Pangman Development is a real estate development company that delivers world-class design, project management, construction, leasing, and financing services. Prioritizing efficiency and excellence over size, Pangman’s team consists of a small number of talented professionals. This means that each team member’s time and energy are extremely valuable and need to be used as efficiently as possible.

Pangman Development projects involve many stakeholders, vendors, and transactions, which means a lot of invoices and multiple steps that require reviews and approvals after they’ve been received.

Prior to implementing Contexture AP Automation, invoices were printed, stamped, and recorded in Pangman’s financial software before being placed in a folder to be physically reviewed and approved by managers. Once approved, paper copies of invoices were filed, paid, scanned, indexed, and re-filed. Given the large dollar value of these transactions, it was crucial for managers to review and approve invoices before they were paid.

When managers worked remotely or traveled for business, invoice reviews and approvals got delayed. They didn’t have an efficient way to digitize invoices, extract data automatically, and automate the approval process.

As a result, the delays in processing invoices manually consumed a substantial portion of the AP Team’s time, caused longer payment cycles, and became a source of frustration for the Accounting Team.

So, Pangman started looking for a more efficient way to manage their accounts payable process. A solution that would save the team time, improve flexibility, and rapidly scale to accommodate large projects.

Pangman identified the following requirements for their invoice automation solution:

• Speed up and simplify AP processing.
• Make the AP processing procedure more flexible by allowing for online review and approval.
• Remove the requirement to print and re-scan invoices.
• Provide a digital storage solution.
• Increase the reliability and accuracy of AP processing
• Scale rapidly to accommodate the needs of large development projects.

Contexture AP Automation met all of these needs with ease, and a solution was tailored to Pangman’s existing business processes and financial system.

Their new AP process is much more efficient. Invoices get added to Contexture through any digital or paper format (e.g., email, scan, mail, fax, folder upload). Contexture then automatically extracts relevant invoice data from these invoices, validates the data against criteria defined by Pangman, and queues any exceptions for review by Pangman’s AP Team.

Contexture’s AI-powered platform delivers a 99.5% accuracy rate. Invoices are automatically indexed and searchable through the cloud platform. This eliminates the need for manual indexing of invoices.

• Seamless implementation of an effective, efficient, and reliable automated invoice processing solution that eliminates all manual data entry.
• Online invoice review process to eliminate all paper transactions, integrated into a single, indexed digital storage location.
• Guaranteed 99.5% accuracy rate for extracted and transferred data.
• Reallocation of valuable staff time and energy.
• Managers are now able to review and approve invoices with ease while they’re traveling or away from the office.
• Pangman’s team no longer spends valuable time and energy manually processing, reviewing, and approving invoices. Instead, they can now spend that time providing and innovating on the high-quality services and solutions that are the foundation of their success.