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Lightyear

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Lightyear is an industry-leading cloud platform providing intelligent automation solutions for large SMEs & Enterprise level Purchasing & Accounts Payables processes. Our end-to-end approvals workflows are 80% faster than traditional methods, enabling purchase orders & invoices to be approved instantly.

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Description

Enterprise level Purchasing & Accounts Payable automation for all businesses

Streamline your purchasing and accounts payable processes with Lightyear. Easily create detailed purchase orders for Services and/or Products from your supplier’s item catalogue and seamlessly route them to the correct approver without any user input. Send purchase orders directly to your suppliers’ email address for one-click acceptance.

With Lightyear, the extraction of line-item data from supplier bills is automated, and line-by-line coding is taken care of, so you can focus on what matters. Our multi-tiered approvals workflow allows for up to 5 levels of approval, and teams can communicate easily via mobile app, email, or desktop.

Reconciling NetSuite purchase orders line by line is made easy with our 3-way matching tool, and supplier statements can be automatically reconciled with one click. The Lightyear platform also enables you to set your bill tax rate at a supplier level for added convenience.

Real-time processing gives you powerful business insights, allowing you to forecast cash flow more accurately. Lightyear offers custom reports so you can create and save your own using our search parameters and save pre-existing or custom reports as favourites. You can even export line items or summary data to a CSV to gain deeper insights into the information held in Lightyear.

Key Benefits

  • Instantly extract line-item data with 100% accuracy and automate the coding of every purchase.
  • Automatic price checking of items against supplier lists.
  • Increase efficiency by automating approvals in a multi-tiered workflow with up to 5 levels of approval.
  • Connect your teams by adding all your team members and communicate on every bill by tagging users in the permanent notes.
  • Approve on the go with our mobile app. Get notifications and upload pictures of receipts or bills.
  • Real-time processing gives you powerful business insights, allowing you to forecast cash flow more accurately.
  • Access all of your bills instantly from anywhere in your searchable cloud archive.
  • Automatically reconcile supplier statements in seconds.

Customer Quote

“After seeing the power of Lightyear, we knew that it would be a game changer for us from both an invoice processing perspective and on the reporting side.” Anthony Sullivan Lead Partner – Hospitality PKF Australia

– Anthony Sullivan

How it Works

Supplier bills, invoices, credit notes, receipts and supplier statements can all be entered into Lightyear via email, upload or with our mobile app. Once within the system, the Lightyear AI engine automatically and instantly extracts all the details from your documents, including all line items.

Automate the bookkeeping of all your line items with GL codes, tax rates, categories, classes, departments and more.
All bills and receipts go through your customised, multi-tiered approval process.

Instantly message other users about a bill by tagging them in the notes. Users can get notifications about approvals and mentions in-app, mobile companion app or by email.

Automate your supplier statement reconciliation in seconds and request any missing documentation from inside Lightyear.

All your accounting and inventory data is then synced with your NetSuite account through our Built for NetSuite integration (BFN)

All your documents are stored in our cloud archive for the regulatory period. You can search for documents by supplier, GL code, product code/descriptions, departments and more.

FEATURES

Go Paperless

Transferring paperwork to head office is time-consuming and there is a high chance of lost/forgotten or damaged paperwork making it difficult to manually enter the data, not to mention the risk of human error.

Lightyear's Purchasing and Accounts Payables tools remove the human steps from this process thereby removing the risk. Simply sit back and watch as we turn your office into a completely paperless environment.

Most suppliers can provide you with an e-bill (email bill)/PDF rather than a physical document. Availing of this not only increases efficiency and accuracy but also removes the clutter of paperwork allowing for a much more productive and less stressed workplace.

Going paperless with Lightyear has the added benefit of reducing your CO2 footprint.

When documents are uploaded our proprietary Line-Item Data-Extraction software will instantly retrieve your supplier and line item information from the bill meaning no manual data entry with up to 100% accuracy.

