Auto-Digitizing Invoice Innovations Modernize Accounts Payable Processes to Reduce Costs
SAN MATEO, Calif. – July 6, 2015 – Coupa Software, the world’s leading provider of cloud-based spend management solutions, today announced the acquisition of Australian-based InvoiceSmash, a cloud innovator pushing the technology boundaries of accounts payable and e-invoicing solutions.
With this acquisition, Coupa takes the next step in transforming B2B commerce by further reducing the need for expensive supplier enablement initiatives and strengthening the way the world’s businesses use Coupa Invoicing and the Coupa Open Business Network for their e-invoicing transactions.
In today’s world of B2B commerce, extended global enterprises need modernized solutions to efficiently manage supplier transactions while staying compliant with local government requirements. These businesses also want to transact with one another quickly, without fees, paper or friction, which impact the overall cost of doing business. Coupa’s model of delivering e-invoicing compliant systems as a fully managed service delivers on this promise.
InvoiceSmash’s cloud-based technology has innovative closed-loop learning capabilities that will extend Coupa’s Invoicing solution by instantly converting emailed invoices from suppliers into the digital format required for the buyer’s accounts payable process.
As Coupa brings these innovations to market, supplier enablement efforts and invoice processing costs will dramatically decrease as buyers and suppliers gain instant connectivity and the freedom to interact using their preferred processes via the Coupa Open Business Network. Finance also gets the added benefit of optimizing cash flow management and additional days to apply early payment discount terms to earn a return on payables.
“Our acquisition of InvoiceSmash is a huge step forward for the industry. The InvoiceSmash technology will help businesses large and small transact faster and easier than ever before with significantly less manual intervention,” said Rob Bernshteyn, CEO of Coupa. “The InvoiceSmash technology will be a hugely value-added extension to our organic suite of capabilities and will drive immediate value, supporting the very essence of Coupa’s Savings-as-a-Service approach."
Innovative Accounts Payable & e-Invoicing Technology
Designed to help enterprises of all sizes digitize and automate the often painful accounts payable and invoicing process, the InvoiceSmash innovations will be embedded into Coupa’s organic cloud-based platform to instantly convert emailed invoice attachments into the field formats required by Accounts Payable.
The solution’s closed-loop learning capabilities can also detect supplier invoice format changes, remember those changes, and create learned templates so the Coupa system grows smarter, for the benefit of all Coupa cloud customers, after a new supplier invoice format appears.
“When we created InvoiceSmash we set out to transform how buyers handled their suppliers’ invoices. Core to our business model was the idea of allowing buyers and suppliers to do e-invoicing without needing system and process changes. By allowing our customers to use their existing invoicing processes we are able to achieve greater e-invoicing adoption rates,” said Mark Burch, founder of InvoiceSmash. “We are excited about the opportunity to join Coupa, maximize our innovations, and share our e-invoicing technology with businesses around the world.”
The Coupa Open Business Network Model
With no fees or friction, the Coupa Open Business Network instantly connects the world’s businesses, providing customers with both the flexibility and freedom they want to transact with their direct and indirect suppliers.
By incorporating InvoiceSmash into the Coupa platform, emailed invoice attachments that currently flow freely through the Coupa Open Business Network will be able to process automatically, resulting in more accurate and timely invoice processing while enhancing compliance with local government rules.
With faster invoice processing times, Finance teams benefit by gaining additional days to support their cash flow management initiatives, and the ability to maximize supplier discounts and earn a return on their payables through the power of Coupa’s dynamic discount support. Customers can also benefit by increasing e-invoicing connectivity with more of their suppliers without the pain and cost of extensive supplier enablement projects or having to use OCR systems to manually scan and digitize invoices.
Coupa expects the additional capabilities from the InvoiceSmash technology to be made available to select customers by the end of 2015. As part of the acquisition, the InvoiceSmash team will also join Coupa to continue developing their forward-thinking approaches to automating accounts payable and e-invoicing. They will be instrumental as Coupa continues pushing the boundaries toward reducing the need for supplier enablement efforts and transforming B2B commerce across the Coupa Open Business Network.
About Coupa Software
Coupa Software is the leading provider of cloud-based spend management applications. More than 500 customers in over 40 countries, including Sanofi, Salesforce.com, BNP Paribas North America, NEC, Royal Bank of Canada, Swiss Re, and Highmark Health use the Coupa suite of financial applications to support business agility and reduce costs. Coupa provides a suite of true cloud applications for finance, including accounts payable, sourcing, procurement, e-invoicing, and travel and expense management, which allows customers to realize a return on their investment within a few months and savings that continually impact the bottom line. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter