Tungsten Network, the global digital automation platform, has dramatically expanded the scope of its invoicing services with the official launch of Tungsten Network e-billing. This new service represents a logical step for Tungsten to better serve all the members of its digital platform.
The new service will enable Accounts Receivable (AR) departments worldwide to send 100 per cent of their outbound invoices through a single service provider and have them delivered in the preferred format of the recipient, regardless of whether their customers are registered on Tungsten Network. It complements Tungsten Network’s e-invoicing solution, aimed at removing friction from Accounts Payable (AP) processes, providing companies a unique opportunity to digitally automate their accounting processes on both sides of the ledger.
Tungsten Network e-billing customers will digitally send their outbound invoice data to Tungsten Network via single connection. Invoices are processed by Tungsten Network, validated in accordance with global tax-compliance standards, and delivered both on- and off-Network. Tungsten Network delivers the invoices in the recipient’s required format, whether digital, a PDF email attachment, or via a printing and postal service, allowing Tungsten Network customers to easily meet the diverse interoperability requirements of connecting with their own customers. This will dramatically increase invoice-processing efficiencies and drive down the cost of getting paid for the goods and services they provide.
Creating a more efficient AR process increases the control Tungsten Network customers have over their working capital position. In particular, it has a positive effect on days sales outstanding (DSO), a financial ratio that illustrates how well a company’s accounts are managed.
Finance departments will also benefit from enhanced visibility because they can have access to all of their digital invoice data through a single portal. They also have the opportunity to magnify the benefits they feel from being part of Tungsten Network through its value-added products, like Tungsten Network’s Analytics solution.
Richard Hurwitz, Tungsten Network CEO, said: “Offering a comprehensive billing service represents a strategic move to open up Tungsten Network’s technology to even more businesses. E-billing customers send all invoices via the same connection and in the same way, whether on- or off-Network. As part of our strategy to add complementary adjacent services, we have now enhanced the value proposition we offer to our customers by allowing both AP and AR departments to take the lead in introducing digitisation and to get better visibility on their finances. This also allows Tungsten Network to initiate engagements with its customers from multiple points.”
A global leader in e-invoicing, Tungsten Network creates valid, tax-compliant documents across 48 different countries. With all invoices issued through a single solution across 192 countries, Tungsten Network e-billing will also give businesses the ability to ensure compliance while at the same time improving payment processes.
The expansion builds on the value-added services already offered by Tungsten Network, including access to Tungsten Network Finance. As the platform currently sitting at the centre of £164bn worth of transactions every year, Tungsten Network is able to turn this data into actionable insight for its customers.