Automation catches costly invoice errors

By Jesse Sanchez. 

Fortress Framing uses invoice automation technology to identify recurring supplier overcharges, recover lost profit and reduce time spent reviewing invoices. 

Fortress Framing recently shared how automated invoice review technology from InvoiceIQ helped the company recover thousands of dollars in supplier overcharges while reducing the amount of time spent manually reviewing invoices. According to the company, managing supplier invoices had become increasingly difficult because of the high volume of daily invoices and the large number of line items attached to each order. Operations Manager Lacy McCormick said manually checking every invoice was no longer realistic for the company’s team. Lacy noted, “With the amount of invoices that we get daily and the amount of line items on an invoice, it’s virtually impossible to have any one human being or even a team, checking those.” 

Like many construction companies, Fortress Framing works with large material orders that include fluctuating pricing and extensive product lists. Because of that complexity, smaller pricing discrepancies were often overlooked while teams focused on larger issues such as shipment errors or missing materials.   

The company implemented InvoiceIQ after learning about the platform through partners at SubAssist. Lacy described the system as simple and easy to use because invoices are automatically submitted, reviewed and reported through the platform. Within the first month, Fortress Framing identified between $500 and $1,000 in weekly overcharges, according to Materials Specialist and Estimator Alex Erks.  

Over time, the supplier’s billing errors decreased as discrepancies were identified and corrected. InvoiceIQ’s TW Woodward noted that some weeks eventually showed zero pricing errors. In addition to recovering money, Fortress Framing said the system reduced administrative workload and improved supplier interactions by reducing billing disputes. “The nice thing is it takes virtually no time now,” Alex said. “We just forward the invoices over, and InvoiceIQ gives us the total back. It frees up time for us while catching money.” 

Learn more about automated invoice review technology and how InvoiceIQ helps construction companies identify pricing discrepancies!