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Invoice Receipt Management Report 2015

Increasing Electronic Invoice Adoption Through Strategic Automation

July 23, 2015      

Underwritten in part by Corcentric, GEP, and Taulia.

Introduction

One of the most revolutionary technologies in Accounts Payable (AP) automation is electronic invoicing. An eInvoice is one that is delivered electronically in a standardized format from a supplier to a buyer through the assistance of a network. The eInvoice’s consistent format, secure connection, and direct integration reduce process time, costs, and mistakes.

For years, research has proven the competitive advantage of eInvoicing software, and business leaders have encouraged adoption of eInvoicing and B2B networks. However, research also shows that even after extensive onboarding efforts by both solution providers and their customers, supplier participation in eInvoicing networks has remained low. Without the suppliers’ involvement, buying organizations also hesitate to adopt these solutions, and in the end, the value of eInvoicing is lost for all parties.

Today, developers of eInvoicing technology are recognizing the ongoing struggle of low supplier participation, and they are adjusting their strategies accordingly. This involves going beyond a single eInvoicing network—innovative organizations must adopt a hybrid model of invoice receipt automation in order to offer their suppliers more options for invoice submission. This report explores the uses and benefits of different invoice receipt automation tools, and gives organizations strategies on how to select the right solution for their specific needs and their unique supplier base.

Benefits of Electronic Invoice Receipt

Electronic invoices go directly from a supplier to a buyer in 1 of 2 ways:
1. Both parties integrate with an open business network that enables the invoice (in XML or similar formats) to move directly from one AR system or ERP to another.
2. Suppliers enter invoice information into a standardized web form on a supplier portal. The invoices are then imported into a buyer’s system.

The common denominator with all eInvoices is that their data is structured. Once that structure is determined and put in place, it doesn’t change, eliminating errors in invoice formatting and removing the necessity for data entry and exception management processes. This streamlined transmission results in many benefits for buying organizations.

PayStream Advisors surveyed over 200 individuals employed in many different industries, compiling data reflecting current attitudes towards and usage of invoice receipt automation software. According to research results, the top reasons buyers want to implement eInvoicing solutions are reduction in labor and processing costs, fewer lost or missing invoices, and quicker approval cycles, see Figure 1.

Figure 1: Most Organizations Hope to Reduce Processing Costs, Errors, and Time
“What factors are driving your organization to consider an electronic invoicing solution?”

Figure 1 2015 Invoice Receipt Management Report

In addition to these improvements, other benefits of eInvoicing include the ability for AP to focus on higher-value activities, improved cash management, reduced fraud, more secure payments, and improved opportunity for process analytics.

eInvoicing also offers many benefits for suppliers. These include faster payments, fewer rejected invoices, and increased productivity. Suppliers can also experience enhanced accounts reconciliation and improved customer relationships through faster, more secure payments. In addition, eInvoicing brings suppliers better cash management and working capital, and gives them access to alternative finance options.

True eInvoicing is the most cost-effective and efficient method for AP processing overall. Because eInvoicing eliminates paper and manual data entry, it also removes the exception management process present in other methods of invoice receipt. Electronic invoices can
go straight to the approver and then straight to payment, i.e., straight- through processing. This capability is one of the greatest advantages of eInvoicing.

Working Towards the eInvoice

Despite the benefits of electronic invoices, they are among the least-received formats in invoice processing today. Instead, most organizations receive more paper, fax, and emailed invoices than electronic invoices, see Figure 2.

Figure 2: Organizations Are Receiving Invoices in a Wide Range of Formats
“What amount of invoices does your organization receive in the following formats?”

Figure 2 2015 Invoice Receipt Management Report

While eInvoices are the most efficient way to manage B2B invoicing, they are simply not widely used or welcomed by suppliers. In reality, suppliers are sending a variety of different invoice formats, and due to their fear of eInvoicing network fees, lack of education of the benefits, and other barriers, they will likely continue to do so. However, there are alternative strategies that organizations can use to successfully handle the receipt of other, paper-based invoices.

