Palette Blog

Palette Blog http://www.palette-group.com/blog.aspx Palette blog description info@palette-group.com (Palette group) Invoice http://www.palette-group.com/blog/67/heading_to_the_cloud_for_more_efficient_processing.aspx http://www.palette-group.com/blog/67/heading_to_the_cloud_for_more_efficient_processing.aspx cloud Heading to the cloud for more efficient processing Our UK sales director Lucy Beck gives her thoughts about how invoice processing and document management functions are moving to the cloud to improve productivity in this article from the UK portal, CloudPro. It also features long-standing Palette customer, Stena Line, one of the world’s leading shi... Thu, 09 Feb 2012 00:00:00 +0100 Our UK sales director Lucy Beck gives her thoughts about how invoice processing and document management functions are moving to the cloud to improve productivity in this article from the UK portal, CloudPro.  It also features long-standing Palette customer, Stena Line, one of the world’s leading shipping firms.  It’s well worth a read, at:  <a href="http://www.cloudpro.co.uk/saas/document-management/2749/how-cloud-rendering-traditional-document-management-obsolete?page=0,1">http://www.cloudpro.co.uk/saas/document-management/2749/how-cloud-rendering-traditional-document-management-obsolete?page=0,1</a> http://www.palette-group.com/blog/66/webinars_on_the_benefits_of_cloud-based_invoice_processing.aspx http://www.palette-group.com/blog/66/webinars_on_the_benefits_of_cloud-based_invoice_processing.aspx webinar paletteonline Webinars on the Benefits of Cloud-based Invoice Processing If you’d like to find out more about how our PaletteOnline solution gives you easier and more efficient invoice processing with minimal set-up and configuration, we’re hosting free webinars in February to show how you can deploy rapidly, cut costs and run either in the cloud or on your premises with... Mon, 06 Feb 2012 16:52:43 +0100 If you’d like to find out more about how our PaletteOnline solution gives you easier and more efficient invoice processing with minimal set-up and configuration, we’re hosting free webinars in February to show how you can deploy rapidly, cut costs and run either in the cloud or on your premises with identical functionality.    The webinars are a no-obligation opportunity to find out how a cloud-based solution can provide you with a truly seamless method for managing supplier invoices more efficiently, delivering real, ongoing savings in both costs and time.  To register for the webinar on Thursday 9th February at 3pm (GMT), click here: <a href="https://www3.gotomeeting.com/register/705782734">https://www3.gotomeeting.com/register/705782734</a>   Or for Tuesday 21st February at 2.30pm (GMT), click here:   <a href="https://www3.gotomeeting.com/register/245489558">https://www3.gotomeeting.com/register/245489558</a> http://www.palette-group.com/blog/65/introducing_palettearena_version_60_with_key_enhancements.aspx http://www.palette-group.com/blog/65/introducing_palettearena_version_60_with_key_enhancements.aspx Introducing PaletteArena version 6.0, with key enhancements We’ve just announced the latest version of PaletteArena, which includes a number of key enhancements to its mobile / smartphone working capabilities, email integration and reporting functions. PaletteArena Version 6 include PaletteMobile, allowing users to access their invoice workflows on their sm... Wed, 01 Feb 2012 00:00:00 +0100   We’ve just announced the latest version of PaletteArena, which includes a number of key enhancements to its mobile / smartphone working capabilities, email integration and reporting functions.  PaletteArena Version 6 include PaletteMobile, allowing users to access their invoice workflows on their smartphone, offering more flexibility over how and where they can process and manage invoices.  The PaletteMobile client features an intuitive user interface to support invoice checking, approval, and workflow management.  It also features PaletteMail which is aimed at users who prefer to integrate their workflow with their email, collating all of users’ invoices in their email inbox for review, which can then be reviewed and approved within the PaletteMail client, with all processing handled within PaletteArena. We’ve also made a number of upgrades to PaletteDashboard, to give easier access to snapshots of key information on suppliers and the status of payments, with the option to drilldown into further detail if necessary.  Find out more about what PaletteArena 6.0 can do in our product pages. http://www.palette-group.com/blog/64/uk_government_shuns_appeal_by_small_businesses.aspx http://www.palette-group.com/blog/64/uk_government_shuns_appeal_by_small_businesses.aspx late payments UK Government ‘shuns’ appeal by small businesses The UK Government has been criticised for its response to the appeal made by a group of small business representatives earlier this month, to bring forward the enforcement of the EU late payment legislation amid fears of crippling financial struggle. The Telegraph newspaper reports that the business... Tue, 24 Jan 2012 22:09:28 +0100 The UK Government has been criticised for its response to the appeal made by a group of small business representatives earlier this month, to bring forward the enforcement of the EU late payment legislation amid fears of crippling financial struggle.  The Telegraph newspaper reports that the business and enterprise minister, Mark Prisk, has proposed to ‘reform a group that will review corporate payment performance and legislation’, however members claim that he is merely relegating the matter as an issue of little, or no priority.  The EU-wide deadline for the enforcement of the legislation is 2013, and legislation is slated to be introduced to the UK this year;  yet with many small businesses in the UK struggling to make ends meet, they fear they may not survive to see the legislation come into effect.  Read more here:  <a href="http://www.telegraph.co.uk/finance/businessclub/9033832/Governments-response-to-late-payment-questioned.html">http://www.telegraph.co.uk/finance/businessclub/9033832/Governments-response-to-late-payment-questioned.html</a>     http://www.palette-group.com/blog/63/small_businesses_push_for_action_on_eu_late_payment_legislation.aspx http://www.palette-group.com/blog/63/small_businesses_push_for_action_on_eu_late_payment_legislation.aspx late payments Small businesses push for action on EU late payment legislation A group of UK organisations and industry bodies have written to the business and enterprise minister, Mark Prisk, urging him to address the problem of late payments which are causing great financial struggle for smaller companies, and even putting some out of business.A recent UK survey showing that... Mon, 16 Jan 2012 00:00:00 +0100 A group of UK organisations and industry bodies have written to the business and enterprise minister, Mark Prisk, urging him to address the problem of late payments which are causing great financial struggle for smaller companies, and even putting some out of business. A recent UK survey showing that 76% of business owners said they feel the government is not doing enough to protect UK businesses from late payments. Possible resolutions to the problem include suggestions to bring the EU Late Payment Directive forward to 2012 therefore making 30-day payment terms mandatory, and preventing larger companies from changing the terms of their payments without contractual agreement.  This in turn is expected to put invoice and AP automation solutions in the spotlight, to help provide companies with the tools they need to avoid such penalties. Research suggests that small and medium-sized businesses in the UK are owed £33.6 billion in outstanding invoice payments, the highest figure since records began.   Read more about this issue at: <a href="http://www.smallbusiness.co.uk/channels/small-business-finance/news/1679428/group-unite-to-take-on-late-payment.thtml">http://www.smallbusiness.co.uk/channels/small-business-finance/news/1679428/group-unite-to-take-on-late-payment.thtml</a> http://www.palette-group.com/blog/62/palette_joins_eei_platform_to_help_promote_e-invoicing_across_europe.aspx http://www.palette-group.com/blog/62/palette_joins_eei_platform_to_help_promote_e-invoicing_across_europe.aspx EEI-platform Palette joins EEI Platform to help promote e-invoicing across Europe Palette has become a member of the European Electronic Invoicing Platform (EEI Platform), a consortium that aims to promote the benefits of e-invoicing with a key focus on sharing information, promoting members’ interests, building social networks, and obtaining and transferring knowledge.The EEI Pl... Thu, 05 Jan 2012 16:00:33 +0100 Palette has become a member of the European Electronic Invoicing Platform (EEI Platform), a consortium that aims to promote the benefits of e-invoicing with a key focus on sharing information, promoting members’ interests, building social networks, and obtaining and transferring knowledge. The EEI Platform is claimed the largest platform to promote and facilitate the adoption of e-invoicing and invoice automation in Europe, and now has over 40 members who actively support its mission.  This is to help accelerate the awareness, adoption and penetration of e-invoicing invoice automation and its related domains (payments, accounting, credit management, archiving, authenticity) across Europe, creating benefits and opportunities for its visitors, members, partners and participants. Find out more about EEI at:  <a href="http://eeiplatform.com/6636/palette-software-welcomed-to-e-invoicing-platform/">http://eeiplatform.com/6636/palette-software-welcomed-to-e-invoicing-platform/</a> http://www.palette-group.com/blog/61/banctec_named_as_our_partner_of_the_year_2011.aspx http://www.palette-group.com/blog/61/banctec_named_as_our_partner_of_the_year_2011.aspx BancTec BancTec named as our Partner of the Year 2011 We’ve named BancTec, the leader in business process outsourcing (BPO) for transaction automation and document management, as our partner of the year. We’ve worked with BancTec since 2009, with BancTec’s AP Master automation solution powered by PaletteArena, which offers the most automated approach... Wed, 28 Dec 2011 00:00:00 +0100 We’ve named BancTec, the leader in business process outsourcing (BPO) for transaction automation and document management, as our partner of the year.    We’ve worked with BancTec since 2009, with BancTec’s AP Master automation solution powered by PaletteArena, which offers the most automated approach to supplier invoice matching and straight-through processing.  This solution was recently introduced in the UK from the US market, and is offered to customers as either a hosted environment or licensed for deployment in-house.  