The Institute of Financial Operations presented Moen with the Huntington Bank Innovation Award, recognizing the creative use of advanced technologies, tools and processes in the areas of financial operations. Recipients of the award must demonstrate a creative business process redesign, an innovative technology or application of technology, an exceptional business performance, or a combination of these areas.

Moen won the award for automating their accounts payable processes with Hyland Software’s enterprise content management (ECM) solution, OnBase, saving them approximately $100,000 per year and reducing manual processing time, paper and storage costs.

Invoice visibility and processing speed is critical when processing over 300 invoices a day. Moen’s AP associates rely on SAP to process these invoices, so leaders wanted a tightly integrated solution. And that’s exactly what they got with OnBase.

If associates encountered a problem processing an invoice, hard copies of the invoice would be sent via inter-office mail, often adding weeks to the payment processing and made it difficult to track and monitor. Now, images of invoices and supporting documents are scanned and stored in OnBase. AP associates instantly view the documents while still working in SAP. If a problem arises, an email is automatically generated and sent to the person responsible. The process is easily tracked and monitored via a workflow in OnBase.

For more information about how banks are leveraging the OnBase ECM solution, go to Hyland.com/Commercial.

Congratulations to Hyland Software and Moen.  To learn how your company can drive down AP processing cost, download PayStream’s Q2 Report titled, Imaging and Workflow Automation: Better, Faster, Stronger. This is a FREE research report available on the PayStream Advisors website.  This report is a valuable first step in researching and selecting an invoice workflow automation solution.  The report delivers an articulate overview of industry trends as well as solution providers.

Each year businesses lose untold millions of dollars to accounts payable errors.  These lost revenues can be reclaimed with an effective recovery audit.  Lavante, a provider of on-demand supplier management solutions, including recovery auditing and supplier information management now has technology available that makes this process much more comprehensive.

Lavante’s new release of Recovery+ works to satisfy a customer’s need to improve collaboration with their auditors.  Recovery+ successfully meets this need by providing end-to-end visibility, real-time interactivity, multi-level connections and collaboration and all inclusive recovery tracking for rapid and proactive recovery auditing.

Exactly how does this impact a Recovery+ user?  Through Lavante’s online portal, users can access live audit details and results.  This gives a user visibility into every aspect of how their recovery program is performing.

Lavante Recovery+ technology features include an interactive reporting interface, increased scalability, smart OCR and an expanded private supplier network.

PayStream heard that Lavante is working on a new delivery model for audit services which may change the way customers think about, contract and pay for services.  More information regarding this new delivery model will be posted when we receive more information.

Click here to learn more about Lavante’s Recovery+ solution.

Although CEO Rob Bernshteyn says that Coupa could be profitable in a month if it cut back on its investments, the company is raising the additional funding to help it expand its product as well as move into new markets.

The new round comes on top of Coupa’s $12 million Series D from February of last year.

Founded in 2006, Coupa now has 250 customers using its service, which includes companies like Rent-A-Center, Salesforce, Pandora, Ross, The Limited, The Container Store, many Subway and McDonald’s franchises (35,000 locations at Subway, 3,000 at McD’s) and even some Fortune 50 companies like Toyota, Armstrong, and Gannett.

In terms of geographic expansion, Coupa plans to increase its presence in Europe, where it has seen “huge demand,” and it will build a channels organization that will help it get more reach, globally.

Click here to access more Coupa news.

Receivables and Collections Management (RCM) solutions can address this challenge by providing fully integrated, order-to-cash solutions that enable companies to achieve significant financial operational benefits.  RCM solutions can drive automation, workflow and collaboration across the order-to-cash cycle and provide detailed analysis and reporting capabilities to support critical decisions.

PayStream Advisors actively works with managers and decision makers in the Fortune 1000 corporations to provide them with deep insights on financial process improvement and neutral viewpoints about available solutions in the market. From these direct experiences, we have uncovered a marketplace need for better information to understand targeted solutions, which help streamline specific processes and deliver quick ROI. Many of PayStream Advisors’ clients have shown increased interest in the automation of the collections and processing cycle for Credit & Collections departments.

Due to this increased interest, PayStream is preparing a third quarter Vendor Analysis and Buyers Guide Report on Receivables and Collections Management.  This report is targeted to Customer Care, Collections and AR professionals who are seeking information regarding collection management solutions to automate their business to business collection management process.

Report sponsorship opportunities are limited.  For more information regarding the upcoming RCM report or to inquire about sponsorship opportunities, contact Mark Colwell, PayStream Market Advisor.

Coupa Software, a cloud spend optimization software provider, recently announced a highly successful first quarter in 2012, extending the growth momentum announced at the end of 2011 and citing a 130% percent rise in Annual Contract Value this quarter over the prior year’s quarter.  This marked the 13^th consecutive quarter of new annual contract value growth.

As a testament to Coupa’s growing traction in the market, a seven-figure deal with the Independent Purchasing Cooperative (IPC) of SUBWAY was closed in 2011. The SUBWAY/IPC deal is the world’s largest multi-location cloud business application deployment to-date, with Coupa’s cloud spend management solution being deployed to 35,000 restaurants in 98 countries.

