Pro Partners Wealth
Pro Partners Wealth is an accounting and wealth management firm headquartered in Columbia, Missouri. They have offered comprehensive wealth management solutions to veterinary owners for over two decades. Their expertise is collecting and analyzing vital financial documents, such as tax returns, investment prospectuses, legal papers, and personal financial statements, to provide tailored advice to their clients.
Pro Partners Wealth also handles client bookkeeping services, ensuring their finances are up-to-date and organized. Their financial advisors, Kale Flaspohler and James Michael, are dedicated to helping clients streamline their financial operations and manage their accounting.
Pro Partners Wealth’s primary focus is on identifying problems and delivering customized solutions for their clients. They need a comprehensive understanding of the financial operations of their clients, particularly with respect to identifying profit-generating and loss-incurring areas. As bookkeepers, they understand the importance of high accuracy and error-free accounting to avoid unwarranted losses for their clients. However, their process of data extraction, validation, and updating it in QuickBooks was time-consuming. This issue posed a scalability problem, making it difficult to take on new clients as a significant amount of time was spent on creating an error-free accounts payable process.
Pro Partners Wealth used automation services but faced multiple challenges, such as:
- Despite implementing automation software, their employees still had to spend significant time correcting invoice data entries manually.
- The Straight Through Processing (STP) rate was very low, with nearly every invoice requiring manual review or editing.
- The existing solution lacked automation and flexibility, requiring additional manual work for essential processes such as validating invoice totals and line items.
Kale and James knew a more efficient and streamlined solution was needed to address these issues. They needed a company that could provide them customization and support to tailor a solution fit for their business.
Our invoicing process is complex, and traditional automation tools could not automate it effectively. As a result, we faced high error rates and were unable to achieve complete automation, leading to the need for manual invoice checks and data validation tasks. This bottleneck greatly hindered our ability to scale our business.
With traditional automation tools, Pro Partners Wealth saw a high error rate which required them to manually check each invoice and validate them based on their business rules. They had to further do manual processing in feeding this validated data to their accounting software - Quickbooks.
To overcome these challenges, Kale and James sought a solution to capture invoices accurately, perform certain data validation checks, and feed data directly into QuickBooks at the required level. This is why they chose Flow, by Nanonets, which offered customizations that enabled them to streamline their invoicing process and automate their entire flow.
With Nanonets, they could upload client images or set up auto-forwarding, and ensure data extraction with a high degree of accuracy. They also set up validation steps based on business logic to flag out erroneous invoices, making identifying and resolving issues quickly easier.
Using Nanonets, Pro Partners Wealth gained greater visibility into their revenue and costs, allowing them to calculate profit margins and recommend informed business decisions to their clients. The reduced turnaround times and increased accuracy of their invoicing process improved the user experience of their current clients and allowed them to scale their business by onboarding new clients.
Using Flow, we were able to simplify and optimize our Accounts Payable. Their customizations and support enabled us to tailor a solution that meets our needs, improving the processing times and user experience. As a result, we've scaled our business more efficiently.