It enables businesses of any size to benefit from an automated, paperless processing solution to help improve their accounts payable efficiency and reduce costs.  Read more about the award here:  <a href="http://www.banctecbpo.com/2011/12/banctec-named-partner-of-the-year-by-palette/">http://www.banctecbpo.com/2011/12/banctec-named-partner-of-the-year-by-palette/</a> http://www.palette-group.com/blog/60/in_through_the_outsourcing_door.aspx http://www.palette-group.com/blog/60/in_through_the_outsourcing_door.aspx outsourcing In Through the Outsourcing Door Companies in all sectors are seeking to reduce costs, and searching for ways to improve efficiency within their business. For many this has involved outsourcing certain aspects of their business functions, and AP is a key function that many companies evaluate for outsourcing – giving an opportunity... Wed, 14 Dec 2011 16:39:08 +0100 Companies in all sectors are seeking to reduce costs, and searching for ways to improve efficiency within their business.  For many this has involved outsourcing certain aspects of their business functions, and AP is a key function that many companies evaluate for outsourcing – giving an opportunity for accounting practices and related businesses.  In a recent article published by Outsource magazine, our UK sales director Lucy Beck explains what companies need to consider when looking to start offering a hosted, outsourced AP service, and offers advice on how companies should address the common concerns when discussing the possibility of managing outsourced service for their clients.   Read the full article here: <a href="http://www.outsourcemagazine.co.uk/articles/item/4271-how-to-play-host-to-an-outsourcing-service">http://www.outsourcemagazine.co.uk/articles/item/4271-how-to-play-host-to-an-outsourcing-service</a>   http://www.palette-group.com/blog/59/earlier_start_for_late_payment_legislation.aspx http://www.palette-group.com/blog/59/earlier_start_for_late_payment_legislation.aspx Late Payment legislation Earlier Start for Late Payment Legislation We’ve posted before about the impending EU Late Payment legislation, which the UK Government intends to introduce in 2012, a year earlier than the EU deadline of 2013. Although there’s some discussion about exactly WHEN this will happen, there’s no doubt that it actually will be introduced.Some 22%... Thu, 08 Dec 2011 13:37:17 +0100 We’ve posted before about the impending EU Late Payment legislation, which the UK Government intends to introduce in 2012, a year earlier than the EU deadline of 2013.  Although there’s some discussion about exactly WHEN this will happen, there’s no doubt that it actually will be introduced. Some 22% of the SMEs interviewed in the UK Department for Business, Innovation and Skills' latest Business Barometer said that late payment was a problem for them, with half or more of their customer base pays late.  And of course, late payment isn’t the only problem:  long payment periods can be equally problematic.   Corporates can often use their power in business relationships by imposing long payment terms on their suppliers.    If companies start to take advantage of the EU legislation to apply interest on overdue payments and even penalties, it could drive a significant change in payment practices, and in turn lead to increasing demand for better control and visibility over corporate payment processes in order to be perceived as a good partner, and avoid such charges.  We will be monitoring developments on this legislation closely. http://www.palette-group.com/blog/58/palette_partners_with_toronto-based_echovera.aspx http://www.palette-group.com/blog/58/palette_partners_with_toronto-based_echovera.aspx Canada document automation Palette Partners With Toronto-based EchoVera We’ve recently strengthened our North American presence with the appointment of EchoVera as a partner in Canada. EchoVera is a document automation specialist that has a long track record in helping private and public sector clients of all sizes streamline their business processes and enhance produc... Wed, 30 Nov 2011 00:00:00 +0100 We’ve recently strengthened our North American presence with the appointment of EchoVera as a partner in Canada. EchoVera is a document automation specialist that has a long track record in helping private and public sector clients of all sizes streamline their business processes and enhance productivity. EchoVera plans to offer hosted solutions based on PaletteArena, giving complete flexibility in invoice management. “Palette sets itself apart with its comprehensive yet easy to use, purchase-to-pay solutions”, says EchoVera president Ralf Leitner. “We have yet to see any other solution that can match the scope and breadth of functionality in PaletteArena.” Find out more about the story here: <a href="http://www.palette-group.com/press.aspx">http://www.palette-group.com/press.aspx</a> http://www.palette-group.com/blog/57/being_the_perfect_(accounts_payable)_host.aspx http://www.palette-group.com/blog/57/being_the_perfect_(accounts_payable)_host.aspx accounts payable Being the Perfect (Accounts Payable) Host Organisations such as accountancy and legal practices are familiar with providing a range of consulting and management services to their clients – and they are starting to offer outsourced AP services too. But how should they approach offering services in the most efficient way, to maximise take-up... Mon, 28 Nov 2011 00:00:00 +0100 Organisations such as accountancy and legal practices are familiar with providing a range of consulting and management services to their clients – and they are starting to offer outsourced AP services too. But how should they approach offering services in the most efficient way, to maximise take-up with clients? Our latest article from UK sales director Lucy Beck looks at the issues of choosing the right AP platform on which to offer outsourced services, and how to address clients’ concerns when they are considering outsourcing their invoice processing. You can read it here: <a href="http://www.dofonline.co.uk/content/view/5839/114/">http://www.dofonline.co.uk/content/view/5839/114/</a> http://www.palette-group.com/blog/56/late_payments_to_small_companies_hits_three-year_high.aspx http://www.palette-group.com/blog/56/late_payments_to_small_companies_hits_three-year_high.aspx late payments Late Payments to Small Companies Hits Three-Year High The average UK small company is now owed £39,000, according to the fourth annual survey by Bacs (Bankers' Automated Clearing Services). The data shows that businesses are owed on average 10% more than last year. What’s more, those hit by late payment are waiting on average 28 days above their payme... Wed, 16 Nov 2011 10:40:10 +0100 The average UK small company is now owed £39,000, according to the fourth annual survey by Bacs (Bankers' Automated Clearing Services). The data shows that businesses are owed on average 10% more than last year. What’s more, those hit by late payment are waiting on average 28 days above their payment terms to have invoices settled. The Bacs survey found that the most frequent excuse businesses hear is that payment is held-up due to internal systems – 55% or respondents said they were told their invoice is waiting for authorisation or that the bill is being processed by accounts. However, with EU Late Payment legislation set to be introduced in the UK in 2012 – a year earlier than originally planned – it will be interesting to see if this reduces the burden of overdue payments on businesses. If small companies start to use the EU legislation to levy penalties and interest on overdue payments, it may well force a change in payment practice – with companies needing better visibility and control over their payment processes in order to avoid such penalties. You can read more here: <a href="http://www.telegraph.co.uk/finance/businessclub/8864367/Late-payments-to-small-firms-at-three-year-high.html">http://www.telegraph.co.uk/finance/businessclub/8864367/Late-payments-to-small-firms-at-three-year-high.html</a> http://www.palette-group.com/blog/55/palette_exhibits_at_iapp_evolution_9th_10th_november.aspx http://www.palette-group.com/blog/55/palette_exhibits_at_iapp_evolution_9th_10th_november.aspx IAPP Palette exhibits at IAPP Evolution, 9th & 10th November If you’re attending the IAPP’s Evolution 2011 event on the 9th and 10th November at Wokefield Park in Reading, UK, don’t forget that Palette is exhibiting at the event. Palette customer, Selecta, Europe's largest vending service company,is hosting a speaker session at the event, called ‘Make Invoice... Mon, 07 Nov 2011 17:45:56 +0100 If you’re attending the IAPP’s Evolution 2011 event on the 9th and 10th November at Wokefield Park in Reading, UK, don’t forget that Palette is exhibiting at the event. Palette customer, Selecta, Europe's largest vending service company,is hosting a speaker session at the event, called ‘Make Invoice Approval Fun & Gain Compliance’, delivered by the company’s former CFO, Per Ekstedt. You can benefit from a 20% registration discount for the event by filling in this form: <a href="http://www.palette-group.com/utskick/dokument/palette-iapp-discount-form.pdf">http://www.palette-group.com/utskick/dokument/palette-iapp-discount-form.pdf</a> Or for details of the event, follow the link: <a href="http://theiapp.co.uk/ViewItem-607.do?parentCatId=373">http://theiapp.co.uk/ViewItem-607.do?parentCatId=373</a> http://www.palette-group.com/blog/54/paletteonline_makes_automated_invoice_processing_accessible_to_any_company.aspx http://www.palette-group.com/blog/54/paletteonline_makes_automated_invoice_processing_accessible_to_any_company.aspx Palette Online automated invoice processing PaletteOnline makes automated invoice processing accessible to any company We have just launched PaletteOnline to give companies the fastest and easiest possible access to more efficient, automated invoice processing, with minimal set-up and configuration. The new cloud-based invoice management service will enable businesses of any size to benefit from an automated, paper... Mon, 31 Oct 2011 00:00:00 +0100 We have just launched PaletteOnline to give companies the fastest and easiest possible access to more efficient, automated invoice processing, with minimal set-up and configuration. The new cloud-based invoice management service will enable businesses of any size to benefit from an automated, paperless invoice processing solution in a matter of days, helping to improve customers’ accounts and reduce costs. PaletteOnline is available in three versions, PaletteOnline Unplugged, PaletteOnline Express, and PaletteOnline Arena, enabling companies to choose the solution to suit their exact needs, from simple automation to a complete, integrated cloud suite. Lars Ola Petters, Palette’s CEO, said: “For many companies, it’s a big decision to introduce an automated invoice processing system because of the costs and deployment time required by traditional solutions. PaletteOnline removes this threshold and make the transition to automated invoice processing as easy as possible.” User subscription is simple and efficient, as customers are charged per invoice, so only pay for what they use. PaletteOnline can process e-invoices or handle paper-based invoices scanned by the user.   