Emailed, scanned, and faxed invoices cannot be processed like a true eInvoice, but they can still be converted into a standardized electronic format using efficient front-end management strategies. Methods for digitizing paper-based documents include:

OCR Data Capture: In-House Scanners

Optical Character Recognition (OCR) is the electronic conversion of scanned images or text to a machine-encoded document. This conversion speeds up the transfer of information, and enables easy storage and quick retrieval of that information. The benefits of OCR are numerous—it reduces storage, paper use, and costs, improves document retention, privacy, and security, and improves vendor relationships through faster processing times.
Organizations can buy their own scanners for in-house paper invoice processing—either one with built-in OCR technology or one that routes the invoice directly to an online mailbox for data capture and validation. These scanners are beneficial for companies that have numerous
paper invoices but not enough resources or bargaining power with
their suppliers to switch immediately to an eInvoicing network.

OCR Data Capture: Mailroom Services

Organizations can route or send their paper invoices to a designated invoice processing center, or digital mailroom, where the invoices are opened and scanned into the system with OCR technology. In addition, these mailrooms incorporate extensive data validation procedures before the invoices are put into the organization’s approval workflow, such as double-blind verification. By outsourcing paper invoice receipt, organizations eliminate the hassle of suppliers who are unwilling to move away from paper.

OCR Data Capture: Email Extraction (PDFs)

Suppliers are increasingly sending invoices by PDF attachments or including the invoice in the email itself. Often, organizations can route these emails to special online mailboxes where the data is extracted from the PDF or email body. With the proper data capture technology, attached PDFs can be almost as affective as eInvoicing, and suppliers are sometimes more willing to send their invoices in this manner than they are to register with a network.

Online Portals

Along the same lines as an online mailbox, an invoice upload portal allows the supplier to load their invoice files (in PDF or other format) directly to the web. This is different from the web-based eInvoicing forms found in a supplier portal, as it still relies upon data capture technology to extract and convert the invoice content.

Multi-Method Invoice Receipt Mix

Some organizations have a unique business structure or receive a wide mix of invoice types from their suppliers, and the thought of launching
a complete eInvoicing adoption overhaul may seem intimidating or impractical. These many available strategies for managing invoice receipt can be used before or in addition to eInvoicing to supplement
its value. When these methods are strategically implemented according to an organization’s intake of invoice types or structure, they can bring most of the same benefits of an eInvoicing network.

Overcoming Barriers to Electronic Invoice Adoption

According to PayStream’s research, only 22 percent of organizations are using an eInvoicing solution, see Figure 3. OCR technology is only used by 21 percent of organizations, and front-end invoice scanning solutions are used by 49 percent. While over one-third of organizations are planning on implementing an eInvoicing solution, many organizations have no plans to implement invoice receipt automation
at all.

Figure 3: Many Organizations Have No Plans to Implement Invoice Receipt Automation
“Which of the following technologies do you currently use or are planning to implement within the next 12 months?”

Figure 3 2015 Invoice Receipt Management Report

Part of the reason eInvoicing solutions have such low adoption is because they are often difficult and expensive to set up. It is also difficult to get a significant amount of suppliers to integrate, unless the buyer is a very large organization with enough power to force their
suppliers into participation.

In Latin American and Europe, eInvoicing adoption has been standardized and enforced by government regulations. Transforming eInvoicing adoption from a private sector to a public sector initiative has led to much higher participation rates in these countries than among North American businesses. While eInvoicing should be
the ultimate goal for any organization, there are many barriers in the current North American B2B space. Without full government intervention, full U.S. market adoption will not become a reality for years to come.

When asked about their largest barriers to adoption, respondents from U.S. organizations listed integration difficulties, supplier adoption, and internal change management as the greatest challenges, see Figure 4.

Figure 4:  Most Organizations Struggle with Integration of In-House Systems and Poor Supplier Adoption
“What are the greatest challenges within your organization around migrating invoices from paper to electronic format?”

