PROJECT COST SOLUTIONS
TRANSCRIPTION
Hi, Niall from LiveCosts here.
Today, we’re going to take a look at how you can use AI to process invoices within LiveCosts. Let’s jump straight into the product.
Typically, the process begins by issuing purchase orders for goods—materials, in this case. I’ve created a purchase order that’s been sent to a project, which creates a committed cost for that job.
Now, I’m ready to receive the invoice. We have a dedicated inbox that receives invoices, either via email or by simply dragging them into the software. I’ll go ahead and drag one in now.
You can upload multiple invoices at once, and the software will automatically read them. This is where our automation comes into play—it only takes a few seconds.
At this point, the AI reads and extracts all the invoice data. The accuracy is impressive. It identifies the supplier, recognizes the document as an invoice (or a credit note or quotation), and then matches it to a corresponding purchase order. This ensures the invoice is assigned to the correct job and budget.
It also extracts the invoice date, number, total amounts, and tax. Most importantly, it captures all line items from the invoice—this is a powerful feature.
Once reviewed, you can choose to create the invoice using all line items or just one. In this case, I’ll include all items.
Next, the workflow checks against the original purchase order. It shows what was ordered and the invoiced amount. We can also track deliveries—what was delivered, when, and see the actual delivery notes.
Then, we check the line items against our catalog in the software. This helps us ensure item descriptions and prices are accurate. Items shown in blue indicate price consistency; red shows price increases. You can update catalog prices directly from this screen to keep your database current.
Finally, if you’re integrated with accounting software, you can post the invoice straight to Xero, QuickBooks, or Sage with a single click. All invoice data and attachments are sent across automatically.
If this process could help your accounts payable team, feel free to book a demo on our website or get in touch. We’d love to show you more.
