Automated, Internet-based payables process for midsize companies aims to reduce costs, streamline tasks for buyers, vendors
Bellevue, WA — December 1, 2003 — Fidesic Corp., a provider of solutions for automating financial processes for midsize companies, has launched an automated, Internet-based payables process designed to reduce costs and streamline tasks for buyers, approvers, vendors and employees.
In the past, said Fidesic, the traditional payables process has led to lost time, money and efficiencies. Countless hours of labor have long been associated with data entry and storage, routing the paper approval process, dispute resolution, supplier communications and invoice payment.
Fidesic said that its Payables solution, available today, integrates with various Windows-based accounting system, such as Microsoft Great Plains, Best Software MAS series and Intuit QuickBooks, to provide automated, real-time management of the accounts payables process.
The solution is intended to allow midsize companies to make the entire payables process paperless, to save time by eliminating manual tasks, to deal with vendors more efficiently using a Vendor Account Center Web site and to smoothly integrate with existing accounting software.
"Fidesic Payables for the mid-market allows companies to streamline the traditionally labor intensive day-to-day accounts payable process, resulting in real time and cost savings, as well as strengthened internal controls and vendor relationships," said Fidesic CEO Jon Matsuo.
According to Fidesic, invoice data capture capabilities in the solution allow companies to automatically read invoices (including line items) with optical character recognition, document imaging of all invoices with "on-demand" viewing, capture invoice data directly from the company's accounting system, remotely capture invoice data from employees located anywhere, directly capture invoice data from vendors through a Vendor Account Center Web site and issue a purchase order (PO) and allow vendors to "flip" the PO into an invoice.
In addition, role-based approval workflow provides an unlimited number of roles to assign permissions and privileges to users involved in key processes, helping to ensure financial controls are followed for all invoices; parallel, serial and ad-hoc workflow support; graphical workflow, which allows administration by users without IT support; and automatic e-mail approver notification, with image of invoice.
Finally, invoice payment features in the solution include paper checks or electronic payments, business policy support for payment authorization, remote authorization through a Web browser, notification to payees of payments via e-mail and a customized Web site, and management of cash flow with "just-in-time" payments.
The provider also announced that Cartridges Are Us, a re-manufacturer of ink-jet printer cartridges, has selected the new Fidesic Payables solution to automate its payables process.
"Cartridges Are Us selected Fidesic Payables because of its ability to automate the invoice data entry process, which translates to significant time and money saved, and allows us to focus resources on other essential areas of our business," said Dominic Iocco, chief financial officer and general manager of Cartridges Are Us.