ALISO VIEJO, CA--(Marketwire - March 1, 2011) - Across the globe, companies desperately want to eliminate paper from the Accounts Payable invoicing process. The benefits of doing so include reducing operational costs, improving efficiency and supporting green initiatives.
A Look Back at eInvoicing
After watching EDI solutions stagnate for a number of years, European based e-invoicing networks sprung up in the early 2000s primarily to solve the problem of VAT compliance. In addition, these networks claimed to eliminate paper from the accounts payable process. Customers were ultimately disillusioned as these networks were limited in their ability to connect suppliers electronically. Fast forward 10 years and these same 'networks' now advocate accepting paper invoices from suppliers and leveraging scanning technology to convert paper to data. This reversal of strategy back to the 1990s and the commoditization of VAT compliance has effectively positioned the older networks as outsourced scanning solutions, the very same process the networks claimed to be replacing 10 years ago.
A New Way Forward
Transcepta is credited with turning this backward evolution around with technology that enables suppliers of any size to connect electronically without changing their billing system or invoice format. In fact, the ability to address supplier adoption is recognized throughout the industry as a major milestone in facilitating the adoption of e-invoicing. Transcepta has helped companies do what no one thought was possible -- eliminate 100 percent of the inbound paper invoices. Transcepta is the only e-invoicing provider that has demonstrated the ability to connect all suppliers electronically for their customers, without relying on OCR, scanning technology or cumbersome web portals as the older networks do.
Finding the Holy Grail
Transcepta is noted as the only company that has demonstrated the ability to connect all suppliers for a customer. But the dirty little secret is that eliminating paper is not the trophy. 100 percent pre-validated invoices are what accounts payable leaders truly desire. The exceptions created from incomplete invoices result in an enormous problem for accounts payable departments. The solution to the exception problem is an 'Auto-Validate' feature. With Transcepta, the days of 'chasing suppliers' and 'invoice holds' are problems of the past.
Transcepta Milestones
- Transcepta has what is believed to be the largest active, electronically-connected global supplier network.
- Transcepta processes millions of electronic transactions annually.
- Leading retail companies have benefitted from Transcepta including 7-Eleven, Tim Hortons, and Restaurant Depot.
- Three of the largest Aerospace and Defense companies have selected Transcepta including Raytheon Corporation.
- The leading global insurance service provider is a Transcepta customer
- Other customers include multi-billion dollar enterprises in healthcare, manufacturing, distribution, engineering, construction and food and beverage industries.
- Transcepta teamed with Oracle Corporation to deliver an integrated e-invoicing solution
Leading Analyst Commentary
-
Leading analysts and industry watchers conclude that one of the pacing factors for e-invoicing deployment has been getting electronic invoice data from vendors that primarily send out paper invoices, commenting that "Transcepta revolutionizes the way suppliers send e-invoices."
-
"Transcepta is the first company we have seen with a solution that provides the ability of a supplier to transmit buyer-ready electronic invoices without making any changes to their existing billing process, regardless of billing format."
Henry Ijams, PayStream Advisors -
"One of Transcepta's key strengths is its ability to implement a solution remotely via the Internet while leveraging a customer's existing invoice. This is particularly helpful for businesses that want to use their current accounting/ERP system but don't want to invest resources on integration."
Christine Barry, Aite Group
Resources
For more information visit www.transcepta.com
About Transcepta
Transcepta was founded in 2005 with the goal of eliminating paper invoices and making electronic invoicing a reality for Accounts Payable departments across the globe. The company believes that the critical success factor for electronic invoicing is supplier participation. Transcepta is differentiated from other offerings by providing an attractive solution to suppliers and a managed service to recruit and connect those suppliers. Transcepta is the only electronic invoicing solution that removes the long standing barriers (cost, time and complexity) to supplier adoption.
While offering robust functionality and flexible integration to Accounts Payable departments, Transcepta enables suppliers to submit invoices with their existing billing system and process. Suppliers do not pay setup or any other upfront fees and implementation takes only five minutes of a supplier's time. IT support is not required for supplier implementation and invoice submission is automated (i.e. not manually typing invoices into a web portal). Thousands of companies have joined the Transcepta Community to lower costs, improve efficiency and strengthen trading relationships.
Contact Information:
Media Contact:
Kevin Mayberry
Lages & Associates
(949) 453-8080
