Pleasanton, CA — March 27, 2003 — e-Invoicing and payments specialist Xign this week debuted its QuickBooks Connector, a software program enabling secure electronic invoice submission from Intuit's QuickBooks accounting software to the Xign Payment Services Network (XPSN) in a move that could benefit larger companies using the network to connect with smaller suppliers.
The new solution is intended to help companies that manage their businesses with QuickBooks to submit invoices electronically to customers using the XPSN for accounts payable processing.
The XPSN is an electronic invoice and payment service that automates the core functions of the accounts payable process — invoice receipt, validation, routing, dispute management, approval and payment. Xign said that with the XPSN, accounts payable organizations can cut the cost and time of traditional paper-based invoice and payment processing by up to 50 percent.
Suppliers on the network benefit from the ability to submit electronic invoices that are automatically validated against purchase orders and other buyer-defined business rules upon submission, helping to speed approval and payment.
With the Xign QuickBooks Connector, XPSN suppliers can automatically convert a QuickBooks invoice into an electronic invoice file that can be transmitted directly to the XPSN for buyer processing. Suppliers continue to use the standard QuickBooks invoice creation process, only the invoice is submitted electronically rather than on paper.
This can eliminate the time and expenses associated with the printing and mailing of paper invoices. In addition, by detecting and correcting invoice errors upon submission, the connector can help reduce exceptions and the delays associated with re-processing invoices that contain inaccurate or incomplete data. According to Xign, studies have shown that up to 20 percent of paper invoices have exceptions that can delay timely invoice payment.
"One of the strengths of the Xign Payment Services Network is its ability to serve the needs of all types and sizes of suppliers," said Mark Worsey, Xign vice president of client services. "With the Xign QuickBooks Connector, suppliers using QuickBooks have an electronic invoice submission capability that will simplify their customers' invoice approval processes and minimize chances of errors and disputed invoices."
Xign says that the release of QuickBooks Connector is part of the provider's strategy of pre-integrating its XPSN platform with a wide range of popular accounting systems. Xign also offers a library of file maps that allows suppliers that use electronic data interchange (EDI), XML or comma-separated file formats to submit electronic invoices.