For more information about, click here: <a href="http://www.bobsguide.com/guide/news/2011/Oct/25/palette-launches-new-cloud-based-solution-for-invoice-processing-paletteonline.html" title="http://www.bobsguide.com/guide/news/2011/Oct/25/palette-launches-new-cloud-based-solution-for-invoice-proce ">http://www.bobsguide.com/guide/news/2011/Oct/25/palette-launches-new-cloud-based-solution-for-invoice-processing-paletteonline.html</a> http://www.palette-group.com/blog/53/banctec_launches_web-based_accounts_payable_automation_services_in_the_uk_powered_by_palette.aspx http://www.palette-group.com/blog/53/banctec_launches_web-based_accounts_payable_automation_services_in_the_uk_powered_by_palette.aspx accounts payable efficiency BPO BancTec Launches Web-based Accounts Payable Automation Services in the UK, Powered by Palette BancTec, the global leader in business process outsourcing (BPO) for financial transaction automation and document management, has chosen PaletteArena to power its AP Master SaaS solution which was launched in the UK recently. BancTec’s AP Master software suite is a comprehensive and fully automated... Fri, 14 Oct 2011 00:00:00 +0200 BancTec, the global leader in business process outsourcing (BPO) for financial transaction automation and document management, has chosen PaletteArena to power its AP Master SaaS solution which was launched in the UK recently. BancTec’s AP Master software suite is a comprehensive and fully automated web-based SaaS Accounts Payable solution. AP Master was launched by BancTec in the US two years ago and is now available in the UK to provide additional benefits in managing the complete accounts payable cycle for corporations and businesses operating in the UK and Europe. Powered by PaletteArena, the solution is offered to customers as either a hosted environment or licensed for customers to deploy in-house. David Ogden, sales director for BancTec, said: “With our established partnership with Palette already benefiting businesses across the US, we wanted to extend the benefits of AP Master to the UK. We will be able to offer businesses of any size an automated, paperless processing solution to help improve customers’ accounts payable efficiency and reduce costs.” <a href="http://www.bobsguide.com/guide/news/2011/Oct/10/banctec-launches-web-based-accounts-payable-automation-services-in-the-uk-powered-by-palette.html" title="http://www.bobsguide.com/guide/news/2011/Oct/10/banctec-launches-web-based-accounts-payable-a ">http://www.bobsguide.com/guide/news/2011/Oct/10/banctec-launches-web-based-accounts-payable-automation-services-in-the-uk-powered-by-palette.html</a> http://www.palette-group.com/blog/52/kinnarps_automates_invoice_processing_with_palette.aspx http://www.palette-group.com/blog/52/kinnarps_automates_invoice_processing_with_palette.aspx automates i; innvoice processing efficient Kinnarps Automates Invoice Processing With Palette Kinnarps, one of Europe’s largest providers of workspace interior solutions, has streamlined its financial management across the company’s Swedish and Norwegian operations, following the deployment of web-based solutions from Palette. The company deployed two solutions from Palette: PaletteInvoice ... Wed, 05 Oct 2011 09:21:42 +0200 Kinnarps, one of Europe’s largest providers of workspace interior solutions, has streamlined its financial management across the company’s Swedish and Norwegian operations, following the deployment of web-based solutions from Palette. The company deployed two solutions from Palette: PaletteInvoice to automate invoice processing, and PaletteContract to organise and store contracts in retrievable, web-based locations. Following successful deployment in Sweden and Norway, the group will now roll these solutions out across its other European operations. Anna Roos, Project Manager for Kinnarps, said: “Looking back, it’s difficult to imagine how we managed without this system in place. The solutions have been a great help, very efficient and easy to use. We have approximately 200 employees involved with accounts, and this automation has made the process much easier and much quicker, whilst eliminating the paper-trail between our offices.” Read more about Kinnarps’ deployment here - <a href="http://www.bobsguide.com/guide/news/2011/Oct/4/kinnarps-automates-invoice-processing-with-palette.html" title="http://www.bobsguide.com/guide/news/2011/Oct/4/kinnarps-automates-invoice-processing-with-palette.html">http://www.bobsguide.com/guide/news/2011/Oct/4/kinnarps-automates-invoice-processing-with-palette.html</a> http://www.palette-group.com/blog/51/from_accounts_payable_to_supply_chain_finance.aspx http://www.palette-group.com/blog/51/from_accounts_payable_to_supply_chain_finance.aspx invoice automation supply chain finance From Accounts Payable to Supply Chain Finance The SpendMatters blog has run an interesting piece, setting out a 5-step plan for how organisations can extend their AP function to cover their entire supply chain finance, in turn helping to better manage capital (through measures such as early settlement discounts) and create value for suppliers a... Mon, 19 Sep 2011 00:00:00 +0200 The SpendMatters blog has run an interesting piece, setting out a 5-step plan for how organisations can extend their AP function to cover their entire supply chain finance, in turn helping to better manage capital (through measures such as early settlement discounts) and create value for suppliers and buyers. Fundamental to these steps are investing in an electronic invoice automation solution that enables AP staff to be reassigned to more strategic tasks than hunting down lost documents or chasing up POs. It’s well worth a read for its no-nonsense approach:   <a href="http://www.spendmatters.com/index.cfm/2011/9/2/Friday-Rant-A-FiveStep-Plan-to-Turning-Accounts-Payable-Into-Supply-Chain-Finance">http://www.spendmatters.com/index.cfm/2011/9/2/Friday-Rant-A-FiveStep-Plan-to-Turning-Accounts-Payable-Into-Supply-Chain-Finance</a> http://www.palette-group.com/blog/50/e-invoicing_goes_federal_in_the_usa.aspx http://www.palette-group.com/blog/50/e-invoicing_goes_federal_in_the_usa.aspx e-invoicing e-invoicing goes Federal in the USA It’s recently been announced that as part of President Obama’s “Campaign to Cut Waste” across the entire federal government, all Treasury Bureaus must implement an e-invoice processing solution by the end of next year, and starting in 2013 commercial vendors must submit their invoices electronically... Tue, 13 Sep 2011 16:50:23 +0200 It’s recently been announced that as part of President Obama’s “Campaign to Cut Waste” across the entire federal government, all Treasury Bureaus must implement an e-invoice processing solution by the end of next year, and starting in 2013 commercial vendors must submit their invoices electronically. To help with fast roll-out, the US Treasury is working together with the Department of Defense to identify a single-entry point for all vendors to go paperless and follow one set of government standards for invoice submission instead of unique requirements for each agency. The Department of Defense’s solution e-invoicing solution is already used by more than 92,000 vendors to submit more than 7 million invoices a year and is claimed to be saving taxpayers $250 million annually. The wider Federal initiative is expected to cut costs for the taxpayer by nearly half a billion dollars per year. Additional advantages are expected to be quicker payments for vendors and greater visibility of invoice statuses through use of online portals. http://www.palette-group.com/blog/49/ship_to_shore_benefits_for_stena_line.aspx http://www.palette-group.com/blog/49/ship_to_shore_benefits_for_stena_line.aspx p2p automation stena line Ship to Shore Benefits for Stena Line Stena Line, the world’s leading ferry operator, is using PaletteInvoice to automate its invoicing management cycle, and has almost halved the number of days taken to process unapproved, aged invoices. The company handles over 160,000 complex, multipage invoices annually.With 1200 people across the ... Wed, 07 Sep 2011 00:00:00 +0200 Stena Line, the world’s leading ferry operator, is using PaletteInvoice to automate its invoicing management cycle, and has almost halved the number of days taken to process unapproved, aged invoices. The company handles over 160,000 complex, multipage invoices annually. With 1200 people across the group using PaletteInvoice, the solution has also eliminated the paper trail between the company’s offices and ships, which has accelerated AP operations within the business. As PaletteInvoice works smoothly over both ship-to-shore satellite links and conventional IP networks, the solution has automated invoice processing both on vessels and at Stena Line’s offices. The company can now process both ship-borne transaction invoices for passenger retail sales and for vessels’ operational supplies, as well as invoices received at local offices. This gives closer control over its invoice workflow management, maximising staff productivity and streamlining operations across the Group. The full case study is available at Shipping and Marine magazine: <a href="http://www.shippingandmarine.co.uk/article-page.php?contentid=13597&issueid=412">http://www.shippingandmarine.co.uk/article-page.php?contentid=13597&issueid=412</a> http://www.palette-group.com/blog/48/palette_continues_to_grow_partner_base_in_north_america.aspx http://www.palette-group.com/blog/48/palette_continues_to_grow_partner_base_in_north_america.aspx cost-savings nms workflow Palette Continues To Grow Partner Base In North America We’ve further strengthened our presence in North America with the appointment of a new US-based partner, NMS Imaging. NMS will integrate PaletteArena into its range of solutions, enabling users to achieve significant measurable cost-savings and efficiency gains in processing supplier invoices and p... Mon, 22 Aug 2011 19:10:35 +0200 We’ve further strengthened our presence in North America with the appointment of a new US-based partner, NMS Imaging. NMS will integrate PaletteArena into its range of solutions, enabling users to achieve significant measurable cost-savings and efficiency gains in processing supplier invoices and purchase orders. “Palette’s products will play an integral role in our Accounts Payable marketing,” said Stephen C. Dring, President of NMS Imaging. “Our