If the supplier is unable to provide you with an e-bill, we can extract data from a scanned document using OCR (Optical Character Recognition) technology.

Approve on the Move

Getting the right approver to approve bills for payment whilst they are out of the office can add days onto your approval process. Sometimes there can be multiple approvers for specific actions, tasks or suppliers which can further complicate matters.

With Lightyear's Multi-Tiered Workflow all stress is removed. When you have set your Intelligent Rules Automation, Lightyear will automatically push the approvals task/bill through to the correct approver at the appropriate stage without you having to do a thing.

If your approver is out of range and doesn't have access to their computer that's not a problem. With our mobile app approvals workflow, all assigned tasks can be viewed, approved, archived, rejected or disputed with a swipe of their finger. Simply download Lightyear's companion mobile app for your smartphone and stay connected.

100% Accurate Data Extraction

Getting documents into Lightyear is easy:

  • File upload from your desktop - drag and drop.
  • Email - Choose your email & get bills emailed directly to Lightyear.
  • Mobile App - Snap a photo of your receipts or bills and upload them.

When the documents have entered the system, Lightyear's proprietary Line-Item-Data-Extraction software instantly extracts all your important data automatically and in real-time with 100% accuracy so you can see exactly what has been ordered. You also have the ability to upload multiple bills in the same document and split them into individual bills from within Lightyear.

Lightyear extracts data from image-based docs as well as summary data from mobile uploads using OCR technology in under a minute.

Extract data from True PDFs or scanned Images of statements for reconciliation within Lightyear. Manually enter bills that aren't able to have data extracted from them, such as hand-written bills, dockets or receipts.

Automate coding at a supplier, bill, line or product level - the choice is yours. Set rules for keywords or product codes to drive coding rules.

Purchase Orders with 3-way matching

Lightyear now allows your teams to manage not only their Accounts Payable approval processes but also their Purchase Order approvals processes.

In 3 simple steps:

  • Create - Create detailed Purchase Orders for Services and/or Products, from your suppliers item's catalogue.
  • Approve - The automated approvals workflow routes Purchase Orders to the correct Approver, seamlessly without user input.
  • Send to supplier - send your purchase order directly to suppliers for one-click acceptance.

You can also upload Purchase Orders from third-party systems to be extracted and matched to invoices in Lightyear. See immediately when a supplier has accepted and instantly see the status of your order, then keep track of your received and outstanding stock via Lightyear's ‘GRN’ feature.

Lightyear's Purchase Order matching tool is the only purchase order matching system in the world that will automatically 3-way match your PO against all Bills & GRNs on a line item level giving you an unparalleled level of detail.

Within our Purchase Order tool suite you can also:

  • Approve by value - Automatically send approval tasks to users based on the amount of the Purchase Order raised.
  • Custom Prefix - Enter a custom prefix for the Purchase Order Number to be used when POs are created within Lightyear. Multiple Prefixes can be created and used.
  • Create PO & GRN via CSV - Import multiple Purchase Orders or Goods Received Notes from one CSV file.
  • Restrict Visibility - Restrict User Visibility within the Purchase Order Workflow, allowing them to only see the POs they create.

Supplier Management

  • Default Coding - Apply a GL code, Category, Tax Code, Approver or Department to an invoice based on the supplier.
  • Bulk Supplier Upload - Import all suppliers through one CSV. Upload as much or as little information as you need.
  • Keyword Rules - Set a GL Code, Category and Default Approver on an invoice if a specified word appears on the invoice
  • Bank Detail Checker - Flags fraud detection by checking the extracted bank details on an invoice against your own records.
  • Supplier Statement Reconciliation - Automatically reconcile and file all your supplier statements in our cloud archive for your regulatory period.
    • Check for Missing Bill - Lightyear matches the content of the supplier statement with the documents in your Lightyear account.
    • One-Click Copy Request - Missing documents are flagged, and with one-click Lightyear emails the supplier, asking for a copy.