Empowering Businesses!
nownforthesolutionsofcontemporarytimes,
Kcorporatesoftheever-evolvingbusiness communityhaveredefinedleadership.Such entrepreneurialzealdoesnotstandonlyonthefoundation oftechnologicalavailabilitybutalsoneedstolookintothe agiledevelopmentandresilientleadershipthatcompanies haveinculcatedinitsculture.Beittheemployeeortheend client,businesseshavebeeneasingthetediousworkflow operationsandcomingupwithnovelsolutions.
Buthowdoesoneunderstandwhichistheonethatis drivingthewheelofchangeandevenifitdoes,amongst many,which onetorelyon?
Sounds Mindboggling! Right?
Tocalm yourworriesandserveyouaplatterthatoffersthe bestofdisruptorsoftheglobalecosystem,weatInsights Success cameupwithourmostawaitededition, “The10MostReliableBillingInvoiceCompaniesto Watch.”
FeaturingonthecoverisInvoiceHome.Popularlyknown foritseasytouseandmostefficienttooperateinterface, thisplatformiseverythingthatanyorganization desire. UnleashingthetruepotentialofInvoiceHome,isits President/CEO-PetrMarek,andJiriHradil,theCTO/CEO whoarerevolutionizingtheInvoiceBillingsegmentandat thesametimeofferingbest-in-classservicesforits employees,vendorsandend-to-endclientstoo!
Whileyouscrollthroughthecoverstory,ensuretolearnthe artoftechnologyleadershipandsimultaneouslyflipintothe enlighteningexpertopinionalongwiththeinsightful articlesopinedbyourIn-houseeditorialteam.
Ihopeyouhaveahappyread!
,Electronic Invoicing has tremendous room for growth, not to forget our future is DIGITAL. - Bhushan Bhad
Invoice
Featuring CompanyBrief
AvidXchangeHoldings avidxchange.com
Billtrust billtrust.com
MichaelPraeger CEOandCo-founder
FlintA.Lane
FounderandCEO
AvidXchangeHoldingssetoutfromCharlotte,NorthCarolina,in theyear2000withasimplemissioninmind:Transformtheway middlemarketcompaniespaytheirbills.
BQESoftware bqe.com
ChromeRiver chromeriver.com
VictorLimongelli CEO AdrianaCarpenter ChiefFinancialOfficer
BilltrustistransformingB2Bpaymentsandtheorder-to-cash cyclefortheworld’slargestbrands.
CrossConcept ContinuumPSA continuumpsa.io
WalterPerdigao
Founder,President andVice-president ofServices
Hiveage hiveage.com
InvoiceHome invoicehome.com
LankithaWimalarathna CEO
PetrMarek (President/CEO) JiriHradil (CTO/CEO)
InvoiceBerry invoiceberry.com Transformify transformify.org
UweDreissigacker
FounderandCEO
BQESoftware'sfullyintegratedsuiteofintuitivetoolsprovides backofficeautomationtopowerfrontofficeinsights,making firmmanagementmoreagile,informed,anddata-driven.
ChromeRiverisdriventomaketravelandexpense managementaseamlessandfrictionlessexperience.
ContinuumPSAisaSaaSprofessionalservicesautomation (PSA)solutionthathelpsorganizationsimplementbestpractice projectdeliverytoeffectivelyreducecostsandimprove margins.
Hiveagemakesonlineinvoicingquickandeasy
Withover300distinctivetemplatesspeciallydesignedby brandingprofessionalsinmultiplelanguages,InvoiceHomeis cateringtotheessentialneedforinvoicingservicesofits clientsinaninnovativeway
InvoiceBerryprovidesaunique,fullyintegratedend-to-end invoicingandbillingexperienceforitssmallbusiness customers.
Transformifyassistsorganizationstohirewhenever,wherever, withoutwastingvaluablecorporateresourcestostaycompliant withasetofgloballawsandregulationsbysimplifyingthe internationalhiringprocessandremovingbottlenecks.
MarisaTeh
LiliaStoyanov CEO TungstenNetwork tungsten-network.com
ChiefProduct& BusinessDevelopment Officer
TungstenCorporation(AIM:TUNG)istheworld’slargest, compliantbusinesstransactionnetwork.Tungstenisaleading globalelectronicinvoicingandpurchaseordertransaction network.
Petr Marekand CEO
Home
The 10 Most Reliable Billing Invoice Companies to Watch
The 10 Most Reliable Billing Invoice Companies to Watch
Reducing the Invoice Cycle from Days to Hours
Withrisingtechnologicaldevelopment, businessesarewitnessingnewopportunitiesin everyindustryniche.Andinsidethe Informationtechnologyspectrum,therearecutting-edge technologiesalongwithsoftwaresystemsthathaveproved tobeagreatharborforthecorporatecommunity
Astransgressingfromthebinarycodetosoftwareandlater totheITsystem,professionalserviceautomationhas grabbedtheglobalspotlight.Andfacilitatingthesoftware asaSystemforinvoicebillingsegmentisaoneoftsunique kindcompanyisCrossConept.
WithitsPSAsolution,thecompanyispopulouslyproviding itsservicestoeasethetimeandexpensetracking,project andresourcemanagement,andinvoicingbillingprocessfor businesses,employees,andvendorstoo!
SpearheadingthistransformationisFounder,President,& VicePresidentofServices—WalterPerdigao.
WecrossedpathswithWaltertolearnmoreaboutthe companyandthetechnologicalmarvelthatthisnovel systemofCrossConceptisfacilitatingaroundtheglobe.
Below are the interview highlights:
Pleasebriefouraudienceaboutyourcompany,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.
Establishedin2010,CrossConceptisaCanadiansoftware technologycompanyofferingaleadingaward-winningB2B professionalservicesautomation(PSA)solution–ContinuumPSA-withclientsinCanada,theUSA,andthe UK.
