Equipment rental leader to automate order-to-pay processing, improve supplier relationships with software from Xign Corp.
Pleasanton, CA — October 12, 2005 — United Rentals Inc., the largest equipment rental company in the world, said it has tapped on-demand order to pay software provider Xign Corp. to automate its accounts payable operations.
United Rentals, which has an integrated network of more than 730 rental locations in 48 states, 10 Canadian provinces and Mexico, handles its accounts payable activities through its Shared Services departments in Burlington, N.J., and Kitchener, Ontario.
The rental company said the Xign solution is expected to shorten payables cycle from weeks to days, offer United Rentals' suppliers self-service invoicing and payment status capabilities, and reduce corporate spend by maximizing early payment discount opportunities.
Xign's service manages the electronic transmission of purchase orders, invoices and payments across the Internet, shifting from paper to an electronic payables process to help reduce financial settlement costs and increase visibility and control for Sarbanes-Oxley compliance.
Xign's solution will strengthen our relationship with large and small suppliers by accelerating order, invoice and payment processing, said Robert Simon, director of Shared Services at United Rentals. We will be able to pay our suppliers sooner and more effectively capture early payment discounts.