Arrow is a workflow automation company, specifically focusing on invoice workflow automation. Paper invoices are scanned, with all the critical invoice data, including line-item detail, it is then picked up by our robust Optical Character Recognition (OCR) engine. Using both OCR and AI technologies, the invoices are digitized and mapped to the correct general ledger (GL) accounts within the customer’s accounting platform. The bookkeeper receives real time processed invoices and has access to the pdf of the original invoice for validation prior to payment.
Our product eliminates the need for someone at the restaurant to breakdown invoices into subtotals matching the GL accounts, Arrow does this automatically. If the bookkeeper makes an adjustment, the AI learning will adjust accordingly, and all changes will be applied going forward.
While our initial focus is on the restaurant business, we recognize this technology will be used by many other industries. All that is needed is a scanner and internet access. No USB connection to a PC or laptop is needed. After the paper documents are scanned, the rest of the work is completely automated by Arrow.
We are charging customers a flat fee of $249 per month. It takes 7-10 business days to set up the integration with their accounting software and to program their scanner which can be shipped to them directly or installed in person. The scanner is preprogrammed with only 1 button, restricting use to scanning invoices only.
Arrow’s pricing structure is $249 per month, with a COGS of $84 per location per month. Based on Arrow’s current commitments, our first-year projections for 150 users is $448,200 in annual gross sales with an annual net profit of $297,000.
We are looking to raise $450,000.00 for 10% equity. This amount will cover the scanners, annual integration software and OCR engine license and deployment. We currently have no debt. Our business structure is as follows: We are incorporated in the state of California under the name POS Tech LLC dba Arrow.
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