Tellusmoreabouttheproductsandservicesthrough whichyouhaveascertainedyourstrongholdwithinthe employeebenefitsandinsurancespace.
ContinuumPSAisaSaaSprofessionalservicesautomation (PSA)solutionthathelpsorganizationsimplementbest practiceprojectdeliverytoeffectivelyreducecostsand improvemargins.Itstreamlinesandconsolidatestheareas ofCRM,timeandexpensetracking,projectandresource management,andinvoicingwhileprovidingreal-time reportinganddashboards.
Briefusaboutthefeaturedperson(s),theirjourneyin theindustry,andhowtheyhavecontributedtothe company'ssuccess.
Istartedmycareer30yearsagoasaSystemEngineerat EDSandcameupthroughtheranksmanagingprojectsand resourcesindesigning,developingandimplementing
enterprisesolutions.Backin1999,IendedupasaManager ofTechnicalServicesatalargeenterprisePSAcompany.I wasthereforsevenyears,andmyteammanaged customizationsandintegrationstoERPandfinancialapps likeOracleFinancials,Ceridian,andothers.Ieventually becameaDirectorofPMOatacompanycalledMomentum andmanagedateamof13PMsand125developers,QA testers,andbusinessanalystsmanaginglargecustom developmentprojects.WhileIwasthere,Igottonotjust implementanenterprisePSAsolutionbutalsocallthe processshotsofhowitwasusedandreallylearnedalot aboutbestpracticeapproachesontheuseofthattypeof solution.
Andbackin2010,Ico-foundedCrossConceptinthe Torontoarea,andwestartedasaservicecompany implementingandsupportinglargeenterprisesPSAand PPMsolutionslikeChangepointandDaptiv,workingwith companieslikeHitachiVantara,GeneralElectric,Experian, Teradata,andmanyothers.Butourfocuswasreallyonthe SMBspace,tryingtofindcosteffectivesolutionsto implementingenterprisePSAinsmallandmedium-sized companies.Wedidthatsuccessfullyforabout7years,but theconsistentfeedbackwasattheendofthedayitwasjust tooexpensive.
Wereallysawtheneedforthistypeofenterprise functionalitytobeusedinsmallandmedium-sized companies,butitwasprettyclearthatthehighcostswere
limitingthatfromhappening.So,wethought,"hey,we've comefromadevelopmentbackground-whydon'twejust developourownenterprise-classPSAsolutionbutpriced fortheSMBmarket."Andthat'swhatwedidthreeyears ago,andthat'showContinuumcameintobeing.Weused ourexpertiseinimplementingPSAandPPMsolutions alongwithfeedbackfromcustomerstodrivethe functionalityoftheproductandIthinkthatcomesacross whenyouseethesolution.
Thatsaid,wewillalwaysseeourselvesasaservice companyfirst.Yes,wehaveagreatproductcalled Continuum,butweknowthatregardlessoftheproductit's theimpacttoyourbusinessprocessthatisjustasbiga factor,maybeevenbigger,thanthetool.We'reimpacting yourteam'swayofdoingbusinessandthatcan'tbe underestimated.Wedon'tjustsay,"thisishowyouCAN configuresomething",wesay,"thisisourbestpractice recommendationbasedonourexperienceimplementing similarclients".It'sthatbestpracticeconsultingthatwe thinkisagreatvalueaddanddifferentiatorforus.
Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryinthebillingandinvoicing solutionsnicheandhowyouhaveleveragedthese technologiestodeliveryourproductsandservices?
Thetasksofbillingandinvoicingareacriticalpartofany professionalservicesfirm–butitisanoverheadtaskatthe endoftheday.Anythingthatcanstreamlineandautomate thatprocesstoreducetheinvoicetocashcycleisimportant andusingtheareasofAIandmachinelearningisakeypart ofthat.Wetookthefeedbackfromusersandtransformed timetrackingfrombeingperceivedasanecessaryevilto beingatimemanagementtooltoallowthemtoeffectively planouttheirweekbasedonthetaskassignments.They knowexactlywhatisexpectedoftheminagivenweekand thesystemlearnsandcalculateshowmuchtimethey shouldbetakingonanygivendayoneachtask.Wealso incorporatedastopwatchfeaturethattimesexactlyhow longtheytooktodeliveragiventaskandpushesthat informationtothetimesheet.
ConsideringtheCOVID-19pandemic,whatchallenges didyouface,andhowareyoucurrentlydrivingyour companytosustainoperationswhileensuringthesafety ofyouremployees?
Thepandemichitseveralofourclientshard.Manyclients closedtheirdoorsandotherswereforcedtogreatlyreduce
theirheadcountwhichtranslatedtoreducedlicensecounts forus.Itwasdifficult-especiallyinthefirstyearofthe pandemic.Butwestreamlinedouroperationsanddoubled downonourmarketingandsaleseffortswhichallowedus tosignupnewclientstomakeuptheinitialshortfall.And, asof2022,thingshaveturnedaround.
We'vegivenourconsultantsthebenefitofworkingfrom homesinceourinceptionin2010,soasaresultour employeesdidn'thavetodealwiththeriskofexposurethat comeswithgoingintotheoffice.
Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintothebillingandinvoicing solutionsniche?
Likeallentrepreneurialendeavors,thebiggestfactorto yoursuccessisyourbeliefinyourselfandyourvision. Don'tletanyonedissuadeyoufromyourgoal.Simply conceivewhatyou'regoingtodeliverbygettinginputfrom potentialclients.Thenbelieveinyourvisionandtalentsand thatyouwillmakeithappen.Taketheactionsneededto achieveyourgoalandadjustasyougowithlessons learned.Andfinally,persistuntilyoursolutionhascometo fruition.
Everyonehasanopinionandwillgiveyouadvice.The valueofthatadvice,however,ismeasuredonhow successfulthepersongivingtheadviceisinthesubject area.Onlytakeadvicefrompeoplewhoyouadmireandare successfulintherelatedarea.
