Lockstep has debuted its first product, cloud-based software that functions as an inbox for accounts payable and receivable. The product has been in beta test mode since 2019 with 200 business customers, and now upon its release integrates with a reported 40 accounting and enterprise resource planning platforms.
Lockstep has functions to assign work, create workflows, divide up work and track progress, all of which is visible within a shared team workspace. Lockstep also provides profile management for customers and vendors to self-verify their corporate information, contacts and compliance records, with the goal of creating trust between vendor accounting departments.
“Over the last decade we've seen all externally-facing departments — sales, support, customer success, marketing — use advanced email automation as part of digital transformation,” said Matt Shanahan, chief strategy officer and co-founder at Lockstep, in a statement. “But AR and AP have been left behind in the cash traps of personal inboxes and spreadsheets, creating information blackholes, multiplying bottlenecks and more manual work, all of which slows cash flow. We created Lockstep to eliminate these cash traps, increase productivity and make working with other accounting departments easier.”
Shanahan went on to point out that the need for an “accounting inbox,” which is how Lockstep is positioning its platform, has increased vastly this year due to the limitations on workplaces caused by COVID-19.
“While most were sheltering in place due to the pandemic, many companies still had staff in the office to deal with paper invoices and remote staff's emails went into the personal inbox black hole,” he continued. “In the past several months it became abundantly clear that the process is broken. Lockstep's cloud-based solution addresses these pain points head-on, by creating trusted, compliant connections using the ubiquitous nature of both email and the web.”
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