ecmarket Launches New Invoice Automation Solution
VANCOUVER, BRITISH COLUMBIA (September 22, 2015) – ecmarket, creator of cloud-based Conexiom Sales Order Automation, has unveiled its latest document automation solution, Conexiom Invoice Automation. The solution addresses common challenges for manufacturers and distributors aiming to improve inefficiencies within their accounts payable (AP) departments. Conexiom Invoice Automation captures critical information from incoming faxed and emailed vendor invoices and automatically transforms it into the existing financial or ERP system with 100% data accuracy. Conexiom eliminates the bottleneck of AP staff burdened with manual data entry, coding, matching, and verifying invoices, thereby reducing processing times to minutes, while also lowering the costs and errors associated with manual entry.
“To maintain solid relationships with vendors and suppliers, companies are facing immense pressure to process payments accurately and at a much faster pace than ever,” states Brent Halverson, CEO of ecmarket. “Our solution takes the load off AP professionals so they can focus their attention on the very important task of receiving and delivering payments – an essential function for all businesses.”
Conexiom customers report faster payment processing speeds, higher accuracy, prevention of duplicate payments, lower transaction costs, better visibility and greater overall productivity.
“We highly recommend Conexiom because it’s the total package. Conexiom has significantly reduced the cost of processing vendor invoices, which ultimately makes us more profitable. As an added benefit, not only does automation provide instant visibility the moment we receive an invoice, but its accelerated processing speeds ensure we maximize our early payment incentives. Our suppliers are thrilled and our staff is too!” said Elizabeth “Sis” Richardt, Operations Manager at CAPP/USA.
Conexiom uses patent-pending intellectual property to ensure that data is captured and transformed accurately. It does not use Optical Character Recognition (OCR) to estimate data due to reliability issues. The technology is based on mapping what is on each supplier’s invoice format along with automating business rules regarding how that data should be mapped into the financial system. Conexiom works in conjunction with accounts payable during the initial setup and configuration, so that detailed business rules can be defined, captured, and incorporated into the mapping.