Cloudtrade’s leading e-invoicing to help councils achieve 60% back office savings
CloudTrade, the leading provider of cloud based e-invoicing services, today announced that its e-invoicing solution has been selected to be part of Capita Integrated Business Solutions’ (Capita) transformational partnership programme to help drive efficiency savings across the public sector.
CloudTrade’s hosted e-invoicing solution will speed-up the processing of customer invoices, at the same time as helping organisations to go paper-free and remain compliant with Government late payment legislation.
Richard Manson, CloudTrade’s co-founder and Commercial Director, says: “CloudTrade offers organisations who rely on manual data entry for their invoices a simple, cloud-based, cost-effective e-invoicing solution that guarantees high adoption amongst suppliers.
Our solution is easy to integrate into an organisation’s existing financial systems and can actually compliment their manual or automated workflow management processes. CloudTrade’s customers typically see back office savings of over 60% and supplier adoption rates of over 80-90%.”
CloudTrade, working in partnership with Capita, will substantially reduce administration costs and time associated with printing, postage, data entry and document handling by fully automating a customer’s accounts payable (AP) processes.
Eamonn Morris, Managing Director at Capita Integrated business solutions, says: “We are pleased to collaborate with CloudTrade because of their extensive public sector experience. We believe that our Financial Management solution, Integra, together with CloudTrade’s e-invoicing solution, will help public sector organisations to deliver more sustainable services and effectively adapt to changing needs against a backdrop of ongoing budgetary pressures, changing technology and customer needs.”
Capita has been a trusted partner of public sector organisations across the UK since the early 1980s and is a leading provider of software and services to the sector.
How CloudTrade’s solution works
CloudTrade’s patent-protected software uses unique rules based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders and advanced shipping notices, CloudTrade processes them automatically and cost effectively, with unprecedented accuracy.
Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality. PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.
About CloudTrade
CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 120 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/
About Capita Integrated business solutions
Capita Integrated business solutions provides world-class financial management software, e-procurement and bespoke solutions to organisations across the UK. We empower organisations to realise strategic cost savings and modernise their financial objectives. Over 400 clients in the public and private sectors use our innovative solutions to increase their operational performance. http://www.capita-ibs.co.uk/