One of the most critical business imperatives today is conscious spending and reduced operating costs, in order to drive business results and sustain top-line growth. Coupa is addressing this mission-critical need head-on by empowering organizations to spend smarter and save money through broad adoption and use of the Company’s innovative, easy-to-use, fast-to-implement and cost-effective cloud spend management applications.

On the heels of the SUBWAY deal, Coupa has attracted large enterprises to its customer roster in 2012, including: Amerinet, Avalon Health Care Group, Citizens Republic Bancorp, Inc., Corbus, LLC, Gannett Co., Inc., and Service Corporation International. Additionally, Coupa’s Q1 2012 customer highlights reflect the company’s strong international reach: Colliers International (implementing Coupa in Canada and the United States) and Quiznos India.

Key highlights from Coupa’s fiscal 2011 success story include:

• Annual Contract Value (ACV): Coupa not only posted a record ACV quarter (its 13th consecutive quarter of new ACV growth), but also increased new ACV by more than 130 percent in Q1 2012 vs. Q1 2011.
• Usage: Spend through the Coupa Cloud Spend Management platform grew at a rate of 80 percent over Q1 2011. Active users of the software increased by approximately 85 percent, proving the ease-of-use and value that customers now expect from Coupa’s cloud-based solution.
• Renewals: Coupa reported continued strong customer loyalty, as evidenced by its greater than 95 percent subscription renewal rate.
• New Partners: Joining the Coupa family as new partners were: KPMG LLP (global alliance), IBM (global alliance), Xchanging (global Business Process Outsourcing partner) and Xoomworks (EMEA regional partner).
• Product Expansion: Coupa unveiled its Winter tech ’12 announcement in Q1 2012, which included a host of new features, including Universal Search, and incorporated other innovations that increase usability and help to promote a culture of responsible spending.
• Employees: In order to continue meeting the growing demand for its solution worldwide, Coupa increased its employee base by 62 percent, compared to Q1 2011. Additionally, Coupa added Mark Verbeck as the new CFO to the executive team.
• Awards: In addition to the above achievements, Coupa attained industry recognition for leading the cloud software market, including: San Francisco Business Times’ Best Places to Work in the Bay Area, AlwaysOn OnDemand Top 100 Company and TMC Cloud Computing Excellence Award.

Click here to view the entire Coupa press release.

Cloud-based services are becoming more and more attractive to businesses seeking to reduce licensing costs, avoid recruiting IT staff and focus fully on their core responsibility – growing the business.  Congratulations to Coupa and its success in the cloud spend optimization arena.  PayStream blog readers will be excited to see second quarter 2012 results, with the hope that the momentum continues to accelerate well into 2012 and beyond.

The parts supplier is initially using the Invoices On-Line’s ePayments Services portal to electronically receive and process payments from its commercial customers, immediately improving the parts supplier’s Days Sales Outstanding (DSO). Invoices On-Line provides the parts supplier’s clients and internal customer service and collections groups with improved visibility into payment status, enhancing customer service and facilitating collaborative payment activities among the parties.

A PCI Compliant Payment Gateway, Direct Insite’s Invoices On-Line ePayment Services portal is helping the parts supplier safeguard cardholder data and prevent payment fraud. Meeting the requirements of PCI Compliance, Invoices On-Line never stores sensitive payment data regarding the merchant’s services within the merchant’s firewalls. Deploying Direct Insite’s Invoices On-Line creates a platform for the parts supplier to present electronic invoices to its customers and automate its invoice workflow and dispute management.

Invoices On-Line’s ePayment Services portal supports the secure disbursement, receipt and processing of payments via credit card or the Automated Clearing House Network. Users can schedule and pay one or many invoices via the service. Payment remittance information is automatically synchronized with the Invoices On-Line user’s enterprise resource planning (ERP) system.

Click here to read the entire Direct Insite press release.

More companies are looking towards electronic payment solutions in an effort to lower costs and streamline their accounts payable. Watch for PayStream’s Electronic Supplier Payments report slated for release in June of 2012.  This Buyer’s Guide and Vendor Analysis report is targeted for accounts payable and procurement professionals who are seeking information regarding solutions that facilitate electronic payments and remittance information to suppliers.

PayStream will be hosting four educational sessions at Fusion, including:

• Accounts Payable Diagnostic Session: Evaluating Mega-Trends and Opportunities to Boost Financial Efficiency
  • Presented by Henry Ijams, Managing Director, PayStream Advisors
  • Tuesday, May 15, 11am – 12pm EST

• Blast Off! How to Get Your Accounts Payable Automation Project Off the Ground
  • Presented by Mark Colwell, VP Business Development, PayStream Advisors
  • Tuesday, May 15, 1:45pm – 2:45pm EST

• Top AR Automation Technologies to Consider and Why
  • Presented by David Schmidt, Senior Consultant / Analyst, PayStream Advisors
  • Tuesday, May 15, 1:45pm – 2:45pm EST

• Credit, Collections, and Billing Technologies: Lessons and Opportunities from Social Networking
  • Presented by David Schmidt, Senior Consultant / Analyst, PayStream Advisors
  • Wednesday, May 16, 11:15am – 12:15pm EST

Have a safe trip to Nashville and we’re looking forward to seeing everyone there.  Don’t forget, PayStream is at booth 321.  Be sure to stop by and see us.

