Lockstep: The Future of Accounting Automation

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Peter Horadan, co-founder and CEO
The digitization era has armed most departments, organization-wide with high-end technology tools that enable employees to work at accelerated pace and with efficiency. However, the accounting department has been left behind by software automation. With no connectivity or automation of accounts receivable (AR) and accounts payable (AP) systems, accounting teams still manually enter data to track invoices and communicate with teammates and vendors through emails, PDFs, or spreadsheets. A burdensome set of procedures, the approach hinders companies in paying and collecting their bills on time and producing accurate financial reports for tax audits.

Lockstep solves this dilemma by digitizing their accounting workflows and delivering a field of engaging solutions that are specifically designed for their unique communication requirements. “Presenting accounting departments with a better way of process orientation and robotic payments, we are thriving in the market by building great applications for our clients,” comments Peter Horadan, co-founder and CEO at Lockstep. Powered by a team of experts armed with extensive experience in the accounting and ERP space, Lockstep has built and released a suite of digital solutions that allow accounting teams to gain access to user-friendly and efficient options with no downtime issues when sharing files with all their peers.

Since an AR or AP clerk can receive well over a hundred emails a day regarding invoices, payments, disputes, and other similar accounting operations, Lockstep Inbox provides a unique, dedicated accounting-specific email system. The AI assisted tool separates bills from the mass of documents and enters details for AP and AR into an accounting department’s ERP system. “Our application reads, scans, and enters invoice data through automation of all previously manual operations that accounting team personnel come across in their emails every day,” elucidates Horadan.

In addressing a larger part of the challenge, AR teams can utilize Lockstep Receivables to eliminate further accounting department challenges, and collecting clients’ payments, while having an easier method for invoice generation, issuance, and collection.
At State Systems, a leader in fire and safety technology, Lockstep’s application allowed them to avoid a monthly invoice “folding party.” Before employing Lockstep Receivables, the client gathered a group of team members to print and painstakingly fold invoices into envelopes to send out to customers. With a global pandemic making the existing process impossible, State Systems was not only able to automate billing but also have a completely interactive web portal for customers to see invoices, how the charges were applied, and make payments. As a result, State Systems reduced their days sales outstanding (DSO) by 24 percent and saved over 80 hours a month of manual staff time.


Our application reads, scans and enters invoice data through automation of all previously manual operations that accountants come across in their emails every day

An interesting part of Lockstep’s approach is how the team likens accounting department digital systems and installation of technological tools to the uniqueness of snowflakes. With every company operating slightly differently, the first step that the accounting focused FinTech company takes is to find the best way to integrate and work with the plethora of accounting systems while also reflecting how each business stands apart from the rest.

As a startup, Lockstep envisions building a positive change to cumbersome finance operations and delivering game-changing tools to accounting teams. With the belief that AR and AP personnel deserve holistic automation digital applications; Lockstep is constantly addressing accounting department problems and serves to resonate this passion in every individual across its company.

Company
Lockstep

Headquarters
Seattle, WA and Chardon, OH

Management
Peter Horadan, co-founder and CEO

Description
An AR and AP, and accounting department solutions provider that offers accounting teams an opportunity to bring collaboration and automation into their workflows.

Lockstep