Accounting
Cloud-based SMB invoice network adds features for vendors and customers
Popular eBilling and ePayment Service Growing at Record Pace
Jun. 26, 2013
New features that benefit vendors, customers and small businesses are at the core of the new Invoice Central 2.0, a cloud-based invoice network from Billtrust, a developer of Customer Centric Billing systems.
The enhancements include a new invoice data import capability for bill recipients, a new Open Balance functionality that reflects all forms of payments made, and the ability to seamlessly link with leading Accounts Payable (A/P) networks OB10 and Avidxchange, all to make invoice processing easier.
Introduced in 2012, the company says the goal of Invoice Central is to give SMBs a one-stop, SaaS-based approach to electronic billing and payment, simplifying invoice management by replacing multiple forms of delivery (e.g., paper, multiple emails and multiple websites). It also serves as a cost saver, helping bill recipients avoid late fees, maximize early-pay discounts, and boost workflow efficiency.
For vendors, Invoice Central delivers a fully electronic billing and payment solution that allows them to automate the billing and payment posting and reconciliation process. Invoice Central delivers an easy-to-deploy eReceivables solution.
Version 2.0 of Invoice Central adds new capabilities that make it even easier to manage the receipt and payment of invoices. Specifics include:
- Easy Import—This new feature lets users download invoices directly into common accounting packages in three popular file formats: QuickBooks, PDF, and .csv. What’s more, invoices from multiple vendors can be downloaded as a single file though Invoice Central. Easy Import can save small businesses hours of staff time every week versus keying in invoicing data manually. Additional accounting packages will be added throughout 2013.
- Open Balance—A new Amount Due column reflects all payments made by the business customer—mailed-in checks, cash in the branch, phone payments and Invoice Central payments—as well as adjustments made by the vendor. By showing the most up-to-date balance due, Open Balance benefits vendors and recipients alike by reducing unnecessary calls and inquiries.
- Accounts Payable Networks—In addition to direct delivery of invoices from individual vendors, Invoice Central now supports delivery of invoices through OB10 and Avidxchange, two leading A/P networks. Through the new connectivity, vendors can seamlessly deliver invoices via the customer’s preferred channel, thereby increasing efficiencies.
“Billtrust research indicates that the average small business receives 26 invoices a month from at least 10 vendors, in a variety of formats. Invoice Central 2.0 continues to expand on its promise to help vendors deliver their invoices to their SMB customers in an easy-to-use and streamlined way. It helps businesses tackle the challenges associated with managing and paying dozens of invoices every month,” said Bruno Perreault, Billtrust’s Senior Vice President, Invoice Central. “For bill recipients using A/P networks, the increased connectivity helps vendors meet the need of corporate customers faster and easier than ever before.”
According to Sherri Norton, Credit Manager at Pacific Plumbing Supply, “Billtrust continues to enhance Invoice Central to meet our needs and the needs of our customers. These enhancements are making it even easier for us and our customers to process invoices and handle payments electronically.”