Howdoyouenvisionscalingyourcompany'soperations andofferingsin2021?
UsingaprovenandsecuretechnologystackofLinux, Apache,PHP,andOracleMySQLhostedonMicrosoft Azurecloudservices,
havehostedserversinCanada, theUSA,andtheUnitedKingdomandplantoexpandto APAC,Europe,andtheMiddleEasttogrowandsupport ourinternationalpartnerchannel.
inthe
Invoicing got Easy
EmergingTrends in Global Invoicing
Manyindustriesthroughouttheworldhavebegun toembracedigitaltransformationwithopen hands.Companiesarereconsideringtheir methodstostaycompetitiveasbusinessprocessesevolve.
Invoicingisoneofthecrucialareaswherenewtrendsare emerging.Newrules,governmentmandates,andcustomer demandsareallinfluencinghowbusinessesapproach billingprocesses.Furthermore,pandemicchallengeshave acceleratedtheadoptionofcertaintechnologies,suchas mobilepaymentsandelectronicinvoicing.
Therefore,organizationsthatrespondquicklytodeveloping trendswillbetheonestosurviveandovercomenew businesschallengesinthecomingyears.Let’slookintothe trendsinglobalinvoicingthatmanyorganizationscarryto stayfirminthemarket.
AdaptationofeInvoice
E-invoicingcanbeimplementedusingcloudandonpremisessolutions,whichprovideanumberofadditional advantages,includingenhancedinvoiceaccuracyanddata quality,fewerinstancesoflatepayments,andfasterinvoice processingtimeandtransparency.Apartfromthat,ithelps witheasybusinesstransactiontrackingandreducesthe expensesofsystemdesign,modification,installation, training,andmaintenance.
Oneoftheprimarydriversdrivingthemarket’sfavorable outlookissignificantgrowthinthee-commerceindustry Furthermore,thegrowingadoptionofmoderninformation technology(IT)solutionsinthebanking,financialservices, insurance(BFSI),energy,telecommunications,andretail industriesarepropellingthemarketforward.Addingtothe
advantage,productprovidersarenowofferingadaptableeinvoicingsystemstoaccommodatetheregularlychanging operationalpatterns.
Beingsaidthat,technologicalinnovationsarecontributing tothemarketgrowthwithdevelopmentofcloud-integrated webandsoftware-basedinvoicingapplications,artificial intelligence(AI),theInternetofThings(IoT),and predictiveanalyticstoolstoo!
Otherreasons,suchasthegrowingimplementationof blockchaintechnologytomaintaindocumentsecurityand theexpandingtrendofdocumentdigitizationforefficient processingandregulatoryneeds,areexpectedtopropelthe marketevenmore.
Withthesefactors,theworldwidee-invoicingmarket expectstorisebydoubledigitsoverthenextfiveyears.
CollectionofDatabyInvoice
BigDataisnowwidelyrecognizedasoneofacompany’s mostvaluableassets.Andthebetteracompanyisat collecting,managing,andunderstandingbigdata,themore likelyitistooutperformitscompetitors.
Manyfirmsembraceandimplementspecialized technologiesandsolutionsforthispurpose,suchas machinelearning,whichisnocoincidence.
Fromthisperspective,evenelectronicinvoicingmaybe usedtogatherdataonclientsbyanalyzingtheirbehavior: howlongittakesthemtoopenanemail,iftheyanswer instantly,howlongittakesthemtopay,etc.
Thisdataallowsyoutolearnmoreaboutthepeopleyou’re interactingwithandidentifyany“weaknesses”inyour systemsoyoucangraduallyenhancethedemandsof particularclients.
GlobalPaymentsinReal-Time
Thedaysofsendinginvoicesandreceivingpaymentsthat tookdaysorweeksarelonggone.Real-timetransactions arenowexpectedineverybusiness.Duetotheglobal impactoftheCOVID-19outbreak,companiesrequire immediateaccesstofunds.
Becauseelectronicbillingandinvoicingsystemsarefaster andmoreaccuratethanconventionalmethodsofraisinga billordeliveringaninvoice,themajorityofbusinessesrely onthem.
Beingadoptedbybusinessesofallsizes,ElectronicInvoice issavingmoneyandimprovesefficiency Aspreviously stated,mostEuropeanandLatinAmericancountrieshad alreadyadoptedelectronicinvoicingbeforeAmerica.Asa result,inordertomaintaincommercialrelationshipswith thesecountries,itissuggestedthatAmericanEntrepreneurs useelectronicbillingandinvoicingsystems.
Modernbillingandinvoicingprocedureshaveenabled Americanbusinessestoimprovetheirdomesticand internationalcommercialpartnerships.Companiescansave moneyandtimebyincreasingproductivity
GoPaperless,SaveEnvironment
Imaginethevalueofacompanybeingdeterminedbypaper usedinthebillingprocesses.Soundsscary,right?
Let’slookatthesituationthatariseswithpaperbilling usage.
Ifyouutilizepaperinvoices,there’sagoodchancethey’ll bedestroyedandtossedintoacontainersomeplaceafter they’vebeenpaid.We’renoteventalkingaboutthepaper inyouroffice.
Evenworse,paperbillsareresponsiblefor10%of worldwidedeforestation.Furthermore,paperbillsemit threetimesasmuchcarbondioxideascomputerized invoices.Let’sbreakitdownevenfurther.Anaverage paperinvoicehas2to5pages.Thenthere’stheexpenseof stamps,envelopes,shipping,andtheenergyrequiredto makepaperinvoicesfromtrees.
Asanalternative,e-invoicinghasamultitudeofmeritsthan onecanimagine!
UseofBlockchain
Companiesmayuseblockchaintechnologytoexpeditethe invoicingprocessbykeepingtrackofalltransactions. Blockchainislikelytomakecashflowmanagementeasier atallstagesoftheinvoicingprocessbyeliminatingthe needforadditionalresourcesandthird-partycontacts.