strategic alliance will enable NMS Imaging to substantially grow our base of customers. “ NMS Imaging is one of the premier implementation and service companies for Document Management and Workflow systems in the US. The company is an experienced solution provider to government and Industry with an extensive background in Accounts Payable solutions. <a href="http://www.nmsimaging.com/">http://www.nmsimaging.com/</a> http://www.palette-group.com/blog/47/ap_automation_helps_business_take_off.aspx http://www.palette-group.com/blog/47/ap_automation_helps_business_take_off.aspx AP Automation AP Automation Helps Business Take Off The leading media portal for small and medium-sized business, BusinessWings, has published the latest article by Palette UK’s sales director, Lucy Beck. The article looks at the methods by which organisations can boost the efficiency of their accounts payable operations, and contrasts outsourcing A... Tue, 16 Aug 2011 11:41:05 +0200 The leading media portal for small and medium-sized business, BusinessWings, has published the latest article by Palette UK’s sales director, Lucy Beck. The article looks at the methods by which organisations can boost the efficiency of their accounts payable operations, and contrasts outsourcing AP functions versus automating them. Lucy argues that the key to optimising efficiency lies in the processes themselves. If companies have control over their accounts payable systems, they have insight into the financial data that will allow them to identify opportunities to maximise the return on their capital. The article is at: <a href="http://www.businesswings.co.uk/articles/Automating-payables-processing">http://www.businesswings.co.uk/articles/Automating-payables-processing</a> http://www.palette-group.com/blog/46/palette_develops_its_presence_across_north_america_with_first_canadian_partner.aspx http://www.palette-group.com/blog/46/palette_develops_its_presence_across_north_america_with_first_canadian_partner.aspx Business expansion Palette Develops its Presence Across North America with First Canadian Partner Palette is expanding and strengthening its North American operations with the appointment of a new Canadian partner, Data Repro Com (DRC). DRC will integrate PaletteArena, the complete enterprise purchase-to-payment suite into their solutions offering, enabling users to achieve significant measurabl... Thu, 11 Aug 2011 16:49:56 +0200 Palette is expanding and strengthening its North American operations with the appointment of a new Canadian partner, Data Repro Com (DRC). DRC will integrate PaletteArena, the complete enterprise purchase-to-payment suite into their solutions offering, enabling users to achieve significant measurable cost-savings and efficiency gains in processing supplier invoices and purchase orders. DRC, Palette’s first Canadian partner, is a leading provider of document scanning and hosted document management services. DRC integrates powerful imaging and workflow tools from leading suppliers and is used by more than 200 companies across North America. Barry Braun, VP Business Development for DRC said: “Palette offers the most comprehensive invoice automation product suite designed to deliver value throughout the entire P2P process, offering greatest value and ROI to existing and prospective clients.” Read more: <a href="http://www.cisionwire.com/palette/r/palette-develops-its-presence-across-north-america,c9148576">http://www.cisionwire.com/palette/r/palette-develops-its-presence-across-north-america,c9148576</a> http://www.palette-group.com/blog/45/integrating_dynamic_discounting_into_the_supply_chain.aspx http://www.palette-group.com/blog/45/integrating_dynamic_discounting_into_the_supply_chain.aspx dynamic discounting supply chain Integrating dynamic discounting into the supply chain Supply Chain Europe has published an article by Palette’s UK head, Lucy Beck, which explains how purchase-to-pay solutions can give you control of payment cycles – and help you gain over 30% annual return on capital through settlement discounts. The article focuses on the techniques of dynamic di... Tue, 02 Aug 2011 16:20:01 +0200 Supply Chain Europe has published an article by Palette’s UK head, Lucy Beck, which explains how purchase-to-pay solutions can give you control of payment cycles – and help you gain over 30% annual return on capital through settlement discounts. The article focuses on the techniques of dynamic discounting and reverse factoring, and explains how these processes help to maximise working capital, and the points to consider when implementing these payment strategies. It also states the need for system integration to ensure that all invoices are approved within the designated 5-day period. To see the published article on Supply Chain Europe, visit: <a href="http://www.scemagazine.com/sce/current-issue.htm">http://www.scemagazine.com/sce/current-issue.htm</a> http://www.palette-group.com/blog/44/measuring_inefficiencies_in_document_management_processes.aspx http://www.palette-group.com/blog/44/measuring_inefficiencies_in_document_management_processes.aspx Document processing automated processes Measuring inefficiencies in document management processes According to Ricoh’s recent ‘Process Efficiency Index’, European organisations are investing around €147 billion per year on managing critical business document processes, which equates to almost 362 million hours of employee time per year. The study found existing processes to be needlessly labour... Thu, 28 Jul 2011 00:00:00 +0200 According to Ricoh’s recent ‘Process Efficiency Index’, European organisations are investing around €147 billion per year on managing critical business document processes, which equates to almost 362 million hours of employee time per year. The study found existing processes to be needlessly labour-intensive and prone to error, with only 22% of businesses having a fully automated process in place to manage important documents and an average of 42% of all business-critical information still in hard-copy format. These figures leave significant scope for organisations to replace the time spent manually processing information with solutions that add significant value to the bottom line. When asked to consider the impact of optimisation on existing processes, research participants estimated a possible 5% increase in profitability, equating to approximately €46 billion in profits as a result. By reforming the management of critical document processing, businesses have a real opportunity to improve business competitiveness and maximise employee effectiveness. Many of these critical documents will, of course, be related to accounts payable, such as invoices, purchase orders, GRNs and so on. The PaletteArena suite offers organisations a more efficient automated alternative to paper-based manual systems, reducing the amount of time that AP staff spend on administrative tasks and improving the visibility of invoice-related processes through the organisation. Read more <a href="http://thoughtleadership.ricoh-europe.com/managing-costs-document-processes-europe">http://thoughtleadership.ricoh-europe.com/managing-costs-document-processes-europe</a>) http://www.palette-group.com/blog/43/findus_deploys_paletteinvoice.aspx http://www.palette-group.com/blog/43/findus_deploys_paletteinvoice.aspx Findus PaletteInvoice Findus Deploys PaletteInvoice Findus Group, the leading branded frozen food manufacturer in the Nordic region, has deployed PaletteInvoice to optimise financial management in its Scandinavian and French business operations. Findus handles around 70,000 invoices annually at its offices in Scandinavia and France, and the Palette d... Tue, 19 Jul 2011 00:00:00 +0200 Findus Group, the leading branded frozen food manufacturer in the Nordic region, has deployed PaletteInvoice to optimise financial management in its Scandinavian and French business operations. Findus handles around 70,000 invoices annually at its offices in Scandinavia and France, and the Palette deployment replaces the previous paper-based manual system. It will minimise paper handling, and reduce the amount of time spent by personnel on administrative tasks involved with manual invoice processing. It will also give Findus greater control over its accounts payable operations, and improved visibility of the progress of invoices through the organisation. Ulf Andersson, Project Manager for Findus Group, said, “Before the deployment of PaletteInvoice, our invoicing system was paper-based, which was time-consuming and labour-intensive. Now we have an automated system in place, the process has been streamlined and is much more efficient, while ensuring that all purchasing rules and policies are maintained. “Processing times have significantly decreased, and this allows our accounts staff to focus their time on more financial analysis and management, instead of chasing paper documents and authorisations.” Link: <a href="http://www.bobsguide.com/guide/news/2011/Jul/15/findus-automates-invoice-processing-with-palette.html">http://www.bobsguide.com/guide/news/2011/Jul/15/findus-automates-invoice-processing-with-palette.html</a> http://www.palette-group.com/blog/42/announcing_our_1000th_customer_simonds_homes.aspx http://www.palette-group.com/blog/42/announcing_our_1000th_customer_simonds_homes.aspx Converga BPO palettearena Announcing Our 1000th Customer: Simonds Homes Simonds Homes, based in Australia, is our 1000th customer, following a contract win by our partner, the leading business process outsourcing (BPO) provider, Converga. This is a major milestone for Palette, and proves the value to businesses of deploying our advanced automation solutions.Converga wi... Wed, 13 Jul 2011 13:15:33 +0200 Simonds Homes, based in Australia, is our 1000th customer, following a contract win by our partner, the leading business process outsourcing (BPO) provider, Converga. This is a major milestone for Palette, and proves the value to businesses of deploying our advanced automation solutions. Converga will use the PaletteArena accounts payable suite to deliver hosted invoice automation and management services for Simonds Homes, giving them a fully automated, paperless invoice processing solution to improve efficiency and reduce costs. Peter Kelly, CIO of Simonds Homes said: “Our current Timberline Accounts Payable (AP) module requires manual input, which was proving to be time-consuming and costly to manage. PaletteArena is an entirely automated purchase-to-payment suite offering complete visibility of both purchasing and invoicing and we are confident that it will significantly reduce AP invoice processing, saving us both time and money.” The full story is here: <a