Direct Insite, a provider of cloud-based e-invoicing solutions for accounts payable, accounts receivable and payments automation, recently signed a contract worth $500,000 with a U.S. grocery retailer. According to the terms of the three-year contract, the retailer will deploy Direct Insite’s Invoices Online e-invoicing AP portal with its enterprise resource planning (ERP) system.
Invoices Online e-invoicing portal provides a variety of options for purchase order (PO) delivery and electronic invoice submission and processing for accounts payable and purchase-to-pay. Direct Insite’s Invoices Online delivers POs directly to suppliers, notifying them at receipt. Through the Invoices Online e-invoicing portal, suppliers can print or download POs for their own records, flip a PO into an invoice or use a line-item editing form to adjust line items on a PO.
"This contract continues the significant expansion of our global supplier network, adds another marquee name to our growing customer list, and further validates the compelling operational and financial benefits provided by the Invoices On-Line e-invoicing AP portal," said Direct Insite President, CEO and Director, Matthew E. Oakes. "Innovative progressive companies are utilizing Invoices On-Line functionality to enhance and exploit their existing ERP software and become more automated in their relationships with suppliers and customers. With IOL’s functionality extending across multiple ERPs, we see this as great growth opportunity and are focused on capturing additional market share."
The platform tracks POs and corresponding invoices. Suppliers also can create non PO-based invoices. All of these activities are monitored via enterprise workflow. The solution from Direct Insite will help the grocery retailer provide its suppliers with self-service access to invoice and payment status. The solution will help the retailer significantly reduce its volume of telephone and e-mail inquiries from suppliers.
Meanwhile, Direct Insite recently appointed Jeff Yesner to chief financial officer, secretary and treasurer. Yesner will report to Direct Insite President, Chief Executive Officer and Director, Matthew E. Oakes. Yesner replaces Sandra Wallace, who resigned as vice president finance, acting chief financial officer, secretary and treasurer effective Dec. 17, 2012.
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Edited by Rachel Ramsey