Figure 4 2015 Invoice Receipt Management Report

Today’s cloud-based eInvoicing and invoice receipt solutions are growing easier to install and customize, nullifying many of the integration issues that have worried organizations in past years. Moreover, internal change management and lack of executive sponsorship are problems that can be readily addressed with the proper education about the benefits of eInvoicing. However, supplier resistance is a more difficult battle. It involves forces that are not as firmly in the buying organizations’ control, including the lack of education among suppliers on the value of eInvoicing and the perception that adoption is not worth the trouble.
Some of the top reasons for supplier resistance include:

Supplier Network Fees

Problem: For many years, supplier networks charged suppliers fees, measured either by time-based subscription or by usage. These costs created an automatic resistance from suppliers trying to protect their bottom line.
Solution: Today, the market is moving away from this model and most B2B networks are free for suppliers, greatly increasing supplier adoption.

Difficult Integration

Problem: Some networks require complicated connectivity procedures, and suppliers without the IT or cash resources steer clear of adoption endeavors.

Solution: With technology moving steadily towards the cloud, and with the increase in many-to- many connectivity, B2B networks are becoming easier to adopt without the expense of IT and lengthy implementation times.

Extensive Adoption Requirements

Problem: Many suppliers feel that the amount of information required upon network registration is not worth their time.

Solution: Networks are now making it very simple to sign on. Many only require a little bit of information from supplier in the beginning of their involvement, and let them add more over time as they see the value of the network services.

Lack of Valuable Tools

Problem: Suppliers often believe there are not enough benefits to network adoption and eInvoicing activity, in large part because supplier networks have failed to offer a robust set of tools that actually bring real value to the supplier.

Solution: More of today’s software providers are shifting their focus towards the supplier side of B2B activity. Many solutions offer supplier self-service tools that bring more value and enable a healthlier supplier base.

Lack of Invoice Receipt Diversity

Problem: By not allowing suppliers to submit their invoices in a way that suits their needs, such as email, buyers are hurting adoption.

Solution: Solution providers are including more diverse invoice receipt options within their offerings, such as mailroom services in addition to an eInvoicing network.

Buyer-Centric Solutions

Problem: For many years, the focus has been on creating eInvoicing solutions that bring cost reductions and smooth processes to buyers, while largely leaving out the needs of suppliers.

Solution: Innovative organizations and solution developers realize that in order to implement and maintain a successful eInvoicing solution and B2B network, the tools must bring real value to all parties. The suppliers are the key.

Strategizing Invoice Management

The benefits and efficiency of eInvoicing are dependent on supplier participation, but full participation is nearly impossible without diverse, supplier-focused automation strategies. With this focus in mind, organizations can use the following steps for more successful electronic invoice management:

1. Target All Suppliers

In the past, buying organizations and solution providers have assumed that the majority of invoices come from a small portion of the supplier base. For this reason, many companies only aggressively target a small number of their suppliers for eInvoicing adoption. While this may work in the short-term, it is not a scalable strategy, and buying organizations are missing out on huge long-term savings. In addition, with the increasing globalization of B2B activity, organizations have access to a wider and more diverse group of suppliers than ever before. The idea that a few suppliers provide most of the invoices no longer holds true for many organizations.

To adjust to this changing environment, organizations should implement a diverse mix of invoice receipt strategies, targeting all their suppliers—not just the ones that make the most noise.

2. Implement a Diverse Mix of Invoice Receipt Methods

Figure 5 illustrates a possible scenario for an AP automation implementation that incorporates a diverse mix of invoice receipt methods. The figure is based on a medium-sized investment company that receives 30,000 PO and non-PO-based invoices a year. This company’s suppliers send 63 percent of their invoices in paper format and 37 percent through email (primarily with attached PDFs). The company wishes to migrate to an electronic invoicing system, but they do not have faith that their primarily paper-driven supplier base will respond to a B2B network soon enough to bring quick ROI. Therefore, they decide to select a solution that offers an OCR-data capture technology for their emailed invoices, and that also provides outsourced, mailroom services for their paper invoices. The provider also offers a robust eInvoicing network, and with their provider’s help, the investment company begins a campaign to encourage supplier adoption of this network, “bridging” the gap to full automation.

Figure 5: An Organization’s Strategic Journey to Automated AP

Figure 5 2015 Invoice Receipt Management Report

3. Choose a Supplier-Focused Solution

A solution that has the needs of a supplier in mind will not only offer diverse receipt methods and a B2B network at no cost to the supplier—it will also feature Dynamic Discount Management (DDM) functionality. These solutions allow for changing discount rates based on the number of days the invoice is paid early. This ensures faster
cash flow for the supplier and speeds up invoice processing as a whole.

4. Use a B2B Network with Supplier Value

Today’s supplier networks provide self-service functionality to suppliers, such as self-registration, and they allow suppliers to initiate transactions or transmit information over the network through catalogs, invoices, or contracts. Suppliers can use the portal to
submit and check on the status of invoices, as well as increase their sales opportunities through access to tens of thousands of buyers.

They experience lower costs to service customers and improved communications with buyers through dispute resolution and help desk support. The network’s system architecture helps ensure safe communication and data exchange between buyers and sellers within
the application.

In addition, supplier networks provide a many-to-many platform that enables trading partners to participate using several data and integration formats. These networks allow trading partners to engage in multi-tier, multiple-party processes. They also provide detailed analytics and benchmarking data. These features eliminate the hassle and IT difficulties that cause many suppliers to avoid participation in networks altogether.

5. Move Away from Manual Processes at a Consistent Pace

While it may be most effective for some organizations to choose a solution with a strong front-end scanning component, this strategy should ideally only be a stepping stone towards a fully electronic invoicing system. Over time, organizations should consistently and proactively target all suppliers that are not in their B2B network and try to gain full eInvoicing participation.

6. Steadily Implement Additional Invoice Management Solutions

In the AP lifecycle, eInvoicing solutions are only the first step towards true efficiency. Beyond eInvoicing, there are many other solutions
that yield savings and productivity in an organization. These solutions include matching, approval workflow, payments, and more. When selecting a solution, organizations should investigate the provider’s additional invoice management solutions.

Conclusion

eInvoicing solutions are the key to bringing AP process efficiency and success to organizations. However, it takes time and hard work to fully access the solutions’ potential in savings and productivity value. Organizations should not aggressively pursue eInvoicing alone—they should expand their exploration of AP automation to consider a hybrid invoice receipt management system. This is the way to bring all parties and all systems together in a streamlined AP lifecycle.

Corcentric

Corcentric is a provider of cloud-based financial process automation solutions that have enabled some of the world’s largest organizations to manage and protect their financial assets. Corcentric’s Accounts Payable (AP) and Procure-to-Pay (P2P) automation solutions help reduce business costs, streamline processes, and provide the visibility needed to make critical business decisions.

Corcentric allows companies to manage 100% percent of their invoices electronically, creating a conduit between procurement, accounts payable, accounts receivable, and suppliers. Corcentric’s COR360 AP solution incorporates multiple invoice submission and capture capabilities, customizable workflows, automated matching, and advanced reporting to help companies increase efficiency and reduce costs associated with invoice and payment management. In addition, COR360 includes a supplier network to connect suppliers to the invoice process, enabling them to submit invoices electronically and review invoice and payment statuses via a portal.

Founded

1998

Headquarters

McLean, Virginia

Other Locations

Cherry Hill, NJ; Fairfield, NJ; Atlanta, GA; McLean, VA; Downers Grove, IL; Coral Springs, FL

Number of Customers

N/A

Number of Employees

220

Target Verticals

All Verticals

Awards/Recognitions

SSAE16 Type II SOC 1 certified, PCI Compliant

Electronic Invoicing and Invoice Receipt

Corcentric’s COR360 solution is offered as a hosted service, and is a multi-tenant SaaS solution that supports the full invoice lifecycle, including purchase order requisitioning, electronic invoicing, outsourced scan and capture, invoice workflow, automatic matching functionality, check request approval, and electronic payment processing. COR360 clients have the option to go fully paperless from day one with a combination of electronic invoicing and outsourcing all paper scan and capture to Corcentric.

