Itemize: Converting Paper-Based Information to Intelligence

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James Thomas, CEO As the world transitions to 21st-century technology, many finance and accounting departments are still using outdated paper-based documentation. Manually entering expense and invoices is tedious, time-consuming, and costly. However, this is exactly what many businesses still do today to manage their cash flow. It’s just what they’re used to doing and what they know. The good news: smart technology exists that would greatly benefit these businesses in simplifying and streamlining expenses. Itemize, a next-generation expense management company, provides this capability through reliable and easy-to-use technology.

Itemize simplifies the age-old complexity of manual data entry. James Thomas, CEO of Itemize, says, “We have created a scalable core-technology application by bringing together artificial intelligence, computer vision, advanced optics, and image recognition technology, combined with the cloud to efficiently read and comprehend expense information of the expense documents exactly like humans.”

Many financial technology employees are reluctant to perform redundant tasks such as data entry. Because of this, financial departments are constantly trying to make these folks feel more connected and interested in doing them. Thomas adds, “The irony is that humans don’t do their jobs perfectly if they don’t like to do them.” Simply put, Itemize eliminates that monotonous work and replaces it with technology that captures information on its own—whether it’s from accounts payable or expense documents. Financial organizations can be equipped with a system that is more accurate, comprehensive, and faster. Also, using automated expense technology saves money. The exponential rate at which invoices are processed annually in the U.S. is alarming: over 90 billion dollars’ worth of money is used on employees typing in those invoices.


The Itemize system doesn’t require any virtual on-boarding, configuration, or time for learning


Itemize’s artificial intelligence and machine learning are seen in mobile apps and browser-based systems. Here, users can upload invoices. These invoices and other similar documents are then turned into useful intelligence by harnessing cloud technology and artificial intelligence. Leveraging advanced machine learning algorithms from the library of over 10 million receipts, the Itemize application can read documents with utmost accuracy. It further backs it with a validation algorithm to ensure credibility.

Developed specifically for accounts payable departments, Itemize helps clients save a lot of money on bookkeeping expenses. Their product makes the book-keeping process intuitive: it doesn’t require any virtual on-boarding, configuration, or time for learning. Users can easily download the app or enroll from the website and be ready within minutes. In essence, it delivers an easy-to-use application that eliminates the tedious process of expense entry. For instance, many business travelers rack up piles receipts and invoices. These can be difficult to track in order to be reimbursed. In most cases, a lot of these physical documents are easily lost or misplaced—a common challenge with paper documents. The Itemize application, though, requires users to merely snap a photo of the receipt from a mobile phone. It then automatically is loaded into the expense management system, making the reimbursement process quick and easy. Thomas points out, “We are also observing that people are saving a lot of money by not losing receipts and invoices.”

Thomas cites a success story where Itemize worked with a client that specialized in expense management software for several corporate customers. The client observed their customers were manually typing data into expense management systems. This process was not only expensive, but it was also rendering inaccurate and inefficient data.
Once the client began using Itemize, however, data was entered accurately and documents were stored securely—all at a reasonable price.

Itemize has witnessed competitors spring up from overseas trying to penetrate the United States market. However, being located in the United States, Itemize is very considerate of its security stance concerning the flow of financial information across borders. With its headquarter located in New York, and its services hosted in the U.S., Itemize empowers financial institutions and private companies concerned about data security with secure, compliant expense management technology that saves money, time, and financial integrity.



Itemize’s workspace showcases a unique blend of New York corporate environments and Silicon Valley demographics. The company’s location and its surroundings influence how the organization approaches business. Itemize’s staff understands the modern dynamics of financial institutions and the level of seriousness involved in the finance industry. “Committed to the quality of the job, our professionals punch a lot of weight on themselves in streamlining operations for the customers,” Thomas says.

"Itemize operates on the dynamics of empowering the finance institutions and the people of America with a robust expense management system that can efficiently save their money, time, and financial integrity"

Even with a relatively smaller team, Itemize brings the skill and knowledge comparable to an organization with a hundred employees. At the core, Itemize uses its unique expertise along with leading-edge technology to solve practical problems. The company truly values teamwork, integrity, and innovation. “We strive to provide people with a hassle-free solution that allows them to focus on more important aspects of their endeavors. We deal with their receipts while they are busy with their P&L,” concludes Thomas.

Itemize News

Itemize and Mastercard Join Forces to Deliver Mobile Expense Management Solution

FREMONT, CA: Manual entry of expenses is an arduous task that requires extensive resources, both in terms of workforce and cost. The implementation of the expense management solution can aid the businesses in streamlining these tasks through simplified technology. NY-based Itemize delivers expense management and accounts payable solutions to companies looking to enhance the efficiency of their financial operations. It leverages artificial intelligence (AI) and machine learning (ML) to drive the efficiency and accuracy of unsurpassed processing for its clients. The positive strides of Itemize in the financial technology landscape over the last few months earned it many accolades from the media and financial analysts. One such recognition is its recent announcement about collaboration with Mastercard. Read More

Company
Itemize

Headquarters
New York City, NY

Management
James Thomas, CEO

Description
Specializes in converting receipts and similar documents into scalable intelligence for financial entities by harnessing cloud technology and artificial intelligence

Itemize