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eScout offering automated reconciliation, matching and payment application

Lee's Summit, MO  May 20, 2002  e-Business services provider eScout today announced the launch of its payment solution, PayScout, a Web-based application that provides invoice reconciliation, two-way and three-way matching, dispute resolution and electronic payments.

According to a release issued by eScout, the company developed PayScout to support buyers and suppliers by offering straight-through processing (STP) and automating every step of the transaction, from invoice preparation, invoice receipt and review through remittance advice and payment. The software is intended for use primarily by accounts payable departments in mid-sized to large corporations.

With 61 bakeries coast-to-coast and more than 1,000 buyers, Interstate Brands Corp. (IBC), a $3.8 billion manufacturer of Hostess cakes and Wonder bread, recently launched eScout's e-procurement system to reduce annual materials, repair and operation (MRO) costs by $6 million.

Dan Engdahl, project lead, e-procurement at IBC said the PayScout software has already streamlined the company's processes. "Our electronic transactions are integrated directly into our General Ledger system and the on-demand reporting is an invaluable tool to help us manage our purchasing from PO [purchase order] to payment."

For more information about PayScout or any of eScout's hosted, Web-based e-business services, contact eScout at (888) 726-8848 or [email protected].