Organizationsmaybeabletosubmitandpayinvoicesusing bothfiatanddigitalcurrencylikeBitcoin.Thedangersof fraudulentactivitycanbereducedbyvalidatingthedataof allincominganddepartinginvoices.Asblockchain technologyimproves,ithasthepotentialtodisruptthe existinginvoicingsysteminavarietyofways.
So,what’sthetakeaway?
Thesedevelopmentswillundoubtedlyinfluencehow organizationsconductbusinessinthefuture. eInvoices,mobilepaymentsalongwithincreased digitizationarealteringglobalinvoicing.However, businessesmustexaminehoweInvoicesmayaffecttax complianceandtheconsumerexperience.Tobeontheright sideofthelaw,youmustkeeptrackofgovernmentrules.
Furthermore,organizationscanusepersonalizationinbills toharnesscustomerdataandbuildcustomerrelationships. Finally,oneofthemethodstogainacompetitiveedgeand achievebusinessgoalsistokeepaneyeondeveloping trendsandunderstandtheirimpactonfirmsworldwide.
- Rahul ThakarInvoiceBerry
nsideabusinessrealm,therearemanystrategiesthat
Ihelpeasetheindustryworkflow.Beitthe manufacturing,logistics,retail,marketing,orsales,a verystaticsystemthathelpsinallthebusinesssegmentsis InvoiceBilling.
Beingoneoftheessentialcomponentsinsidemanaging accountsofeverytransactionalprocess,billinghasfound manyentrepreneursthatinnovativetheinvoicesystem sinceages.Beitorganizinginter-departmentalinvoices, companybills,employeepaymentdataorvendorcosting management,billinginvoiceshasneverwitnesseditselfin thedimlight.
Andwiththetechnologicaladvancementofdigitizing businesswowrkflows,innovativebillinginvoicetechnology haseasedoutcompanyinvoiceslikeneverbefore.
Onesuchinnovativesolutionintheglobalbillinginvoices segmentisInvoiceBerry.WithitsFounderand CEO UweDreissigacker,thecompanyhasgrabbedthe globalspotlightandisexemplifyingthetruemeaningof technologyleadership.
Letsslideintotheinterviewandlearntheinnovative strategiesintroducedbyUwethatistransformingthe industryandfacilitatingtheglobewithoutstandingbilling invoicesolutions.
Below are the interview highlights:
Pleasebriefouraudienceaboutyourcompany,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.
InvoiceBerryprovidesaunique,fullyintegratedend-to-end invoicingandbillingexperienceforoursmallbusiness customers.
Smallbusinesseshavetheabilitytomanagetheirclient relationsfrominitialquotationstoreceivingpaymentsallin oneplatform.
QuotesthathavebeensentoutviaInvoiceBerrycanbe transformedintoinvoiceswithourunique1-clicksolution, andthecreatedinvoicecangetpaidviavariousintegrated paymentpartners.
Thus,creatinganend-to-endquote-to-paymentsolutionfor smallbusinesses.
Briefusaboutthefeaturedperson(s),theirjourneyin theindustry,andhowtheyhavecontributedtowards thecompany'ssuccess.
Uweisaserialentrepreneurwithovertwodecadesof experienceintheonlinebusinessandsoftwarespace. HavingfoundedmultipleonlinebusinessesintheB2Cand B2Bsectors,hestarteddevelopingInvoiceBerryin2009.
The 10 Most Reliable Billing Invoice Companies to Watch
Uwe Dreissigacker Founder, CEO InvoiceBerry
WorkingcloselywithsomeoftheUK'sleadingaccountancy practices,Uwedevelopedarobustsoftwareusedbyover 150,000smallbusinessesintheUKandUS.Today InvoiceBerryisrunbyasmallteamofdedicated developers,marketers,operations,andbusiness developmentpeopledistributedworldwide.Uwepayshis mostconsiderableattentiontokeepingInvoiceBerryas user-friendlyandsimpleaspossiblewhileprovidingagreat customerexperience.
Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryinthebillingandinvoicing solutionsnicheandhowyouhaveleveragedthese technologiestodeliveryourproductsandservices?
IseethemostcriticaladvancesinAIinthebillingand paymentpartofourcompany.WiththehelpofAI,our partnersandwecannowidentifyfraudulentpaymentsin real-time,thussavingourcustomersaconsiderableamount ofmoneyandheadaches.
ConsideringtheCOVID-19pandemic,whatchallenges didyouface,andhowareyoucurrentlydrivingyour companytosustainoperationswhileensuringthesafety ofyouremployees?
Asacompany,wealreadymovedtoafullyremotework setupbeforeCOVIDhappened.Therefore,we,fortunately,
didnotexperienceanydisruptionswithinourteamdueto COVID.Ourteamwasalreadyinacomfortablecoworking orhomeofficesetupwiththetoolstoworkremotely,such asheadsets,webcams,andpowerfulworkingequipment.
Forallofourcustomers,weofferedfreeandreducedrate subscriptionstohelpthemeasethefinancialburdenof COVID.Webelieveinlong-termrelationswiththesmall businessesthatuseourinvoicingplatform,andwe'rehappy totakeatemporaryhitonourrevenue.
Whatwouldbeyouradvicetobuddingentrepreneurs whoaspiretoventureintothebillingandinvoicing solutionsniche?
Thereisstillalotofspaceforinnovationinthebilling industry Technology-wiseIamverybullishonAI-powered billingsolutionstocombatfraudandcybercrime.Ialsostill seeasignificantneedtoimprovetheeaseofmobileand onlinepaymentstomaketheprocessmorestraightforward anduser-friendly.Geographically,IthinktheAfrican continentisexcitingtoexplorefurther,andweseemany Africanbusinessesaskingusforbetterpaymentandbilling options.
Transformify
Thewaypeopledotasksorworkisevolvingevery sooften.Withthechangingworkmodels, businesseshavetofacemanydifficultiestoadapt theirworkforcesoastobringmoreoperationalfluidityand stayaheadofthecompetition.Thisisthereasonwhya companyleveragesworkforcemanagementsystems.