href="http://www.bobsguide.com/guide/news/2011/Jul/11/palette-announces-1000th-customer-simonds-homes-to-use-palette-as-hosted-service-through-converga.html">http://www.bobsguide.com/guide/news/2011/Jul/11/palette-announces-1000th-customer-simonds-homes-to-use-palette-as-hosted-service-through-converga.html</a> http://www.palette-group.com/blog/41/automation_versus_outsourcing_which_is_best_for_you_.aspx http://www.palette-group.com/blog/41/automation_versus_outsourcing_which_is_best_for_you_.aspx outsourcing automation Automation versus Outsourcing: which is best for you? The Know List, the IT solutions portal for the legal community is featuring an article from Palette's UK head, Lucy Beck, on how automation of AP processes can have a bigger impact on an organisation’s bottom line compared with outsourcing those processes. The issue is that when companies outsourc... Wed, 06 Jul 2011 11:23:54 +0200 The Know List, the IT solutions portal for the legal community is featuring an article from Palette's UK head, Lucy Beck, on how automation of AP processes can have a bigger impact on an organisation’s bottom line compared with outsourcing those processes. The issue is that when companies outsource the handling of accounts, they can risk missing out on the opportunity to establish where potential areas of inefficiency may lie. If they start with an inefficient process, it will cost money irrespective of whether it is handled internally or outsourced. So without an insight into where losses are being incurred, it’s difficult to create and hold onto real financial savings. In the article, Lucy identifies three key areas of potential inefficiency that organisations should investigate. It’s well worth a read: visit <a href="http://www.theknowlist.com/2011/06/automation-of-payables-processing-reaps-higher-pay-off-than-outsourcing/">http://www.theknowlist.com/2011/06/automation-of-payables-processing-reaps-higher-pay-off-than-outsourcing/</a> http://www.palette-group.com/blog/40/payments_get_later.aspx http://www.palette-group.com/blog/40/payments_get_later.aspx cash flow Payments Get Later A new UK survey (link: http://www.managementtoday.co.uk/news/1076769/late-payment-gets-later/) has suggested that the issue of late payment of invoices is getting worse, especially in the SME sector. The survey, by accounting software vendor Sage, found that more than a third of small business own... Tue, 28 Jun 2011 21:05:21 +0200 A new UK survey (link: <a href="http://www.managementtoday.co.uk/news/1076769/late-payment-gets-later/">http://www.managementtoday.co.uk/news/1076769/late-payment-gets-later/</a>) has suggested that the issue of late payment of invoices is getting worse, especially in the SME sector. The survey, by accounting software vendor Sage, found that more than a third of small business owners believe they are being paid later over the last six months than previously - and 30% say their cashflow situation has deteriorated as a result. According to a similar survey by BACS in May, the average waiting time is now 39.5 days AFTER business' agreed terms for payment. The worst culprits for pushing credit lines are bigger businesses, according to 35% of SMEs, and chasing up payment is now taking up an average of half a day per week. As we’ve discussed before, late payment isn’t the most effective way of managing business cashflow, compared with the technique of early settlement, or dynamic discounting. Read more about this in our article, here: <a href="http://spendmatters.co.uk/dynamic-discounts-reverse-factoring-bottom-line/">http://spendmatters.co.uk/dynamic-discounts-reverse-factoring-bottom-line/</a> http://www.palette-group.com/blog/39/partnering_with_converga_in_australia_to_deliver_hosted_accounts_payable_service.aspx http://www.palette-group.com/blog/39/partnering_with_converga_in_australia_to_deliver_hosted_accounts_payable_service.aspx Strategic partnership Partnering with Converga in Australia to Deliver Hosted Accounts Payable Service We’re growing our presence in Australia with a new partnership with business process outsourcing (BPO) and automation specialist, Converga. Converga will deploy the PaletteArena accounts payable suite to power hosted invoice automation and management services for its clients. As an international ... Mon, 20 Jun 2011 10:08:49 +0200 We’re growing our presence in Australia with a new partnership with business process outsourcing (BPO) and automation specialist, Converga. Converga will deploy the PaletteArena accounts payable suite to power hosted invoice automation and management services for its clients. As an international provider of office solutions, Converga was looking for an AP and Procure-to-Pay (P2P) platform with true multi-tenancy capabilities. Rachel Griffiths, Converga’s Solutions Director for P2P said: “We needed a solution that was quick to deploy and high in functionality. We were seeing a lot of interest in outsourcing from customers with volumes ranging from 500 to more than 30,000 invoices per month. Palette exceeded our expectations by having the highest functionality of any solution of its kind. The additional benefit of deployment in days rather than months makes it very affordable to all business sizes. Palette’s functionally-rich Arena suite is a true P2P platform that meets all potential customers’ needs.” Read the press release here: <a href="http://www.it-analysis.com/technology/data_mgmt/news_release.php?rel=25618">http://www.it-analysis.com/technology/data_mgmt/news_release.php?rel=25618</a> http://www.palette-group.com/blog/38/intelligence_goes_beyond_ocr.aspx http://www.palette-group.com/blog/38/intelligence_goes_beyond_ocr.aspx scanning Intelligence goes beyond OCR The Purchasing Insight blog has taken a timely look at the issue of scanning accuracy percentages, and how claims of 99% scanning accuracy through OCR, are misleading. As the blog post points out, all this means is that 99% of the characters are recognised: it does not mean that they accurately in... Thu, 16 Jun 2011 00:26:16 +0200 The Purchasing Insight blog has taken a timely look at the issue of scanning accuracy percentages, and how claims of 99% scanning accuracy through OCR, are misleading. As the blog post points out, all this means is that 99% of the characters are recognised: it does not mean that they accurately interpreted. It’s what happens after scanning that is the critical step in automation – for example, the ability to recognise and interpret a purchase order number, or a tax reference. It is only this intelligent capability which is truly meaningful in the context of automation, enabling functions such as line matching. It’s useful to have a reminder that we shouldn’t be blinded by data! read more at <a href="http://purchasinginsight.com/lies-damn-lies-and-statistics-interpreting-accuracy-claims-for-scanning/">http://purchasinginsight.com/lies-damn-lies-and-statistics-interpreting-accuracy-claims-for-scanning/</a> http://www.palette-group.com/blog/37/who_s_lagging_behind_in_the_e-invoicing_race_.aspx http://www.palette-group.com/blog/37/who_s_lagging_behind_in_the_e-invoicing_race_.aspx e-invoices e-invoicing Who’s lagging behind in the e-invoicing race? Although the European Digital Agenda, launched in 2010, has made a real impact in accelerating e-business processes, some countries have fallen well behind others within the EU – especially in areas including e-invoicing. According to new statistics from the Digital Agenda Scoreboard, the UK trails ... Fri, 10 Jun 2011 09:50:32 +0200 Although the European Digital Agenda, launched in 2010, has made a real impact in accelerating e-business processes, some countries have fallen well behind others within the EU – especially in areas including e-invoicing. According to new statistics from the Digital Agenda Scoreboard, the UK trails its EU neighbours, sending and receiving 74% fewer e-invoices than the Union-wide average. Furthermore, the UK is also 33% below the EU average for implementing electronic supply chain management systems, and use of e-procurement services is 14% below the average. This is despite an improvement of over 60% in some cases, since 2009. With the huge efficiencies possible through e-invoicing and e-business – <span style="border-bottom-color: windowtext; padding-bottom: 0cm; border-right-width: 1pt; border-top-color: windowtext; padding-left: 0cm; padding-right: 0cm; border-top-width: 1pt; border-bottom-width: 1pt; color: #000000; border-right-color: windowtext; font-size: 10pt; border-left-color: windowtext; border-left-width: 1pt; padding-top: 0cm;" class="apple-style-span">the <span style="border-bottom-color: windowtext; padding-bottom: 0cm; border-right-width: 1pt; border-top-color: windowtext; padding-left: 0cm; padding-right: 0cm; border-top-width: 1pt; border-bottom-width: 1pt; color: #000000; border-right-color: windowtext; font-size: 10pt; border-left-color: windowtext; border-left-width: 1pt; padding-top: 0cm;">European Commission has set a target that by 2020 all invoices sent in Europe will be electronic, which would save €240bn within six years – it’s certainly time that some countries caught up!<span style="border-bottom-color: windowtext; padding-bottom: 0cm; border-right-width: 1pt; border-top-color: windowtext; padding-left: 0cm; padding-right: 0cm; border-top-width: 1pt; border-bottom-width: 1pt; color: #000000; border-right-color: windowtext; font-size: 10pt; border-left-color: windowtext; border-left-width: 1pt; padding-top: 0cm;"> <a href="http://www.computing.co.uk/ctg/news/2074934/uk-trails-rest-eu-business">http://www.computing.co.uk/ctg/news/2074934/uk-trails-rest-eu-business</a> http://www.palette-group.com/blog/36/growing_our_us_operation_with_new_general_manager_and_new_partners.aspx http://www.palette-group.com/blog/36/growing_our_us_operation_with_new_general_manager_and_new_partners.aspx us operation Growing our US operation with new General Manager and new partners We’ve strengthened our North American operation with the appointment of a new General Manager, and the announcement of two new partnerships with specialists, OnCourse and AllStar Software. Michael Cichy is now our North American General Manager. He has extensive experience in business process cons... Fri, 27 May 2011 17:36:35 +0200 We’ve strengthened our North American operation with the appointment of a new General Manager, and the announcement of two new partnerships with specialists, OnCourse and AllStar Software. Michael Cichy is now our North American General Manager. He has extensive experience in business process consultancy for corporations including Worthington Steel, AMEX, Fidelity investments, BEAerospace and BancTec, and was formerly the Accounts Payable director for Digital Equipment Corporation and the Army and Airforce Exchange Service. The new partnerships with AllStar Software and OnCourse Information Services further extend our partner base in the US, building on our relationship with BancTec who already