Collaborative Online Portal Enables Users to Drive Supplier Migration to Electronic Invoicing and Improve Working Capital Requirements
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today at the IAPP Annual Forum announced the availability of Bottomline Business eXchange™, an interactive online portal enabling buyer organizations to work more collaboratively with suppliers to reduce transaction costs and accelerate the transition from paper to electronic invoices.
Bottomline’s accounts payable automation solution combines invoice data capture services with modular software components for electronic invoice workflow and payments to increase the efficiency of the accounts payable function. Through the use of Bottomline’s solution, organizations can accelerate the approval of invoices, reduce spend and more efficiently initiate and control payments.
The addition of Bottomline Business eXchange enables an organization’s suppliers to gain real-time visibility into invoice and payment status, enhancing their ability to manage accounts receivable processes. By providing suppliers with the capability to upload invoices directly to the portal or submit them as paper to Bottomline’s Invoice Data Capture Service, buyer organizations can achieve higher electronic invoicing adoption rates, and reduce processing costs associated with handling supplier inquires and discrepancies. Through faster approval processes, buyers can proactively pursue early settlement discounts with suppliers and supply chain finance opportunities with third-party financiers.
“With a continued reliance on paper, the typical AP department sits in contrast to today’s business environment, which is focused on pursuing process efficiency and cost reduction,” said Andrew Bartolini, Research Director at Aberdeen Group, a Boston-based advisory firm. “By automating the AP function, and taking a more collaborative approach to managing supplier relationships, AP departments can leverage increased visibility into invoice data to move beyond simple transactional cost reduction and become a more significant contributor toward helping improve performance across the organization.”
With Bottomline Business eXchange, buyer organizations can:
- Interact with suppliers online to address inquiries and resolve invoice discrepancies;
- Drive supplier migration by offering multiple options for quickly and easily submitting paper and electronic invoices;
- Leverage increased visibility into invoice status to proactively propose early settlement discounts with suppliers; and
- Work with banks or other financing organizations to extend Days Payables Outstanding and enable suppliers to reduce Days Sales Outstanding, further lowering costs and working capital requirements in the overall supply chain.
“Persuading suppliers to change processes in order to align with buyers’ needs for increased business efficiency can be a costly and time-consuming process, with success largely dependent on an organization’s ability to present a compelling value proposition to its supplier base,” said Peter Fortune, Chief Operating Officer of Bottomline Technologies. “Bottomline Business eXchange offers customers the opportunity to take a more pragmatic approach toward supplier migration, creating an environment in which increased visibility into invoice status can be used to generate strategic business value for both parties.”
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