Tohire,pay,andmanagegiftedapplicants,thecompany musthavekeeneyesandathoroughunderstandingofthe needsofbusinessclients.Everybusinesshasmanydifferent considerationsregardingthewaytheyworkandthe personneltheywillneedtocarryoutthedailyoperations.
Transformifyassistsorganizationstohirewhenever, wherever,withoutwastingvaluablecorporateresourcesto staycompliantwithasetofgloballawsandregulationsby simplifyingtheinternationalhiringprocessandremoving bottlenecks.Theyaregrowingswiftlyandaredealingwith agrowingnumberofcorporateclientsontheirneeds, includingsomeoftheworld'smostsophisticated internationalbusinesses.
RecentlywehadaconversationwiththeCEOandAngel InvestorofTransformify,LiliaStoyanov Intheinterview, wegainedvaluableinsightsintoherprofessionaljourney andtheagency'sinnerworkings.
So,withoutfurtherado,let'sdiverightintotheinterview andcherishtheknowledgeweareabouttoreceive.
PleasebriefouraudienceaboutTransformify,itsUSPs, andhowitiscurrentlypositionedasaleadingprovider ofbillingandinvoicingsolutions.
Globalpayrollon-demandisarelativelynewconcept, althoughtheCOVID-19pandemicforcedmanycompanies toworkremotely.Soon,innovativebusinessesgraspedthe opportunitythatcomeswithtappingintoaglobaltalent pool.Ifbefore,itwastakingmonthstofillinahighlyskilledrole,distributedworkallowedthemtohirethebest candidateregardlessofthelocation.
Therewasonecatch,though–compliancewiththelabor legislationinagrowingnumberofcountries.Howcould thein-houseHRteamstayontopofallregulatorychanges, makesurethatallnecessarydocumentsarecollected,the cross-borderpaymentsareprocessed,andsomuchmore?
That'swhereTransformifystepsintoprovideaseamless experiencefromtalentacquisitiontoonboarding,toproject managementtoself-billing,messaging,massemailsand paymentautomation,andallotherfunctionalitiesthatare necessaryfortheseamlessmanagementofin-houseand remoteteams.
Further,TransformifyleveragesHSBC,Payoneer,Stripe, Rapyd,andRevoluttosecurelytransferpayoutstoservice providersacrosstheglobe.Byintegratingintothefintech infrastructure,Transformifyispositioningitselftoquickly developnew,highlysought-afterfeaturesandmakethem availableglobally
Thus,TransformifyistappingintoAPIs,foreignexchange services,andglobalpaymentcapabilitiestomake paying—andgettingpaid—fasterandcheaperforits clients.20+cryptocurrenciesareavailabletothose businesses,serviceproviders,andfreelancerswillingtobe paidincrypto.
AtTransformify,weinnovatebyanticipatinghowtheworld ofworkevolvesandhowdynamics—liketheriseof
We've never charged job seekers a fee for using our technology and made our services and HR software solutions accessible to businesses of all sizes.
The 10 Most Reliable Billing Invoice Companies to Watch
AbouttheLeader
Lilia Stoyanov is a Chief Execu ve Officer and angel investor at Transformify. She is a fintech and digital transforma on expert and a professor at Zigurat Business School, expert evaluator Horizon 2020 at the European Commission, contribu ng author in various magazines, including Entrepreneur.com.
Over the years, she has held numerous Chief Financial Officer roles, GM & CFO roles at Skrill/Paysafe, and a Director Procure to Pay at Coca-Cola Enterprises.
Having a background in fintech, management, and strategy, she sensed the rise of the gig economy early on. At about the same me, many enterprises restructured their businesses, and the automa on of processes led to layoffs of highly skilled and highly paid experts.
Ini ally, Transformify was developed to provide work assignments to top experts and ensure that they don't waste their me dealing with billing, chasing late payments, and compliance. Over the years, an ATS (applicant tracking system), FMS (freelancer management system), VMS (vendor management system), and diversity hiring programs were added to the product mix.
thegigeconomy—impacttheneedsofourclientsandthe modernworkforce.Transformifyprovidesreadyaccesstoa growingcontingentlaborpoolandthetoolstomanageand payfreelancers,serviceproviders,andindependent contractorsinasecure,efficient,andcompliantmanner.
Tellusmoreabouttheproductsandservicesthrough whichyouhaveascertainedyourstrongholdwithinthe employeebenefitsandinsurancespace.
Althoughemployeebenefitsandinsurancearenotthe primaryfocusofTransformify,strategicpartnershipswith insurancefordigitalnomadsanddentalcareareavailableto usersofTransformify Theycanopttopurchaseinsurance packagesbasedontheirpreferences.Usually,wemanageto negotiatepreferentialpricingforTransformify'susersto enhancetheirsatisfaction.
Beinganexperiencedleader,shareyouropiniononwhy theadoptionoftechnologiessuchasAIandmachine learningisnecessaryforthebillingandinvoicing solutionsniche,andhowhaveyouleveragedthese technologiestodeliveryourproductsandservices?
Billing,invoicing,andreconcilingpaymentsarethe nightmareofmanyaccountantsandfinanceexecutives.
Imaginearetailchainthatusestheservicesofpromoters everyweekendallacrosstheUK.Theyareindependent contractors.Theiravailabilityisfluidandneedstobe confirmed.Mostofthemhavenoideahowtoissueataxcompliantinvoice.Thenightmarefortheretailchainstarts righthere,rightnow.
Howtoensurethatallthesepeople,sometimesmorethan 5000,workingeachweekendonacontractbasishave issuedandsubmittedtheirinvoices?Howtoensurethatno duplicatepaymentswillbetransferred?Whatabout
updatinginvoicedetailsandpaymentdetailsinthevendor masterdata?Howtofacilitatethereconciliationofall financialdata?