COR360’s eInvoicing system eliminates the paper trail entirely by providing suppliers with a comprehensive supplier network for submitting eInvoices.
The solution integrates easily with any ERP or accounting system. In addition, the solution can be accessed from anywhere in the world at any time, via all smartphone or tablet devices. COR360 allows users to go completely paperless by outsourcing scanning and data capture hassles. Corcentric’s Invoice Virtualization Center provides invoice conversion services through scanning and data capture to convert paper invoices to electronic invoices. Invoice images also can be emailed directly from suppliers to COR360 and automatically sent through the capture process after receipt. Corcentric works with suppliers to transition them from submitting paper invoices to submitting eInvoices through the Corcentric Supplier Network. Corcentric does not charge suppliers any eInvoice fees or require them to create specific EDI formats. Corcentric can accept any EDI format, converting the EDI through the Corcentric Supplier Network to the required eInvoice format.

Once invoices are submitted to COR360, data is validated against a client’s AP system/ERP to ensure that data such as supplier name, remit-to addresses, PO numbers, and GL allocations is valid. Invoices are also validated using duplicate invoice checking, and can be rejected if necessary. Delegation of authority routing is validated against configured user hierarchies and the approval authority of the user.

Additional Invoice Management Functionality

COR360 utilizes SmartRouting to route an invoice after scan and capture to the user without the need for manual routing. This is done by capturing key information from the invoice, such as Attention Name, PO Number, Supplier Information, Department/Cost Center Number, and/or Location. The invoice is then automatically routed to the appropriate user based on those fields without user intervention.

COR360 automates three-way matching with straight-through processing, matching invoice details to PO line items and receiving data. When criteria using matching rules and tolerances are met, COR360 can complete the transaction straight through to the AP system/ERP without AP processor involvement. Invoices that fail the matching process can be automatically routed to the appropriate user (e.g., purchasing, receiving, etc.) for resolution based on the reason the invoice failed the match.

Clients have full capabilities to design and modify their own workflows at any time, with no IT expertise required. Invoices that require approval can be automatically routed according to the delegation of authority rules in COR360 and can be quickly approved and GL account-coded. Electronic history of routing and user approval is maintained in the audit report for every invoice. Clients can configure escalation notifications that can alert both the user and their superior of invoices that need approval.

Approved invoices can be scheduled for payment through the COR360 solution via a dashboard for payment as a paper check, ACH, or on a p-card. Corcentric works directly with suppliers in an effort to move them away from paper checks to ACH, wire, or p-card payments. Buyers can determine which invoices to pay early to capture early payment and sliding scale discounts.

Supplier Services

There are no supplier fees to connect to the Corcentric Supplier Network for eInvoices or to access the Corcentric supplier portal. The supplier portal provides a self-service mechanism for suppliers to view payment information, resolve invoice disputes, and submit invoices. Clients have full control of exactly how much information is available in the supplier portal.

Reporting and Analytics

The COR360 solution provides real-time dashboards, including drill- down capability for complete analysis. Standard reports can monitor accruals, user metrics, system administration, and departmental analysis. Ad hoc reporting tools are also available, allowing any user to create custom reports as required for further invoice analysis, with no IT expertise needed. All reports can be exported to Excel or CSV files.

Pricing and Implementation

Once client configuration options are defined, the configuration of the COR360 suite takes 1 to 2 weeks. Some factors that impact implementation time include the client’s availability to meet and discuss configuration options, the length of time a client wants to test, and if any custom requirements come up.

Corcentric provides 24/7 customer support via a hotline, and provides in-depth training for both users and system administrators at no additional cost. In addition, online help is available within the COR360 product.
There are no per-user fees, as COR360 allows for unlimited users and suppliers at no additional cost. COR360 charges transaction fees based on the number of invoices processed. In addition, there is a minimal, one-time configuration fee for setup of the solution.

