading information business. The team has both the skills and contacts needed to be trusted advisors and achieve their objectives for transforming business financial functions into fully digital, automated, and intelligent processes.
Itemize Core Values:
● We are innovators of our domain; defying conventions in order to provide an honest and invaluable service.
● We make stuff better just because we are curious.
● We learn from the market and from our customers.
● We are not paralyzed by data.
● We use data to measure our strengths and weaknesses and to assess where to change.
● We use the path of least resistance to increase efficiency in all things.
● We think how to fly while we crawl, walk, run.
● We hold ourselves accountable to what we’ve said we’re going to do as individuals and as a company.
● We hire, promote and reward the best players in their fields.
● We strive for open, transparent, and fluid communication to encourage constant feedback.
● We value customer’s data to ensure their security.
● We come to work everyday with the determination to succeed in all our tasks.
● We care about people and treat one another with respect.
● We value associates’ and clients’ time.
● We value diversity; a collaborative environment of people, ideas and opinions.
● We value our flexible work environment which accommodates our personal life needs.
● We believe in continually reinvesting in our employees.
● We learn from each other.
● We are all in this together.