Transformifyusesalgorithmsthatmatcheachpaymentto thepaymentapprovaltothepaymentdetailsassociatedwith therespectiveserviceprovidertofullyautomatebilling, invoicing,paymenttransfers,andreconciliation.The paymentsarealsoreconciledautomatically,andthereisno possibilitytotransferduplicatepaymentsaseachpayment hasauniquepaymentID.
Moreover,TransformifyactsasCaaS(Company-as-aservice)sothatitsbusinessclientshaveonlyonevendorto setupintheirvendormasterdataandtransferpaymentsto. Allserviceproviders,freelancers,andindependent contractorsenjoytheautomatedself-billingprocess.
Aself-billinginvoiceisissuedontheirbehalfeachtimea paymentisapproved.Theyarenotexpectedtokeeptrack ofthetaxlegislationandknow-howtoissuetax-compliant invoices,etc.Thesameisvalidforpaymentconfirmationsanautomatedemailissentouttotheserviceprovidersto informthemthatapaymenthasbeenapprovedandisonits way.
HowdoyouenvisionscalingTransformify'soperations andofferingsin2022?
TransformifyhaslaunchedSustainableRemoteJobs Initiativetotackleunemploymentamidthecovid19 outbreak.Overtheyears,we'vebeengivingbacktosociety, andthat'swhatwearedoingintimesofuncertainty.As thousandsofsmallbusinesseshavestruggledduringthe lockdown,peoplelivinginruralareasandsmallcities acrosstheglobewillneedmoreaccesstotemporaryremote jobsforthecomingmonths.
Further, backin2016,TransformifylaunchedRebuild Livestohelpdisplacedpeopleearnincomeandgetpaid compliantlywhileseekingasylumoverseas,whichiseven morerelevantrightnowwiththeUkrainecrisis.Often refugeesleavewarzonesandmoveoverseas,havingno safetynetorsourceofincome.Ittakesmonths,and sometimesevenyears,toreceiveasylumstatus.
TransformifyHRSuiteenablesjobsearch,provides informationaboutthetransferableskillsofthejobseekers aswellassecurespaymenttransferstopeopleinneed worldwide.
We'veneverchargedjobseekersafeeforusingour technologyandmadeourservicesandHRsoftware solutionsaccessibletobusinessesofallsizes.Further,we haveexpandedto150+countriesinlessthanthreeyears withoutanyexternalfunding.AsiaandtheMiddleEastare ourfocusasthesearefast-growingdevelopingmarketswith hugepotential.Wesawtremendousten-foldgrowthin2021 versus2020andworkedrelentlesslytoachieveevenbetter resultsin2022.
AwardsandRecognitions
FirstWomenAward(UK,2017), FemaleEnterpriseAward(UK,2018), Top50MostInnovativeBrands(UK,2019),
Transformifyisamongtheveryfewcompaniesthatjoined theDigitalSkills&JobsCoalitionoftheEUCommission backin2016.
Impact of E-invoicing onBusiness Processes
Electronicinvoicing,alsoknownase-invoicing,is gainingpopularityinboththeB2BandB2G sectorsaroundtheworld,graduallyreplacingthe old-fashionedpaperinvoiceandthemorecontemporary PDFinvoice.Asaresultofthebenefitsofe-invoicingbeing morewidelyunderstood,Europeanlegislationmandating theuseofe-invoicinginB2Gtransactions(asexaminedin lengthinourwhitepaperonthistopic)hasaccelerated transparencyinrecentyears.
Ontheonehand,thistransformationwillinevitablychange invoicingmethods,whichsomemightbeconcernedabout. Ontheotherhand,E-invoicingprovidesvariousbenefitsto supplychainbusinesses.
Let's look at these merits in the context of the other regularly used alternatives. Here are major five ways in which your business will benefit:
ImprovedAccuracy
Withmanualprocesses,humanerrorposesamajorrisk. Duetoheavyworkflow,busyandfatiguedemployeesare morelikelytomakemajormistakeswhenenteringdata. Manuallyprocessinginvoicesincreasesthepossibilityof humanmistakes,especiallywhentheemployeeisdealing withlargeamountsofpaperwork,whichistime-consuming andrepetitious.
Thesetypesofprocessesexposefirmstopenaltiesandfines fornon-compliancewithGDPRiftherightdataprotection
safeguardsarenotfollowed.Manysystemsprove100 percentcorrectnessbyvalidatinginvoiceslinebylinewith high-performancesoftware.Thisenablese-invoicingto eliminatetheserisksandinconsistencies. CostSavingsandIncreasedProductivity
Digitalinvoicingsystemsenablefirmstovirtuallyeliminate humandataentryandincreaseincomingprocessing.This cansave60-80%timeconsumptionascomparedtopaper basedprocessing,withprojectspayingforthemselvesinsix toeighteenmonths.
Thisliberatesemployeesfrominefficientmanualsystems, allowingthemtooperatewithmorespeedandagilitywhile avoidingtheneedforlengthy,intensivetrainingonthenew system.
Cloud-BasedSoftwareallowsEasyRemoteAccess
Movingaheadoftimeandproductivity,remoteaccessis oneofthemajoradvantages.Theshiftinworkplacesasa resultofpandemic-preventionmeasuresisexpectedtohave along-terminfluenceonbusinesses.Mostemployeeswant toworkfromhomemorefrequentlythantheydid previously.Cloud-basedapplicationshavebeenabighelp inenablingemployeestofinishtheirworkregardlessof theirlocationduringthelastfewmonths.
Cloud-basede-invoicingsystemsofferthesebenefits,with platformsaccessiblefromanywhereonalaptop,tablet,or mobiledevice.
AddingTransparencywhileEmpowering Organizations!
Transparencyislackinginpaper-basedbillingmethods. Andwhilereportingisdependentondataentryaccuracy, queriesnecessitatebrowsingthroughdocumentation.But, incaseoffraudulentclaims,itisimportanttospotwiththe nakedeye,especiallyforworkerschargedwithprocessing hundredsofincominginvoiceseachday.