GEP

GEP is a procurement technology developer with over 15 years of experience in deploying Source-to-Settle solutions. With its procurement platform, SMART by GEP®, GEP has made it possible for all tasks in the Source-to-Settle process to be carried out in one system and from any device. Its comprehensive automation of the Source-
to-Settle lifecycle also facilitates efficient and fluid invoice process management. SMART by GEP’s platform supports electronic invoice submission, and its Invoice Reconciliation features allow for invoice routing, revision, matching, and more. SMART by GEP also provides invoice approval workflow, as well as additional outsourced invoice receipt services.

Founded

1999

Headquarters

Clark, New Jersey

Other Locations

London, Prague, Mumbai, Shanghai

Number of Employees

1400

Number of Customers

180

Target Verticals

All

Awards/ Recognitions

Top supplier, 2015 EPIC Procurement Excellence Awards; HfS Blueprint, Winner’s Circle; Supply & Demand Chain Executive Magazine, Top 100; Everest Group’s PEAK Matrix for Procurement, Star Performer

Electronic Invoicing and Invoice Receipt

SMART by GEP is a highly-secure, cloud-based procurement platform hosted on the Microsoft Azure Cloud. All GEP’s development, data handling, and operational facilities and systems are certified to SSAE16 standards. In addition, GEP uses a web-based methodology to integrate with its customers’ third-party systems. SMART by GEP’s invoice management functionality is fully integrated with the rest of its Source-to-Settle platform.

SMART by GEP is underpinned by the GEP Nexus supplier network. With access to a huge supplier base, SMART by GEP users can take advantage of supplier discovery and onboarding, as well as connecting directly to their existing suppliers. Country-specific mandatory information for invoices is configured in SMART by GEP during implementation, making the order to invoice cycle compliant with each country’s rules.
SMART by GEP natively accepts invoices originating from suppliers through the SMART by GEP portal. In addition, supplier systems can be integrated with SMART by GEP for the purpose of order/invoice transmission using EDI and/or cXML standards. For customers working to convert their paper invoice to electronic invoice format, GEP first identifies, targets, and onboards those suppliers that send the largest volumes of paper invoices.

GEP works with clients to accommodate all other invoice receipt needs, either in-house or through specialized outsourcing. Scanned and electronic document format invoices can be uploaded individually or in bulk using the relevant functions. When appropriate, GEP will partner with specialist agencies or service providers for mailroom processing and scanning/OCR and data extraction. These service providers also offer validation and data capture confidence levels on invoices.

Upon invoice submission, GEP’s platform and Invoice Reconciliation solution feature field-level matching based on business rules, automatic re-routing of incorrect invoices back to suppliers, and PO-flip on validated invoices.

Additional Invoice Management Functionality

Due to SMART by GEP’s comprehensive platform, the Invoice Reconciliation module’s matching capability can handle requisition, order, delivery note, receipt, and invoice as standard. The platform also provides compliance visibility to match invoices to contracted
prices and prices bid at the sourcing stage. GEP’s Invoice Reconciliation features allow for the routing, revision, matching, and management of invoices that fail automatic matching.

SMART by GEP also includes comprehensive workflow and rules-based document handling. Routing for invoice approvals, invoice sign-off limits, and more can be configured according to amount, category, business unit, or other thresholds. Built-in alerts, reminders, failover escalations, and delegation for absences are all configurable according to the requirements of the enterprise. In addition, SMART by GEP includes Dynamic Discounting, which allows buyers to offer early payment on invoices in return for spot discounts.

Supplier Services

SMART by GEP includes the GEP Nexus supplier network, for customers that wish to have access to a global supplier base. GEP Nexus allows suppliers to participate in sourcing events, collaborate with buyers on contracts, submit performance scorecards and data, receive orders, and submit shipping notices, invoices, credit memos, and change requests.