offers our solutions to its customers as either a hosted BPO environment or licensed for customers to deploy in-house. Read the full story here: <span style="font-family: 'arial','sans-serif'; color: #1f497d; font-size: 10pt; mso-fareast-font-family: 'times new roman'; mso-themecolor: dark2; mso-ansi-language: en-us; mso-fareast-language: sv; mso-bidi-language: ar-sa;" lang="EN-US"><a href="http://www.palette-group.com/press.aspx">http://www.palette-group.com/press.aspx</a> http://www.palette-group.com/blog/35/dynamic_discounting_continues_to_gain_interest.aspx http://www.palette-group.com/blog/35/dynamic_discounting_continues_to_gain_interest.aspx dynamic discounting AP automation Dynamic Discounting continues to gain interest Our article on how businesses can benefit from the use of dynamic discounting and reverse factoring, and the role that invoice and AP automation plays in delivering these financial techniques, is now live on the business portal IT Director: http://www.it-director.com/enterprise/finance/content.php?... Wed, 25 May 2011 00:00:00 +0200 Our article on how businesses can benefit from the use of dynamic discounting and reverse factoring, and the role that invoice and AP automation plays in delivering these financial techniques, is now live on the business portal IT Director: <a href="http://www.it-director.com/enterprise/finance/content.php?cid=12771&ref=fd_side_itd">http://www.it-director.com/enterprise/finance/content.php?cid=12771&ref=fd_side_itd</a> http://www.palette-group.com/blog/34/what_is_e-invoicing_anyway_.aspx http://www.palette-group.com/blog/34/what_is_e-invoicing_anyway_.aspx e-invoicing What is e-invoicing, anyway? Here’s a link to an interesting piece on the Purchasing Insight blog, looking at how the issue of what constitutes ‘true’ e-invoicing can be somewhat confusing. After all, when does an electronic invoice-related document truly become an e-invoice? And is the goal of 100% electronic invoicing reali... Mon, 23 May 2011 00:00:00 +0200 Here’s a link to an interesting piece on the Purchasing Insight blog, looking at how the issue of what constitutes ‘true’ e-invoicing can be somewhat confusing. After all, when does an electronic invoice-related document truly become an e-invoice? And is the goal of 100% electronic invoicing realistic, or even desirable in reality? It’s well worth a <a href="http://purchasinginsight.com/the-biggest-single-reason-for-not-implementing-electronic-invoicing/">read. </a> http://www.palette-group.com/blog/33/closer_partnership_with_readsoft.aspx http://www.palette-group.com/blog/33/closer_partnership_with_readsoft.aspx Readsoft simplifie workflow Closer partnership with ReadSoft We have extended our partnership with ReadSoft, the leader in document process automation, to provide advanced, closely-integrated solutions to customers internationally. The move will help Palette strengthen its overall solution offering to customers from small and mid-sized companies to enterprise... Tue, 10 May 2011 17:46:47 +0200 We have extended our partnership with ReadSoft, the leader in document process automation, to provide advanced, closely-integrated solutions to customers internationally. The move will help Palette strengthen its overall solution offering to customers from small and mid-sized companies to enterprises. Combining ReadSoft’s capture capabilities with our flexible web-based solutions makes it easy for companies to quickly automate their AP processes from end-to-end, giving them complete visibility and control: this shortens processing cycles, simplifies workflows and cuts processing costs dramatically. Read more about the partnership here: <a href="http://purchasinginsight.com/palette-and-readsoft-extend-global-partnership/">http://purchasinginsight.com/palette-and-readsoft-extend-global-partnership/</a> http://www.palette-group.com/blog/32/invoice_management_as_a_service.aspx http://www.palette-group.com/blog/32/invoice_management_as_a_service.aspx invoice management Invoice management as a service Grant Thornton Sweden is a leading financial and business adviser, which uses PaletteInvoice to process its own invoices, and to provide a hosted service for its clients. After deploying PaletteInvoice in 2006 to handle its own electronic invoice management (EIM) service, Grant Thornton also recog... Thu, 05 May 2011 10:06:29 +0200 Grant Thornton Sweden is a leading financial and business adviser, which uses PaletteInvoice to process its own invoices, and to provide a hosted service for its clients. After deploying PaletteInvoice in 2006 to handle its own electronic invoice management (EIM) service, Grant Thornton also recognised the advantages of using the solution as the backbone of its hosted EIM service. This case study, from the leading IT portal <a href="http://www.computerweekly.com/Articles/2011/03/17/245883/Case-study-Financial-adviser-Grant-Thornton-Sweden-boosts-efficiencies-with.htm">Computer Weekly</a>, gives the full detail on how Grant Thornton devised and delivered this innovative service. http://www.palette-group.com/blog/31/invoice_factoring_not_fully_exploited.aspx http://www.palette-group.com/blog/31/invoice_factoring_not_fully_exploited.aspx Dynamic discounting Invoice financing Invoice Factoring Not Fully Exploited Some recent survey data from the Asset-Based Finance Association (ABFA) has shown that companies which borrow money against their invoices are not accessing all the funding that is available to them read more According to ABFA, banks have been marketing such loan facilities to businesses in the p... Thu, 21 Apr 2011 00:00:00 +0200 Some recent survey data from the Asset-Based Finance Association (ABFA) has shown that companies which borrow money against their invoices are not accessing all the funding that is available to them <a href="http://www.ft.com/cms/s/0/5e21fd72-560a-11e0-8de9-00144feab49a.html#axzz1K9PbaFMM)">read more</a> According to ABFA, banks have been marketing such loan facilities to businesses in the past year. Invoice financing has historically been very popular in sectors such as recruitment, where companies have no assets to borrow against, but it has been rejected by many others because of the high charges. However, as we discussed in our recent article on dynamic discounting and reverse factoring, having close control and visibility over AP functions can make this a much more viable method of working capital harder, and minimising costs and charges. Perhaps this could be the key to the wider adoption of factoring? <a href="http://www.dofonline.co.uk/content/view/5156/">Read the article</a> http://www.palette-group.com/blog/30/sage_wisdom_on_e-invoicing.aspx http://www.palette-group.com/blog/30/sage_wisdom_on_e-invoicing.aspx e-invoicing Sage wisdom on e-invoicing Here’s an interesting interview with Liam Mullaney, the MD of Sage Ireland, the leading accounts software company. He makes a convincing case for companies to adopt e-invoicing. He points out that the European Commission has set a target that by 2020 all invoices sent in Europe will be electronic ... Fri, 15 Apr 2011 11:56:46 +0200 Here’s an interesting interview with Liam Mullaney, the MD of Sage Ireland, the leading accounts software company. He makes a convincing case for companies to adopt e-invoicing. He points out that the European Commission has set a target that by 2020 all invoices sent in Europe will be electronic - which it says would save Europe €240bn within six years. Further, a report by Celtrino estimates that businesses can save up to 2% of their turnover by cutting out paper invoices – which is a handsome ongoing saving. It’s an interesting read: <a href="http://digital21.ie/news/item/798">http://digital21.ie/news/item/798</a> http://www.palette-group.com/blog/29/making_p2p_pay.aspx http://www.palette-group.com/blog/29/making_p2p_pay.aspx P2P automation Making P2P Pay This article from the IAPP publication, Financial Operations Matters, takes an in-depth look at how companies can approach purchase-to-pay automation, one step at a time. It also reveals some interesting trends: for example, just 50% of best-in-class companies have standardised their invoice recei... Fri, 08 Apr 2011 10:43:03 +0200 This article from the IAPP publication, Financial Operations Matters, takes an in-depth look at how companies can approach purchase-to-pay automation, one step at a time. It also reveals some interesting trends: for example, just 50% of best-in-class companies have standardised their invoice receipt and workflow processes, according to a recent Aberdeen study found. The article includes some interesting real-life examples from a range of organisations. It’s well worth a read at: <a href="http://www.iappnet.org/ViewItem-2740.do?parentCatId=1334">http://www.iappnet.org/ViewItem-2740.do?parentCatId=1334</a> http://www.palette-group.com/blog/28/palette_in_the_press_with_dynamic_discounting_article.aspx http://www.palette-group.com/blog/28/palette_in_the_press_with_dynamic_discounting_article.aspx dynamic discounting reverse factoring Palette in the press with dynamic discounting article 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 (... Fri, 01 Apr 2011 00:00:00 +0200 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, <a href="http://www.sourcingfocus.com/index.php/site/featurescomments/3376/">Sourcing Focus</a> (link) and on leading finance and treasury website, <a href="http://www.gtnews.com/article/8301.cfm">GTNews</a> (registration may be required). http://www.palette-group.com/blog/27/e-invoicing_comes_to_consumer_smartphones.aspx http://www.palette-group.com/blog/27/e-invoicing_comes_to_consumer_smartphones.aspx E-invoicing E-invoicing comes to consumer smartphones 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 applica... Fri, 25 Mar 2011 17:19:54 +0100 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.   <a href="http://www.finextra.com/community/fullblog.aspx?blogid=5120">Read more</a> http://www.palette-group.com/blog/26/hoya_standardises_invoice_processing_with_palette.aspx http://www.palette-group.com/blog/26/hoya_standardises_invoice_processing_with_palette.aspx Invoice management Hoya Standardises Invoice Processing with Palette 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. Pa... Fri, 18 Mar 2011 10:14:46 +0100 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.” <a href="http://www.it-analysis.com/business/compliance/news_release.php?rel=23875"> Read the article here </a> http://www.palette-group.com/blog/25/recommended_reading_spend_matters.aspx http://www.palette-group.com/blog/25/recommended_reading_spend_matters.aspx Dynamic Discounting procurement Recommended reading: Spend Matters 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 pr... Mon, 14 Mar 2011 14:06:51 +0100 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. <a href="http://spendmatters.co.uk/">Direct link</a> to website or link to the <a href="http://spendmatters.co.uk/dynamic-discounts-reverse-factoring-bottom-line/">article</a> http://www.palette-group.com/blog/23/dynamic_discounting_read_all_about_it.aspx http://www.palette-group.com/blog/23/dynamic_discounting_read_all_about_it.aspx dynamic discounting Dynamic Discounting – read all about it 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 throu... Wed, 02 Mar 2011 17:51:19 +0100 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: <a href="http://www.dofonline.co.uk/content/view/5156/116/">http://www.dofonline.co.uk/content/view/5156/116/</a> http://www.palette-group.com/blog/22/new_danish_subsidiary_extends_our_european_presence.aspx http://www.palette-group.com/blog/22/new_danish_subsidiary_extends_our_european_presence.aspx international expansion Palette Danmark New Danish subsidiary extends our European presence We’ve just opened our newest European office in Odense, Denmark, continuing our international expansion. As we’ve been the purchase-to-pay market leader in Scandinavia for several years, Palette Danmark A/S has been set up to grow our sales and support operations across the country. Danish compani... Mon, 28 Feb 2011 13:57:09 +0100 We’ve just opened our newest European office in Odense, Denmark, continuing our international expansion. As we’ve been the purchase-to-pay market leader in Scandinavia for several years, Palette Danmark A/S has been set up to grow our sales and support operations across the country. Danish companies that already use PaletteArena include Jensen Boefhus, Tempur, Montana Furniture, Bruuns Bazaar and Kvik. Jörn Christiansen will be the head of Palette Danmark A/S. The move follows the opening of our UK office in Autumn 2010, headed by Lucy Beck. <a href="http://www.bobsguide.com/guide/news/2011/Feb/8/Palette_Continues_to_Grow_with_New_Danish_Subsidiary.html">read more </a> http://www.palette-group.com/blog/21/dutch_central_government_embraces_einvoicing.aspx http://www.palette-group.com/blog/21/dutch_central_government_embraces_einvoicing.aspx e-invoicing Dutch Central Government embraces eInvoicing Since 1 January 2011, companies in Holland have been able to submit their invoices to the central government electronically – but it seems that paper invoicing is still the dominant method. All 78 central government organisations in Holland are poised to move to eInvoicing, handled by Digipoort, th... Fri, 18 Feb 2011 15:50:05 +0100 Since 1 January 2011, companies in Holland have been able to submit their invoices to the central government electronically – but it seems that paper invoicing is still the dominant method. All 78 central government organisations in Holland are poised to move to eInvoicing, handled by Digipoort, the electronic post office of the government. "Electronic invoicing is faster, easier and therefore cheaper," said Mr. Verhagen, the Dutch Minister for Economic Affairs, Agriculture and Innovation. He went on to say that the move is good for taxpayers, and for businesses. Minister Verhagen wants all other levels of government (provinces, municipalities) to be ready to receive electronic invoices in 2018. However, of the 14.4 million invoices sent to government authorities, only 6% were digital and of those, 80% were printed and processed manually. Read the <a href="http://www.finextra.com/community/fullblog.aspx?id=5001">full story </a>: http://www.palette-group.com/blog/20/discussing_dynamic_discounting.aspx http://www.palette-group.com/blog/20/discussing_dynamic_discounting.aspx dynamic discounting Discussing dynamic discounting On the PurchasingInsight blog, there’s an excellent overview of how the idea of dynamic discounting can be viewed within a company, depending on who’s looking at the issue. Dynamic discounting is a method for delivering a real return on capital – in some cases, over 30% per year – by negotiating dis... Wed, 09 Feb 2011 11:58:58 +0100 On the <a href="http://purchasinginsight.com/">PurchasingInsight</a> blog, there’s an <a href="http://purchasinginsight.com/financial-fantasy/">excellent overview</a> of how the idea of dynamic discounting can be viewed within a company, depending on who’s looking at the issue. Dynamic discounting is a method for delivering a real return on capital – in some cases, over 30% per year – by negotiating discounts for early invoice settlement. But making it successful depends on two key factors: first, convincing all internal parties that paying invoices early is a good idea; and second, having efficient P2P systems that ensure you can always hit the early settlement deadlines and capture the discounts. The blog has several other articles looking in detail at this issue, which are all well worth reading. http://www.palette-group.com/blog/19/stena_line_deploys_paletteinvoice.aspx http://www.palette-group.com/blog/19/stena_line_deploys_paletteinvoice.aspx PaletteInvoice invoicing processing Stena Line Deploys PaletteInvoice Stena Line, the leading ferry operator, has streamlined and optimised its financial management across the company’s operations in Europe using PaletteInvoice. As the world's leading ferry operator and an international transport and travel service company, Stena Line currently processes over 160,000 ... Mon, 07 Feb 2011 09:46:23 +0100 Stena Line, the leading ferry operator, has streamlined and optimised its financial management across the company’s operations in Europe using PaletteInvoice. As the world's leading ferry operator and an international transport and travel service company, Stena Line currently processes over 160,000 complex, multipage invoices annually. By automating its invoicing processing, Stena Line has almost halved the number of days taken to process unapproved, aged invoices and has closer control over authorisations. With 1200 people across the group using PaletteInvoice, the solution has also eliminated the paper trail between the company’s offices and ships, accelerating AP operations within the business. You can see the full story <a href="http://www.onwindows.com/Articles/Stena-Line-automates-invoicing/5723/Default.aspx">here:</a> http://www.palette-group.com/blog/18/making_the_best_of_payment_errors.aspx http://www.palette-group.com/blog/18/making_the_best_of_payment_errors.aspx automation disputes Making the best of payment errors No matter how automated your AP processes are, there will always be some errors or sources of dispute. In fact, in a survey by Credit Today, 13% of the typical credit department staff’s time is spent on error resolution. So how do you reconcile and quickly resolve these issues which consumer time ... Fri, 28 Jan 2011 09:32:46 +0100 No matter how automated your AP processes are, there will always be some errors or sources of dispute. In fact, in a survey by Credit Today, 13% of the typical credit department staff’s time is spent on error resolution. So how do you reconcile and quickly resolve these issues which consumer time with minimum gain to cash flow? <a href="http://www.iappnet.org/ViewItem-2423.do?parentCatId=1169">This article</a> by consultancy, Paystream Advisors, suggests three methods for remedying disputes. Perhaps the most important of these is the simplest: setting up error thresholds. Some deductions are simply too small to be worth addressing, so that issuing automatic adjustments within these pre-set thresholds makes more sense. Having the level of visibility, automation and control that’s possible with Palette solutions is key to being able to make these adjustments. <o:p> </o:p>   http://www.palette-group.com/blog/17/e-invoicing_moving_closer.aspx http://www.palette-group.com/blog/17/e-invoicing_moving_closer.aspx e-invoicing E-invoicing: moving closer We’ve blogged before about the European Commission’s recommendations and priorities for encouraging wider uptake of e-invoicing across EU members. Scandinavian countries are leading the way in the drive towards the e-invoicing goal, as this article from the UK Financial Times points out. The Finn... Thu, 20 Jan 2011 10:05:52 +0100 We’ve blogged before about the European Commission’s recommendations and priorities for encouraging wider uptake of e-invoicing across EU members. Scandinavian countries are leading the way in the drive towards the e-invoicing goal, as <a href="http://www.ft.com/cms/s/0/19160848-1c23-11e0-9b56-00144feab49a.html#ixzz1BVDsQsX0">this article</a> from the UK Financial Times points out. The Finnish Government has already told companies that only electronic invoicing is acceptable, according to the country’s communications minister. And in Sweden and Norway, public organisations impose higher fees for the use of paper invoices in transactions. As Bo Harald, the chair of the European Commission expert group on <a href="http://www.ft.com/cms/s/0/19ce0ce6-ed67-11dd-bd60-0000779fd2ac.html" title="FT - Brussels strengthens ‘e-invoicing’">e-invoicing</a> points out: “Electronic invoicing would be good for productivity, good for the environment and good for the quality of services.” http://www.palette-group.com/blog/16/ap_automation_advancing_in_2011.aspx http://www.palette-group.com/blog/16/ap_automation_advancing_in_2011.aspx AP automation AP Automation Advancing in 2011 What will the future hold for AP departments in larger organisations? This article from the IAPP’s publication, Financial Operations Matter, looks into the crystal ball and predicts a steady uptake. As the article points out, only about 5% of the world’s invoices are processed in a truly automated ... Tue, 18 Jan 2011 15:24:33 +0100 What will the future hold for AP departments in larger organisations? <a href="http://www.iappnet.org/ViewItem-2416.do?parentCatId=1167">This article</a> from the IAPP’s publication, Financial Operations Matter, looks into the crystal ball and predicts a steady uptake. As the article points out, only about 5% of the world’s invoices are processed in a truly automated end-to-end fashion, which makes the potential for AP automation high. According to the latest Invoice Automation Benchmarking Report 2010 by PayStream, 77% of all business invoicing is still done on paper. Add e-mail invoices, which are typically printed out and handled as paper, and old-school invoicing still accounts for 86% of the big picture. So while the uptake of automation continues to advance slowly, it is advancing – and delivering hard and fast benefits to those companies deploying it http://www.palette-group.com/blog/14/the_best_way_to_a_supplier_s_heart_.aspx http://www.palette-group.com/blog/14/the_best_way_to_a_supplier_s_heart_.aspx invoice management The best way to a supplier’s heart … Almost three-quarters of senior finance officers have reported that supplier relationships are a corporate priority, according to a new survey by CFO Research Services. 