Revolutionizing Accounts Payable: Introducing Makersub

Revolutionizing Accounts Payable: Introducing Makersub

Table of Contents

  1. Introduction
  2. The Problem with Accounts Payable
  3. The Solution: Makersub
  4. How Makersub Works
  5. The Benefits of Makersub
  6. Competitive Landscape
  7. Go-to-Market Strategy
  8. Monetization Strategy
  9. Future Vision
  10. Conclusion

The Problem with Accounts Payable

For businesses operating in the physical world, bills and receipts are the source of truth for their costs. However, processing these bills can be a time-consuming and error-prone task. First, the bill needs to be validated to ensure it is valid and accurate. Then, each line item on the bill needs to be coded to the appropriate customer and job, and all of that data needs to be entered into the accounting system. This process is essential to protect against fraud and invalid payments, track costs, and bid for future work. However, the vast majority of businesses cannot execute these fundamental steps.

The reason for this is twofold. First, bills can be structurally complex, making them difficult to process. Second, multiple functions in an organization need to participate in a hygienic accounts payable process, but they are all disconnected. Even if a business manually captures all the data, they cannot pass it from one group to the next.

The Solution: Makersub

Makersub is a data-enriched accounts payable operations platform that enables businesses to connect their disparate accounts payable processes to capture all of their data with no manual entry and to collaborate across the organization. Makersub provides a comprehensive workflow software that allows businesses to execute their accounts payable tasks more efficiently and effortlessly.

How Makersub Works

Makersub takes a different approach to reading bills. It extracts more than 50,000 data points from every page, including the characters and their relation to one another. Using Spatial mapping and proprietary indexing, Makersub starts to make Sense and reconcile that data. Then, it exposes that partially reconciled data to a series of deterministic language models that help put a finer point on that reconciliation.

Users teach the system by virtue of their actions in it using localized one-shot learning. The result is a comprehensive interpretation or reading of the bill that captures all of the data and contextualizes it. Makersub can read and contextualize the vendor information, all of the bill details, the invoice number, the due date, the payment terms, the PO number, and more.

Makersub ensures the smart routing of bills only to the people in the organization who need to review and opine on them. It also provides contextualized suggestions for customer and job attribution that users can assign to every line item on the bill with a single click. All of the line item data is broken out, captured individually, editable if necessary, and pre-coded to the appropriate spot in the accounting system.

Once a user has reviewed and validated that everything is correct, a single click approves the bill, auto-creates the associated Record in the accounting system, and loads the next bill in the queue. The bill is now validated and is a live account payable. From the account payables tab, users can pay the bill easily and flexibly with a single click to schedule payments either on the due date or on whatever date they desire.

The Benefits of Makersub

Makersub provides a comprehensive solution to the problem of accounts payable. It enables businesses to capture all of their data with no manual entry and to collaborate across the organization. Makersub saves businesses time and money by automating the accounts payable process, reducing errors, and providing real-time job costing for project managers.

Makersub enhances collaboration across the organization, providing greater visibility for management and enabling businesses to track their costs and bid for future work precisely. Makersub is a fully integrated system that pushes contextual data thread all the way through the process, providing project managers and accounting folks alike with all the transaction details they need at their fingertips.

Competitive Landscape

Although there are many companies attacking the accounts payable space, Makersub believes that there are not many people who are successfully offering what they offer at the level of granularity, Detail, and complexity that they do. Makersub provides a solution that is mission-critical to capturing information and coding it appropriately so that businesses can leverage it for business purposes.

Makersub occupies a powerful perch in the flow of funds, providing a sticky solution that is essential to businesses operating in the physical world. Makersub's comprehensive workflow software allows the tech bleeding edge, though it is, to fade into the background, enabling users to simply prosecute their accounts payable tasks more efficiently and more effortlessly.

Go-to-Market Strategy

Makersub's go-to-market strategy is to sell to outsourced bookkeepers, accounting firms, CPAs, etc., who specialize in doing outsourced bookkeeping for the segments that they care about, such as construction firms, manufacturing firms, and wholesale services. Makersub is starting with a one-to-many approach of getting those accounting professionals behind them, which has already had a network effect of getting more businesses on board.

Monetization Strategy

Makersub's monetization strategy is to charge a software licensing fee to businesses that use their platform. They are also exploring transaction-Based monetization, such as lending or factoring, as well as other creative ways to monetize their solution.

Future Vision

Makersub's future vision is to provide their solution to millions of businesses that look like Trey. They believe that there is a huge market for their solution, and they are confident that there will be thousands more like him. Makersub's comprehensive solution to the problem of accounts payable is essential to businesses operating in the physical world, and they believe that they can build a huge company by providing a solution that is mission-critical to capturing information and coding it appropriately.

Conclusion

Makersub provides a comprehensive solution to the problem of accounts payable. Their platform enables businesses to connect their disparate accounts payable processes to capture all of their data with no manual entry and to collaborate across the organization. Makersub saves businesses time and money by automating the accounts payable process, reducing errors, and providing real-time job costing for project managers. Makersub is a fully integrated system that pushes contextual data thread all the way through the process, providing project managers and accounting folks alike with all the transaction details they need at their fingertips.

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