The mission of the PEPPOL (Pan-European Public Procurement Online) initiative, co-funded by the European Commission, is to enable EU-wide exchange of electronic invoices and business documents amongst private and public businesses of any size to foster European-wide commerce opportunities.

Basware has been a leader in actively developing technologies and services that support B2B commerce, and has been involved in the PEPPOL initiative since 2008. With the European Commission keen to expand market connectivity and interoperability between private and public business, the involvement of e-invoicing and purchase-to-pay experts, such as Basware, has been integral in the development of the initiatives’ standards.

Following successful planning, collaboration and trialing of PEPPOL, the proposed specifications for e-invoices are being rolled-out to businesses. Basware’s customers can now send and receive PEPPOL-compliant e-invoices and documents to customers and suppliers. Basware customers are therefore able to meet the standardized business processes for the transmission of electronic invoices to organizations within Europe. Whilst Basware has always provided compliance with multiple invoice formats or standards, the premise of PEPPOL provides an agreed way to e-invoice, a major step forward in collaborative working.

In the new era of B2B commerce, the level of standardization delivered by PEPPOL holds significant advantages for businesses of every size. PEPPOL will ensure greater transparency through e-invoicing, and increase public accountability of business deals. PEPPOL implementation will also enhance the automation of purchase-to-pay, speed up administrative activities and reduce costs, while encouraging green, sustainable purchasing. E-invoicing also provides a number of wider business benefits for buyers and suppliers: buyers benefit from automated, error-free invoices that improve their ability to forecast, whilst suppliers benefit from faster payment cycles and improved cash flow and visibility.

Basware’s implementation of PEPPOL comes three months before the Norwegian Government will mandate contracting authorities to require that all suppliers must invoice them electronically with the use of PEPPOL infrastructure as the preferred approach.

The Agency for Public Management and eGovernment (Difi) state that this mandate by the Norwegian Government will make PEPPOL the ‘backbone of public electronic invoicing in Norway’. PEPPOL anticipate similar requirements from governments across Europe over the next few years.

Click here to view the entire Basware press release.

More companies are seeking solutions to solve international or even global electronic invoicing needs.  PayStream’s analysts see a shift in the top of market, driving demand for more sophisticated international purchase to pay and supply chain solutions for invoice management. Procurement and shared services managers are hungry for global answers to eliminate the billions of paper documents that are sent and received each year.

Companies like Basware who are already compliant in procedures and protocols like PEPPOL will have the capabilities to open more doors to foster European wide commerce opportunities and meet the needs of today’s most sophisticated global corporations.

Billtrust, a provider of outsourced billing services, and OB10, the e-Invoicing network, have partnered to offer business-to-business billers a solution for easily and cost-effectively connecting to the global OB10 network.

In this collaboration, Billtrust customers can seamlessly deliver their invoices to the OB10 network, enabling them to satisfy their customers’ desire to receive electronic invoices directly into their financial systems. This advanced integration provides efficiency for both  accounts receivable and accounts payable departments and allows Billtrust customers to enjoy the benefits offered by the world’s leading e-Invoicing solution provider. It also eliminates costly manual paper processing and enables identification of exceptions immediately upon invoice receipt.

Click here to view the entire OB10 press release.

PayStream research shows that electronic invoicing is on the rise as more companies want to increase efficiency and drive processing costs down.  To learn more about eInvoicing trends shaping the rapidly evolving space of AP automation, download a FREE copy of the 2012 eInvoicing Benchmarking Report. The OB10 eInvoice solution is highlighted in this report.

Insurers can now take advantage of the capabilities of OnBase, Hyland Software’s enterprise content management (ECM) software suite, using mobile devices. With instant access to information, on or offline, OnBase Mobile empowers field agents to manage business processes from anywhere, removing decision-making bottlenecks in the field.

The OnBase Mobile solution empowers field personnel to both capture and access a variety of information while in the field. Supporting documentation, photos, videos, voice recordings, diagrams or signed documents may be uploaded into OnBase and accessed from any mobile device, be it an iPad, iPhone, Android device, Windows phone or a tablet.

OnBase Mobile solution delivers more accurate results in a shorter amount of time:

• Instant access to forms, reports, photos, loss notices or documents speeds up decision making
• Physical claim files no longer need routed to offices, eliminating any risk of loss or damage
• Capture electronic signatures, complete complex forms, and create diagrams while in the field
• Ability to work offline reduces dependency on wireless network access

Click here to view the entire Hyland press release.

Mobile capability such as Hyland’s OnBase solution allows users to access mission critical data in real time.  It provides users with information when they need it from any mobile device, anywhere at any time.  More solution providers are now providing mobile capabilities.  PayStream wants to hear from you.  What mobile capabilities does your enterprise content management solution provide?  Where is the strangest place you’ve needed access to your ECM via a mobile device, riding in a taxi cab, a trip to an amusement park or perhaps during a quiet Sunday dinner at the in-laws house.