ancora Software, Inc. is a leading provider of Intelligent Document Processing (IDP) solutions, and the collaboration will bring advanced document processing capabilities to Access Coins customers. This joint innovative solution helps construction organizations reduce manual data entry, enhance productivity, and drive profitability by automating accounts payable (AP) invoice management.
Why ancora Software Inc.?
Serving over 1,500 global customers, ancora Software, Inc. specializes in the development of patented unassisted and assisted machine learning algorithms to streamline document processing workflows, particularly in accounts payable invoice management.
Noel Flynn, CEO at Ancora said:
“We are thrilled to announce our partnership with The Access Group. By joining forces, we aim to redefine the document processing landscape, empowering organizations to automate tedious manual tasks and unlock valuable insights hidden within their data. Together, we will drive unprecedented efficiency and productivity for our customers.”
Dealing with huge volumes of invoices
Construction companies often rely on a complex network of sub-contractors and materials suppliers across multiple projects. This inevitably means dealing with high volumes of incoming invoices from companies looking for prompt payment in an industry notorious for working on slender profit margins.
Over 70% of invoices in the sector are paper-based or in non-standard formats, leading to:
High manual processing costs.
Increased error rates, with up to 20% of invoices requiring corrections.
Delays in payment cycles that impact contractor cash flow and project timelines.
Immediate cost savings with automated invoice processing
The new solution will enable Access Coins customers to see a swift return on investment (ROI) as the joint solution automates invoice processing. This reduces manual effort, errors and processing time by up to 80%.
David Bullock, Senior Product Manager for Access Construction shared:
“Our partnership with ancora Software, Inc. represents a significant milestone in our commitment to delivering innovative solutions that address the evolving needs of our customers. By integrating ancora Software, Inc.’s cutting-edge IDP technology into our Access Coins ERP software, we are poised to deliver unparalleled value, enabling organizations to streamline document processing and achieve greater operational agility.”
The integration extracts, validates and synchronizes unstructured invoice data directly into Access Coins ERP, giving a host of benefits for Access Coins customers, including:
Cutting-edge AP automation that integrates seamlessly to their Access Coins ERP system
Reduced manual invoice processing costs
Increased accuracy and efficiency
About The Access Group
The Access Group is one of the leading UK-headquartered business management software providers. It provides solutions that empower more than 128,000 small and mid-sized organizations in commercial and non-profit sectors across Europe, the USA and APAC, giving every employee the freedom to do more of what’s important.
Its innovative cloud solutions and integrated AI software experience across multiple Access products transform how business technology is used. Access employs over 8,000 people, continuously driving product innovation and customer service excellence.
About Access Construction
Access Construction is part of the Access Group, the UK’s largest provider of business management software. With a team of over 400 divisional employees, Access Construction delivers purpose-built, best-in-class technology for the construction industry.
Access Construction’s solutions serve a wide array of sectors spanning three major global markets: the UK & Ireland, USA, and Australia.
Access Construction’s expanding construction ecosystem is designed to enhance their customers’ operational efficiency and project delivery.
Access Coins was named Product of the Year at the Construction Computing Awards 2024, alongside ERP of the Year, retaining its 2023 title.
For more information, visit the Access Construction website.
About ancora Software Inc.
ancora Software, Inc. is a pioneering leader in business process automation, transforming efficiency with intelligent document classification and advanced data capture solutions.
Powered by AI and machine learning, AncoraDocs eliminates the need for templates, streamlining document processing while reducing manual effort and costs. Designed for flexibility and scalability, Ancora’s solutions cater to diverse industries and are available both on-premise and in the cloud.