By providing GEP Nexus, SMART by GEP can connect buyers to a vast community of suppliers, drastically reducing the burden of onboarding suppliers. For those suppliers that remain, GEP offers a managed, supplier onboarding service tailored to each customer’s need and conducted during implementation.

A typical supplier onboarding project consists of a phased sequence of onboarding for different segments of the supplier base. The onboarding team will initially focus on high invoice volume suppliers, and then move on to identify the next segment through a spend analysis process, (e.g., high value or high importance but low volume suppliers).

Reporting and Analytics

SMART by GEP is built upon a data warehouse model for reporting and dashboards, providing the end user with access to all data across the procurement landscape. Its reporting services include dashboards and drag-and-drop, ad hoc reporting functionality that allows users to create reports based on any parameter captured within the system.
By applying multiple filters for each metadata element, reports can be created and added to the dashboard, viewed in graphical format, exported in multiple file formats, and scheduled at a desired frequency. The SMART by GEP platform supports customization of dashboard views per individual users’ requirements.

Implementation and Pricing

Implementation of SMART by GEP entails configuration of the tool to the client’s business processes and robust customer support to drive end-user adoption. During the implementation and pre-production phases, GEP provides detailed training divided into three parts: system overview training, screen navigation, and functionality training. These trainings are offered both onsite and remotely via web conferences. Post-implementation, GEP provides phone and web-based support. GEP’s global customer support staff is based out of three regions (US, Europe, and APAC) and is available 24/5.

SMART by GEP is an annual subscription-based service priced on a function-by-function basis and largely according to the number of users of each function for each year of the contract. The different components taken into account for pricing include number and type of users, interface languages, contract and template configuration requirement, and support services.

Taulia

Taulia is a leading provider of Purchase-to-Pay, invoice management, and supply chain financing solutions. Taulia’s suite of products includes eInvoicing, a supplier self-service portal, supplier information management, and Taulia Supplier Finance, including Dynamic Discounting and Supply Chain Finance Plus. Taulia also offers a shared supplier network to which over 300,000 suppliers have access.

The Taulia invoicing suite, “Inbox by Taulia,” is a Software-as-a-Service (SaaS) solution and connects seamlessly with any ERP system. Taulia’s solution addresses an organization’s entire spend and offers visibility and early payments on all invoices, regardless of submission method— PDF, electronic, paper, EDI, and more.

Taulia’s solution is free for suppliers, thus maximizing supplier adoption and participation. Its supplier network offers supplier self-services to address all forms of communication, information, and transaction processing. In addition, Taulia leverages the payment capabilities of clients’ native ERP systems while supporting the onboarding and collection of supplier bank accounts, and also provides detailed remittance details to all suppliers in their preferred delivery format.

Founded

June 2009

Headquarters

US HQ in San Francisco; EU HQ in London,

England

Other Locations

Park City, UT; Austin, TX; Dusseldorf, Germany; Sophia, Bulgaria

Number of Employees

250

Number of Customers

>85

Number of End Users

>300,000

Target Verticals

Vertical-Agnostic

Partners/Resellers

Oracle, SAP, Coupa, Lexmark, RBS

Awards/Recognitions

CIOReview 20 Most Promising ERP Solution Providers, Bully Award; Best and Brightest Places to Work in the Bay Area; OnDemand 50 Companies to Watch

Electronic Invoicing and Invoice Receipt

Taulia’s invoicing suite and the Taulia Business Exchange platform are hosted SaaS solutions that integrate with all major ERPs. Once suppliers are enrolled in the Business Exchange platform, they have access to free eInvoicing that is compliant in more than 50 countries and available in nearly 15 languages.

To ensure maximum eInvoicing participation, Taulia offers a solution that meets the varying needs of the supply chain. It accommodates all common invoice submission methods, including integrated eInvoicing (“eFile”), connecting a supplier billing system directly with the Taulia network, direct uploads, and PO flip. It also supports web forms for non-PO invoices, and processes email attachments via its technology partner, CloudTrade. Its subsequent supplier verification enables 95 percent accuracy upon the first data recognition. All formats and protocols are supported, including EDI, Edifact, XML formats, text files, and others. Suppliers can also manually upload XML and CSV files within the Taulia front-end.