73% of 168 senior finance executives at firms with average annual sales of $5 billion (£3.2 billion), agreed that supplier relatio... Tue, 21 Dec 2010 11:06:39 +0100 Almost three-quarters of senior finance officers have reported that supplier relationships are a corporate priority, according to a <a href="http://www.supplymanagement.com/news/2010/finance-executives-focus-on-supplier-relationships/">new survey by CFO Research Services</a>. 73% of 168 senior finance executives at firms with average annual sales of $5 billion (£3.2 billion), agreed that supplier relationships were a main focus for them. The survey showed 81% are focused on working capital, and they recognised that the most effective methods of influencing this vital business metric are related to working with suppliers, especially in accounts payable. Having complete visibility and control of where supplier invoices are in your workflow, and whether you’re complying with those suppliers’ terms to avoid late payment penalties – or even capture early settlement discounts – is key. Palette’s advanced workflow features, and online access for reporting and authorisations, makes it easy for distributed AP teams to stay in control, and stay in the best possible terms with suppliers. As <a href="http://www.onwindows.com/Articles/Miele-automates-invoice-processing/5516/Default.aspx">Miele found following their Palette deployment</a>, which enabled them to cut invoice processing times by 75%. http://www.palette-group.com/blog/13/cloud_is_good_for_ap_operations.aspx http://www.palette-group.com/blog/13/cloud_is_good_for_ap_operations.aspx invoice management Cloud is good for AP operations Increasingly, organisations want to automate their processes without locking up their investments in new IT systems and solutions – which is why SaaS and cloud-based solutions are finding favour. Transaction-based pricing offsets the upfront investment and lets organisations pay as they go along, w... Wed, 15 Dec 2010 13:33:31 +0100 Increasingly, organisations want to automate their processes without locking up their investments in new IT systems and solutions – which is why SaaS and cloud-based solutions are finding favour. Transaction-based pricing offsets the upfront investment and lets organisations pay as they go along, while deriving full benefit from the service. <o:p></o:p> We recently posted about how UK document management specialist Cleardata is to power its new hosted invoice processing solution with Palette, and leading financial and business adviser Grant Thornton has been doing the same in its Swedish operations for some time now. <o:p></o:p> The company’s hosted EIM solution is again powered by Palette, advantage of our flexible, web-based architecture to offer users an automated, paper-light processing solution. Users get quick, secure access in the cloud to their invoice workflows for checking, authorisation and producing detailed reports, with no need for client software to be installed on the PCs of EIM service users. <o:p></o:p> More details of Grant Thornton’s EIM service are here: <a href="http://www.grantthornton.se/Filbibliotek/Publikationer/2008/Produktblad_EFH_ENG.pdf">http://www.grantthornton.se/Filbibliotek/Publikationer/2008/Produktblad_EFH_ENG.pdf</a><o:p></o:p> http://www.palette-group.com/blog/12/cleardata_to_power_hosted_invoice_management_service_using_paletteinvoice.aspx http://www.palette-group.com/blog/12/cleardata_to_power_hosted_invoice_management_service_using_paletteinvoice.aspx invoice management Cleardata to power hosted invoice management service using PaletteInvoice Cleardata, the leading UK document management company, is to deploy PaletteInvoice to power its new, hosted invoice management service. Cleardata is one of the largest document scanning bureaus in the UK, providing services across the UK and internationally and handling over 2 million invoices per... Wed, 08 Dec 2010 14:35:22 +0100 Cleardata, the leading UK document management company, is to deploy PaletteInvoice to power its new, hosted invoice management service. Cleardata is one of the largest document scanning bureaus in the UK, providing services across the UK and internationally and handling over 2 million invoices per year. The new service, to be launched in early 2011, will enable Cleardata to offer businesses of any size an automated, paperless processing solution, helping to improve customers’ accounts payable efficiency and reduce costs. David Bryce, Cleardata managing director said: “The Palette solution is specifically designed with finance departments in mind, with features that set it apart from other solutions. These include the ability to split invoices by line item, so that costs can be allocated to the right areas of the business, and its advanced cloud-based workflow and analysis functions. This flexibility makes it the ideal backbone for our new managed service.” <a href="http://www.sharedserviceslink.com/file/93028/palette-and-cleardata-partner-on-invoice-management.html">http://www.sharedserviceslink.com/file/93028/palette-and-cleardata-partner-on-invoice-management.html</a> http://www.palette-group.com/blog/11/ec_promotes_e-invoicing.aspx http://www.palette-group.com/blog/11/ec_promotes_e-invoicing.aspx E-Invoicing EC Promotes E-Invoicing The European Commission has announced that it wants to see e-invoicing as the predominant method of invoicing in Europe. In its Communication ‘Reaping the benefits of electronic invoicing (e-invoicing) for Europe’, the European Commission identifies a set of tangible actions to make the uptake of e... Fri, 03 Dec 2010 16:04:55 +0100 The European Commission has announced that it wants to see e-invoicing as the predominant method of invoicing in Europe. In its Communication ‘Reaping the benefits of electronic invoicing (e-invoicing) for Europe’, the European Commission identifies a set of tangible actions to make the uptake of e-invoices in Europe easier. It’s great to see the EU endorsing the benefits that we, and other vendors, have been promoting for many years. The move to e-invoicing will allow businesses to benefit from faster payments, fewer delays and errors, and reduced printing and postage costs. Critically, structured e-invoices facilitate business process integration from purchase to payment, meaning that invoices could be sent, received and processed without manual intervention. The Commission has decided to set-up a European multi-stakeholder forum on e-invoicing. Michel Barnier, Commissioner for the Internal Market and Services, said “E-invoicing has the potential to make a big difference, for businesses, consumers, and European trade as a whole. The benefits in terms of saving time and money are fully in line with our Europe 2020 strategy and with the Digital Agenda for Europe in particular.” Links: <a href="http://bit.ly/ejvy83" target="_blank"> http://bit.ly/ejvy83</a> (press release) http://www.palette-group.com/blog/8/show_me_the_money!_will_new_eu_rules_on_late_payment_have_an_effect_.aspx http://www.palette-group.com/blog/8/show_me_the_money!_will_new_eu_rules_on_late_payment_have_an_effect_.aspx Cash management Show me the money! Will new EU rules on late payment have an effect? Will the recent EU directive* intended to crack down on late payers make a difference to businesses? Arguably, we’ve been here before. The EU’s original late payments directive was adopted in 2000, and the latest update expects all member states to comply by 2013.But it’s had little effect in the ... Mon, 22 Nov 2010 00:00:00 +0100 Will the recent EU directive* intended to crack down on late payers make a difference to businesses? Arguably, we’ve been here before. The EU’s original late payments directive was adopted in 2000, and the latest update expects all member states to comply by 2013. But it’s had little effect in the business world. The same is true of the UK Late Payment of Commercial Debts Interest Act 1998, which certainly hasn’t stopped companies pushing their contractual terms with suppliers. In September, the US Federal Reserve reported that companies are sitting on $1.84 trillion in cash and other liquid assets, tying up the economy. And while choosing to hold payment seems like a common-sense answer in the face of adversity, some AP departments are finding that holding onto every invoice is not always the best financial decision. For example, with proper financial analysis, companies could save much more money by introducing dynamic discounting. This means the buyer pays early, in return for a discount from the supplier: and the earlier the payment the greater the discount. This means instead of paying at 30 days, the buyer agrees a 2% discount in return for paying within 10 days. Compared with current rates of interest, that's a fantastic return. But actually managing this efficiently requires a leap of faith, and the right systems in place to monitor the AP cycle. Perhaps it’s this return that will drive the uptake of invoice automation and accounts payable suites? * <a target="_blank" href="http://www.theregister.co.uk/2010/10/21/new_eu_payment_rules_passed/">http://www.theregister.co.uk/2010/10/21/new_eu_payment_rules_passed/</a> http://www.palette-group.com/blog/9/metrics_matter_for_cash_management.aspx http://www.palette-group.com/blog/9/metrics_matter_for_cash_management.aspx Cash management Metrics matter for cash management When times are hard, cash is king: there’s a lot of truth in that old saying. It’s no surprise that in the current economic climate, finance officers and CFOs are scrutinising their accounts closely, looking for ways to optimise cashflow.This article* on AP Matters looks at some existing and new m... Mon, 08 Nov 2010 00:00:00 +0100 When times are hard, cash is king: there’s a lot of truth in that old saying. It’s no surprise that in the current economic climate, finance officers and CFOs are scrutinising their accounts closely, looking for ways to optimise cashflow. This article* on AP Matters looks at some existing and new metrics that help finance staff understand how fast cash is coming into the business, and how fast it’s going out again. As well as covering the established days payable outstanding (DPO) in the accounts payable department, and days sales outstanding (DSO) in accounts receivable, it also looks at emerging benchmarks that can reveal hidden credits and debits. Of course, having an AP solution that gives you easy access to the data and metrics you need is critical. As well as seamless, end-to-end processing, you need in-depth reporting to help you identify bottlenecks or any payment issues. The PaletteArena suite of products does just that, making it simple for finance staff to get what they need, when they need it. * <a target="_blank" href="http://www.iappnet.org/ViewItem-2138.do?parentCatId=1018">http://www.iappnet.org/ViewItem-2138.do?parentCatId=1018</a>