Asaremedytothecrisis,E-Invoiceisasafeharbor! Invoicingthatisautomatedreducesthechanceofhuman mistakes,highlightsdisparities,andflagsinvoicesthatmay befraudulent.PitneyBowes'inbounde-invoicingsoftware examinesthedatalayerinadigitalPDFandvalidatesitline bylinewith100percentcorrectness.
Dataprovidesahighlydependableandsolidfoundationfor bothreportingandanalysisatthislevelofaccuracy
OpeningupnewBusinessOpportunitiesandImproved SupplierPartnerships
Businessrelationshipssufferwhenpaymentsarelate.Asa resultofnewmeasuresthatwentintoeffect,payment delaysmayjeopardizefuturebusinesspossibilities.The newmethodswereimplementedtoeliminatepaydelaysin boththepublicandprivatesectors.
Largecompaniesmustpay95%oftheirinvoiceswithin60 daysorriskbeingbarredfrombiddingongovernment contracts.Thisbuildsonthe2008PromptPaymentCode, orPPC,whichrequiresbusinessestopayontimeorbe removedfromcontractorlists.
E-invoicingimprovessupplierrelationshipsbyshortening invoice-to-paytimeframesandallowingsupplierstooffer discounts.Assumethatyoursuppliershavemadeany billingerrors.Inthatsituation,thesewillberecognized earlyintheprocessratherthanrepeatedlysubmittingand rejectingbills,andlatepaymentpenaltieswillbevirtually avoided.
Withthecapacitytoacceptdifferentinboundinvoicetypes suchasPDF,scannedpictures,XML,EDI,andHTML, PitneyBowes'inbounde-invoicingrequiresnoprocess changesforsuppliers.Supplierscancontinuetosend invoicestoyouintheirpreferredformat,comfortable knowingthattheywillbepaidontimeandwithoutwasting timetrackingdownunpaidbills.
Wrappingup
E-invoicinghasbecomeoneofthemostimportant measuresbusinessesaretakingtodigitizetheirworkand maintainrelationshipswiththeirclients.
Withgovernmentsthroughouttheworld,particularlyin Asia,establishingmandatesandstrivingtoimplement frameworkstoenablee-Invoicing,PEPPOLisanefficient roadmapahead.Ifyouarescoutingtheglobeforaperfect investmentstrategy,E-Invoicingcantakeyourbusinessto thenextlevel.
- Rahul ThakarThe 10 Most Reliable Billing Invoice Companies to Watch
Tungsten Network
Inaworldthathasbeenrevamped withmanyinnovationsand transformativetechnologies,the globalbusinessspacehasalwaysbeen awestruckbythedevelopmentsthat corporateshaveintroducedtothe masses.Whetheritistransgressingthe mobilityofbusinessprocesseswith cloudsystemsorintroducingagile systemsinsoftwaredevelopment;the businesscommunityhasalwaysbeena harbortoeverymindbogglingcrisis.
Asknowninthecorporateworld,the highestepitomethatchangedthesocial psychologyofthebusinesscommunity isthepandemicturbulence.Hittingthe roads,COVID19triggeredthelosing endsofbusinessspace.Fromdaily commutationtoqueuingaroundthe dailyvendors,everythinggotchanged. However,technologybeingthe
solutionprovider,manyworkflows founditsproductivealternativeand couldkeepthebusinessgrowing steadily.
Onesuchtransformationinsidean organizationspaceisElectronic Billing.Asarevolutionarysteptoward thebillinginvoicesegment,oneofthe mostreliablesourcesthathas encapsulatedalargeconsumerbase whilecarvingitsmarvelinthesocial memoryoftheglobalbusiness communityisTungstenNetwork.
GuidingtheTungsten’slightinthe businessworldisMarisaTeh
SheistheChiefProductandBusiness DevelopmentOfficeratTungsten Network.Sheisarenownedleader whopossessestheabilitytorecognize
whitespacesintheindustryandseed sustainablepracticesfortheavailable crevicesinthebusinesscommunity
Let’s dive into the interview highlights of Marisa and learn more about the Invoice Billing corporate that made its remarkable space in the E-Billing industry!
Pleasebriefouraudienceaboutyour company,itsUSPs,andhowitis currentlypositionedasaleading providerofbillingandinvoicing solutions.
TungstenCorporation(AIM:TUNG)is theworld’slargest,compliantbusiness transactionnetwork.Aleadingglobal electronicinvoicingandpurchaseorder transactionsnetwork,Tungsten’s missioniscenteredonenablinga
touchlessinvoiceprocessallowing businessesaroundtheglobetogain maximumvaluefromtheirinvoice process.
Tungstenprocessesinvoicesfor60% oftheFTSE100and68%ofthe Fortune500.Itenablessuppliersto submittax-compliante-invoicesin54 countriesandprocessedtransactions worthover£220billionlastyearfor organizationssuchasCaesars Entertainment,Computacenter, GlaxoSmithKline,KraftFoods, MohawkIndustries,Mondelēz International,Procter&Gamble,Shaw Industries,UnileverandtheUS FederalGovernment.
MarisaTeh, Chief Product and Business Development OfficerFoundedin2000andheadquarteredin London,Tungstenhasofficesinthe US,Bulgaria,andMalaysia, employingover227people
Tellusmoreabouttheproductsand servicesthroughwhichyouhave ascertainedyourstrongholdwithin theemployeebenefitsandinsurance space
Wehaveamultitudeofproductsand offerings!
TotalAPhelpscompaniesrealize 100%invoicedigitizationfromday one,accommodatingalltheirsuppliers, regardlessofsize,location,ormaturity.
