Accounts payable are traditionally handled using manual workflows and physical paperwork. However, as companies increasingly engage in cross-border trade or partner with international businesses, manual workflows cannot be relied on to scale appropriately with the business.
To overcome this barrier, businesses are moving towards automated invoice processing and electronic accounts payable systems that seamlessly integrate with their existing infrastructure.
Tungsten Network can provide companies with an automated and compliant B2B transactions network for enhanced business performance. Continue reading to find out more.
Updating accounts payable with Tungsten Network
Tungsten Network helps its clients maximise invoice processing with Total AP — an electronic Accounts Payable service, centered around automated invoice processing. Automated invoicing improves internal efficiency and accuracy for Accounts Payable departments while streamlining the process of making payments to vendors too.
“Eliminating manual processing and embracing invoice digitisation can cut costs by up to 63%,” says Tungsten Network CEO Paul Cooper. It’s often difficult to optimise cash flows and minimise risks within Accounts Payable, given the number of internal and external stakeholders involved. Therefore, such a substantial saving is a huge achievement.
By providing an invoice digitisation service, Tungsten helps make Accounts Payable a more transparent function of your business. Electronic payment processes are easier to view and understand, making reviewing transactions much easier.
Fulfilling client needs
Paul Cooper reinforces Tungsten’s dedication to its clients: “Efficiency and robust risk management are critical objectives for every CFO, and Tungsten is passionate about supporting their efforts”.
Tungsten Network understands that each business’ financial needs are different. To ensure results, they consult with a client business before creating a tailored digital solution for them.
Take Schneider Electric, for example, which approached Tungsten Network to help update their invoicing. As Schneider Electric processed 650,000 invoices over three different locations, and 90% of those were paper-based, it was a company in dire need of modernisation.
Tungsten identified the best way to implement change throughout Schneider Electric, empowering them to complete their digital transformation in record time. The project massively reduced the client’s processing costs and eliminated paperwork through invoice digitisation.
To learn more about how Tungsten Network can help businesses improve their performance through automation, check out this article.