{"id":1550,"date":"2012-05-14T14:10:00","date_gmt":"2012-05-14T14:10:00","guid":{"rendered":"http:\/\/cloudnewsdaily.com\/?guid=6c904f52b7b2946a1ee7b481d0687eb9"},"modified":"2012-05-14T14:10:00","modified_gmt":"2012-05-14T14:10:00","slug":"iron-mountain-takes-paper-out-of-accounts-payable-with-new-electronic-invoicing-solution","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/iron-mountain-takes-paper-out-of-accounts-payable-with-new-electronic-invoicing-solution\/","title":{"rendered":"Iron Mountain Takes Paper Out of Accounts Payable with New Electronic Invoicing Solution"},"content":{"rendered":"<\/p>\n

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Iron Mountain Incorporated today announced a new service for streamlining the way organizations receive, process and manage their accounts payable (AP) invoices. The Iron Mountain Electronic Invoice<\/a> solution digitizes paper invoices and allows customers to manage these bills via an online tool that automates basic AP tasks like matching invoices to purchase orders and routing them for approval. By digitizing a traditionally paper-heavy process in accounts payable, Iron Mountain\u2019s invoice-processing offering frees up AP departments to focus on higher-level activities and enables organizations to run their AP process faster and with fewer mistakes. <\/span><\/p>\n

Most companies still receive mostly paper invoices. With paper, accounts payable teams must manually check invoices against purchase orders and receipts, and they must manually seek payment approvals, passing invoices from reviewer to reviewer. In this model, the process moves as fast \u2013 or as slow \u2013 as the person who currently holds the invoice. This wastes time, leads to errors and, worse, doesn\u2019t allow the organization a holistic view into its cash flow or spending levels. Moving to electronic invoice receipt and automated workflow accelerates approvals, improves accounts payable process visibility and increases customers\u2019 ability to control spend and manage their cash flow.<\/p>\n

\u201cWaste Pro has grown rapidly since our creation in 2001, expanding both organically and by acquisition throughout seven southeastern states,\u201d said Don Phillips, CFO of Waste Pro USA, Inc. \u201cThat growth has greatly expanded our network of suppliers and business partners and increased the volume of paper flowing through our accounts payable department. Our processes were becoming increasingly more complex, and we required enhanced ability to work with suppliers and vendors, manage our payment cycle, and support our next decade of growth. We required a solution that would help us streamline electronic invoicing, remove paper from the process for quicker reviews and approvals and ultimately enable faster payments. Iron Mountain delivered on that need with the added benefit of making the solution flexible enough to support a gradual rollout to the entire company.\u201d<\/p>\n

The Iron Mountain Electronic Invoice solution is powered by Corcentric\u2019s COR360\u2122 cloud-based accounts payable workflow automation platform. The online workflow tool makes it easier for organizations to access, identify and share invoices that require further review. By automating this part of the accounts payable workflow, organizations gain greater visibility to better capture supplier discounts, drive cost savings and meet compliance requirements for accounts payable. Organizations can further speed invoice processing times by using their mobile devices to access the solution. And, as a cloud-based offering, the solution integrates into ERP and payment-processing solutions, and can scale throughout the organization as needed.<\/p>\n

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\u201cThe sheer amount of information moving through accounts payable departments \u2013 much of it on paper \u2013 is slowing down payments and endangering supplier relationships,\u201d said Chris Churchill, senior vice president and general manager, Document Management Solutions for Iron Mountain. \u201cBecause it is so paper-intensive, accounts payable is an excellent example of a new wave of information management focused on outsourcing and automating manual processes for cost savings and improved compliance. Our expertise in helping companies better manage paper and digital information, as well as supporting the transitional period when an organization uses both, made accounts payable a natural addition to our services, and we\u2019re thrilled to help our customers improve this vital business process.\u201d<\/p>\n

The four components of Iron Mountain\u2019s Electronic Invoice <\/strong>include:<\/p>\n