Through Taulia’s supplier financing suite, discounts are available on all invoices regardless of submission method. This allows companies to turn every invoice into a revenue opportunity. The solution offers both a buyer-funded Dynamic Discounting product and a third-party-funded Supply Chain Finance Plus product, allowing clients to implement a mix of both types of early payments depending on their working capital preferences. The solution supports several discounting schemes and features, including buyer- and supplier-initiated early payments, and recurring and one-off early payments. In addition, Taulia provides organizations with reporting and dashboard tools to measure and monitor the success of their discounting initiatives.

Additional Invoice Management Functionality

Taulia’s standard out-of-the-box delivery integrates with all leading workflow solutions, including Dolphin’s PTS, ReadSoft’s Invoice Cockpit, OpenText VIM, MediusFlow, Esker, or ERP incorporated workflow. In addition, Taulia leverages clients’ native ERP payment abilities and collects and verifies the bank account information, then transfers the data to the ERP back-end for payment. After payment, Taulia extracts and presents remittance to all suppliers and makes this information available in real time through the cloud-based portal.
With Taulia’s supplier onboarding and enablement services, Taulia Now, all bank account information is collected and maintained through the cloud-based portal. Taulia then educates suppliers on the benefits of moving from check to ACH payments and trains them on the simple process of updating their bank records through Taulia’s Supplier Information Management (SIM) module.

Supplier Services

Taulia’s free supplier access is a critical component for supplier adoption. Taulia Now uses sophisticated enrollment outreach strategies to enroll suppliers in the network, and its multi-step education campaign conveys the process and benefits of the network to suppliers. In instances where the vendor master file lacks proper email addresses, Taulia Now has a parallel enrollment process involving direct mail and calling.

Taulia Now offers an enrollment program with teams in the US, Germany, Spain, Bulgaria, and the UK dedicated to maintaining and strengthening supplier relationships, regardless of physical location. Taulia’s supplier marketing efforts and its quick and free signup process result in high average adoption rates. Typical customers have one-third of their suppliers enrolled into the program within the first month, with adoption continuing to increase to well over 50 percent.

Reporting and Analytics

Taulia’s solution offers extensive reports and dashboards tailored for accounts payable, treasury, and procurement. All reports and dashboards can be customized within the app, or through a third-party provider. For example, customers who also use any of SAP’s business analytics solutions, such as BW or SAP Business Objects Enterprise Performance Management solutions, may instantly use all information available from the Taulia solution. Transaction data can be downloaded to a reporting tool such as Crystal Reports for further analysis. The system maintains comprehensive audit logs for all actions taken.

Pricing and Implementation

Typical solution implementation takes three months. During and after implementation Taulia offers interactive tutorials, video, documentation, online help, and other ongoing training. Taulia’s in- house professional services team handles installation, functional consulting, and customer training, while the in-house supplier

enablement team supports, trains, and educates suppliers. Taulia also collaborates with all key stakeholders—AP, treasury, procurement, shared services, and IT—to teach them how they can get the most out of the Taulia solution. Taulia also provides 24-hour support via phone, chat, email and web. Taulia offers buyers the choice of an annual subscription fee or a revenue share model based on discounts captured from supplier financing, along with a one-time set up fee. Suppliers have completely free eInvoicing, 24/7 invoice visibility, and early payment functionality through the Taulia Business Exchange.


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Research Report: 2015 Invoice Workflow Automation Report

September 3, 2015

Manual processing rarely affords the opportunity to meet these goals, but invoice workflow automation (IWA) software has allowed many organizations to combat this inefficiency

Research Report: 2015 Invoice Automation Navigator Report

June 23, 2015

Are you looking for an AP software that fits the needs of your organization? Perhaps you are looking to see how your current AP software stacks up against the competition

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