Swedish Tech Firm Benefits From Purchase to Pay Trend in North America
Online, October 16, 2014 (Newswire.com) - Companies throughout North America are embracing accounts payable automation, in industries as diverse as newspapers and airlines. Benefiting from this growth is the Swedish company Palette. Two new customers include The Boston Globe and airline Canadian North, both serviced by EchoVera, the master distributor for Palette in Canada.
Ralf Leitner, President of EchoVera said, “Forward-looking companies in Canada and the U.S. are joining what has been a huge trend in Europe, and that is automating their accounts payable. Executives want visibility into their financial operations, as well as a way to reduce costs. Our clients are looking for a robust solution that links invoices, purchase orders, contracts, and the entire purchase to pay process.”
For the einvoice component of Palette, both companies use optical character recognition (OCR) to scan paper invoices, and intelligent layered PDF processing to import emailed invoices. Invoices are are then matched, coded and approved. The process can take less than 3 minutes for each - a vast improvement over the time and cost of traditional, manual methods.
As well, Palette provides a cloud-based solution, meaning financial staff can view and approve documents in real-time on mobile devices.
Additional benefits of automating the purchase to pay process include:
• reduces the carbon footprint of all organizations using the technology
• curtails manual error as a result of paper handling
• provides savings on the cost of processing, sometimes by over 50%
Swedish Palette CEO Lars Petters said: “2014 has been very successful for Palette, both in terms of our growing customer base and strong revenues over the first half of the year. One of the key drivers of this success has been the flexibility and scalability of our solutions, which enables both large enterprises and SMEs to gain a rapid and ongoing return on their investment from Palette deployments.”
About EchoVera: EchoVera specializes in AP Automation solutions and is the Master Distributor for PaletteArena in Canada. PaletteArena is a flexible, in the cloud and on-premise solution used by over 1600 customers in 34 countries worldwide. The PaletteArena Product Suite gives customers complete visibility and control of the purchase to pay process by linking purchases, invoices and contracts. http://echovera.ca
Contact Information:
Ralf Leitner, President
EchoVera Inc.
100 Dupont Street
Toronto, ON CAN
M5R 1V2
416 968-2335
http://echovera.ca
sales@echovera.com
