Construction Procurement Platform Kojo Adds Automated Invoice Matching

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Mar 07, 2023, 09:53 ET

New Invoice Matching product completes end-to-end procurement process and marks Kojo's first Fintech product release

SAN FRANCISCO, March 7, 2023 /PRNewswire/ -- Kojo, the construction industry's leading materials management platform, today announced the launch of its new Automated Invoice Matching product. This product streamlines the accounting process for commercial trade contractors, helping eliminate billing mistakes and save contractors money. Automated Invoice Matching builds on Kojo's purchase order and delivery functionality, making Kojo a true all-in-one platform that allows customers to manage the full end-to-end materials procurement process. Invoice Matching also marks Kojo's first foray into the fintech space as the company continues to expand to help meet the needs of the more than 11,000 construction professionals who use its platform.

"Invoicing errors are far too common in construction," said Maria Davidson, founder and CEO of Kojo. "Hundreds of companies have told us that billing mistakes have cost them tens, and in many cases hundreds of thousands of dollars. At Kojo, our mission has always been to streamline processes for our customers so they can focus more on what's really important – building. With Automated Invoice Matching, we're able to give our customers full confidence they're paying the right amount for what actually arrived."

Kojo's Invoice Matching instantaneously flags errors such as incorrect quantities and prices entered by vendors by automating the three-way matching process, comparing the vendor invoice to the purchase order and then to proof of delivery. This ensures vendors are charging contractors for the correct prices and quantities, at the line-item level. Invoice Matching allows Kojo customers to save time and eliminate manual data entry, while reducing the number of systems needed to complete a job.

"Kojo gives me better visibility into our end-to-end materials management process," said Alex Eldridge, project manager at Tharco Inc. "I used to have to do everything from memory. Now, with Kojo, I can see everything from the time we ordered through receiving, invoicing, and payment, all in one system. Kojo makes it easier for me to back up our data and catch mistakes before we pay for them."

Automated Invoice Matching soft-launched in Q4 of 2022 and to date has processed $2.8 million in invoices, catching mistakes on 27% of invoices processed.

This news follows Kojo's Series C funding announcement in September of 2022 and represents the evolution of the platform as the company continues to broaden its scope. Kojo has now powered more than 10,000 construction projects across 47 states, saving customers 3-5% in material costs and reducing job waste by up to 90%.

About Kojo
Kojo is the construction industry's leading materials and inventory management platform. Kojo enables trade and self-perform general contractors to streamline every step in the procurement and inventory management process from takeoff to closeout. By connecting field, office, warehouse, accounting, and vendors teams on one software platform, Kojo gives contractors visibility into real-time materials spending and usage, helps them source the best prices and availability across vendors, reduces material waste, and increases labor productivity. To learn more, visit www.usekojo.com.

SOURCE Kojo