SAN MATEO, Calif.--(BUSINESS WIRE)--Coupa Software, a leader in cloud-based spend management solutions, today announced its plans to release an application that will help make processing supplier invoices faster, easier, and less expensive than is currently possible with legacy optical character recognition (OCR) solutions, while also improving compliance, data quality and supplier participation.
Coupa’s InvoiceSmash application is expected to be generally available later this year, however select customers are invited to join the early access program where they can start using it in production now, and provide feedback to Coupa before the general availability release. With the Early Access Program, Coupa takes the next step in transforming B2B commerce by further reducing the need for expensive supplier enablement initiatives and strengthening the way the world’s businesses use Coupa Invoicing and the Coupa Open Business NetworkTM for their e-invoicing transactions.
In today’s world of B2B commerce, extended global enterprises need modernized solutions to efficiently manage supplier transactions while staying compliant with local government requirements. These businesses also want to transact with one another quickly, without fees, paper or friction, which impact the overall cost of doing business. Coupa’s model of delivering e-invoicing compliant systems as a fully managed service delivers on this promise.
InvoiceSmash’s cloud-based technology has innovative closed-loop learning capabilities that extend Coupa’s Invoicing solution by instantly converting emailed invoices from suppliers into the digital format required for the buyer’s accounts payable process.
As Coupa brings these innovations to market, supplier enablement efforts and invoice processing costs will decrease as buyers and suppliers gain instant connectivity and the freedom to interact using their preferred processes and without supplier registration or fees via the Coupa Open Business NetworkTM. Finance and Treasury also get the added benefit of enhancing cash flow management and additional days to apply early payment discount terms to earn a return on payables.
“We continue to collaborate with our customers to achieve our goal of continually reducing AP costs through forward-thinking approaches to automating accounts payable and e-invoicing,” said Raja Hammoud, vice president of product marketing and management at Coupa. “Our customers are always inspiring us to improve and deliver innovations to drive measurable value for their organizations, and InvoiceSmash is a direct result of that.”
Innovative Accounts Payable & e-Invoicing Technology
Designed to help organizations of all sizes digitize and automate the often painful accounts payable and invoicing process, InvoiceSmash is a new module available within Coupa’s cloud-based platform to instantly convert emailed invoice attachments into the field formats required by Accounts Payable organizations.
The solution’s closed-loop learning capabilities detect supplier invoice format changes,and creates learned templates for future invoices so the Coupa system grows smarter, for the benefit of all Coupa cloud customers, after a new supplier invoice format appears.
The Coupa Open Business NetworkTM
With no fees or friction, the Coupa Open Business NetworkTM instantly connects the world’s businesses, providing customers with both the flexibility and freedom they want to transact with their direct and indirect suppliers. Today, more than 2 million suppliers connect to Coupa customers to easily collaborate and transact.
By incorporating InvoiceSmash into the Coupa platform, emailed invoice attachments that currently flow freely through the Coupa Open Business NetworkTM AP Inbox functionality will be able to process automatically, resulting in more accurate and timely invoice processing while providing compliance with local government rules.
With faster invoice processing times, Finance teams benefit by gaining additional days to support their cash flow management initiatives, and the ability to maximize supplier discounts and earn a return on their payables through the power of Coupa’s dynamic discount support. Customers can also benefit by increasing e-invoicing connectivity with more of their suppliers without the pain and cost of extensive supplier enablement projects or having to use OCR systems to manually scan and digitize invoices.
About Coupa Software
Coupa Software, a leader in cloud-based spend management, enables businesses everywhere to recognize bottom-line financial success via Value-as-a-Service. Customers – small, medium and large - representing the Americas, EMEA, and APAC rely on Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months and grow continually. Learn more at www.coupa.com.