TotalARgivescompaniesvisibilityof billingsandallowsthemtosubmitone file,inanychannelandformat,to supportthedeliveryof100%oftheir invoicesto100%oftheircustomers. WorkflowisasolutionthatpowersAP towardsworld-classoversightand processmanagement.Customerswho combineTungstenNetworkworkflow offeringwithe-invoicinghave typicallyreducedaccountspayable costsby60%ormore.
SupplyChainFinanceworkingwith ourpartner,Orbian,we’reproviding flexibleaccesstocapital,withvaried optionstosupportalltypesofsuppliers -supplychainfinancethatgenuinely improvesthewayyoudobusiness.
BriefusabouttheChiefProductand BusinessDevelopmentOfficer’s journeyintheindustryandhowshe contributedtothecompany’ssuccess
MarisaTeh,ChiefProductand BusinessDevelopmentOfficer.She joinedTungstenin2020.
Marisaisanaccomplished internationalbusinessleaderwitha proventrackrecordofidentifying whitespacesacrossdifferentindustry sectorsanddrivingsustainable businessgrowth.
Herentrepreneurialbackgroundstems fromdevelopingnext-genmultimillion-dollarventuresforTexas InstrumentsandPhilipsintheinternet infrastructureandhealth&consumer lifestylespace.Herexperiencegives
heradeepunderstandingoftechnology productsanditspowertotransform andreinventuserexperiencesto challengethestatusquo.Italso developedherpassionforinnovation withmassivesocialimpactand sustainability
ShethenmadetheleaptoFMCG, joiningPepsico-Unileverjointventure andsubsequentlyDiageotosetupa Europeancenterofexcellencein developingmulti-yearrevenuegrowth strategiesandinstillinga‘payfor performance’culturethatdeliversa triplewinagendaforthecustomer, consumer,andthecompany.
Shehasco-foundedandmentoreda numberofstart-ups.
Tellusmoreabouttheproductsand servicesthroughwhichyouhave ascertainedyourstrongholdwithin yourindustry?
AccountsPayableandAccounts
Receivableautomationareareasin whichweexcel.Weareuniquely differentiatedtocoverawide geographicalcoverageforbothARand APcompliance.Withmorethan20 yearsofexperiencehelpingbuyers centralizetheirinvoicingandhelping suppliersgenerateanddistribute invoicestobuyers,wehaveadeep understandingoftheneedsofboth buyersandsuppliers.
Wehaveastrongbackingofclients fromtheEnterprisesegment-clients withcomplicatedrequirementssuchas thosederivedfromMergersand Acquisitions(bringinganumberof disparatesystemstogether)andor geographicalsplits.That’swherewe offertheidealsolution.MostAPand ARofferingsinthemarketareoffthe shelf–andnotcustomizable.Aswe
offerwhiteglovesandcustomized service,weworktounderstandclients’ needsanddeliverasolutionthatbest suitstheirneeds,muchlikeatailored suit.
Equallyimportant–wetakethe holisticviewanddon’tjustsolvepain pointsforbuyerstothenpassittothe ARdepartmentlaterdowntheline.As wehavebothsidesofAPandAR,we considerimplicationsfrombothsides. Indoingso,wedeliveratriplewinfor thebuyer,supplier,andTungsten.That iswhyTungstenhasexcelledinthis industryforover20years–wetakea partnershipapproachandthe360view.
Beinganexperiencedleader,share youropiniononwhytheadoptionof technologiessuchasAIandmachine learningisnecessaryforthebilling andinvoicingsolutionsnicheand howyouhaveleveragedthese technologiestodeliveryourproducts andservices?
MachinelearningandAIarekeyto speedingupmanualtasksandreducing manualeffort,whichcouldincur mistakes.Wearedeployingmachine learningtospeedupanddeliver customizeddatacapture(RobbClaxton isbestplacedtocitestatsforthis).One clientrecentlytoldustheyare achieving98%accuracyonthe25,000 invoicestheyreceiveeveryweekon theTungstenNetwork.
Howdoyouenvisionscalingyour company’soperationsandofferings in2022?
In2022wewillcontinuetofocuson rollingoutmoreself-servefeaturesin oursolutionstohelpgiveour customersmorecontrol.Theseare designedtounlockandopenour networkfasterandmoreseamlessly.
Wewanttomakeiteveneasierfor membersofournetworktofind, connect,andpartnerwithothers effortlesslyandpromptly.Indoingso, wewillalsoreduceservicetickets, improvecustomersatisfactionand delivermorevaluetoourwhole network.Withourstatedvisiontobe themosttrustedbusinesstransaction network,ourmantraiscontinuous improvement.Thatmightbefinding, connecting,andpartneringwitheach otherfasterinourecosystem, providingexceptionalcustomer service,orofferingadviceandpractical leadershiponcomplianceandcountry mandates.
OurcomplianceandrulesengineUSP givescustomersconfidentprepayment,sowearebuildingonthisto expandintopayments.
Whatwouldbeyouradviceto buddingentrepreneurswhoaspireto ventureintothebillingandinvoicing solutionsniche?
Iwouldsayknowingtheindustryis key Andaboveall,knowingyour customers’industrytoo.Howthey operate,andhowtheymeasure
success.WhereareAPandARontheir criticalsuccessfactorscale?Theneeds ofcustomersatdifferentlevelsof digitaltransformationmaturitywill differquitebroadly,andsowillthe painpoints/benefitstheywantto derive.
Pleasegiveusafewtestimonialsof yourclients/customersand awards/recognitionsthataccurately highlightyourorganization’s positioninthemarket.
TungstenNetworkwonthefirstannual PerceptionsAnalyticsAwardintwo categories:MostEffectiveatReducing DSOandHighestOverallValueInvoiceSubmission.
ThePerceptionsAnalyticsAwardwas createdbyReceivableSavvyto recognizetheexcellentworkof electronicinvoicingsolutionproviders. Theawardsalsohighlightthevalue realelectronicinvoicingusers,those supplierorganizationsparticipatingin thePerceptionsAnalyticsstudy, receivefromthesolutionproviders theyuse.