Here are two further publications for our article on how advanced AP solutions can support dynamic discounting and reverse factoring, helping organisations to work their capital harder by negotiating discounts for early settlement of invoices.

It’s been placed in outsourcing portal, Sourcing Focus (link) and on leading finance and treasury website, GTNews (registration may be required).

Danish high-street bank, Den Danske Bank, has introduced an unusual e-invoicing solution for consumers, to help them pay bills on the move.  The Bank’s customers can now pay bills by simply taking a photo of it using their iPhone or Android smartphone, which then triggers an online payment application.

The app uses OCR to rapidly enter the details for a bill or electronic funds transfer, including the amount due, payee name and account numbers, without demanding that users key in the information by hand.

Of course at Palette, our cloud-based architecture enables AP staff to process invoices anywhere they can get a web connection, and e-invoicing is a goal for many users of our solutions.  It’s interesting to see this technology filtering down to consumers.

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Hoya Vision Care, the global leader in optical lens manufacturing, has optimised its accounts payable operations across Europe by standardising on the use of PaletteInvoice across its European offices.  

The company currently processes over 100,000 complex invoices per year using PaletteInvoice.  Paper-based invoices received at its offices across Europe are scanned using ReadSoft, and sent into PaletteInvoice for verification.  Hoya uses Palette’s Matching Module to handle 3-way matching with purchase orders and other documentation from its SAP system, and for invoice approval.  PaletteInvoice is used as a browser to view the invoices that have been loaded into SAP.

As well as reducing the average processing time for invoices, PaletteInvoice has streamlined Hoya’s authorisation procedures.  As PaletteInvoice can be accessed remotely in the cloud via users’ web browsers, staff can log in securely and manage their invoices wherever they have a web connection. 

Michiel Copier, General Manager of European Finance Headquarters for Hoya said: “We wanted a solution that could standardise our accounts payable processes across Europe, and simplify workflow for our staff while giving complete visibility and auditability. PaletteInvoice has delivered the control we wanted, and ease of use for our staff by enabling them to check and authorise their invoices wherever they are working.”

Spend Matters, the leading blog focusing on procurement, supply chain management, P2P and related areas, has featured a guest post from Palette on dynamic discounting and early settlement.  The blog is well worth a visit, as it covers a wide range of topics that are of interest to both public and private sector organisations.

Direct link to website or link to the article 

If you were offered a way to get a 30+% annual return on your working capital, as well as more efficient financial processes, would you be interested in finding out how? 

Our latest article, which is live on Director of Finance Online, looks at how it’s possible to achieve significant returns through a process called Dynamic Discounting, taking advantage of accounts payable automation solutions.  You can find the article here: 

http://www.dofonline.co.uk/content/view/5156/116/