Coupa Announces General Availability of InvoiceSmash Application
Leverages Community Intelligence to Automate AP and Reduce Costs
SAN MATEO, CA – May 18, 2017 – Coupa Software (NASDAQ:COUP), a leader in cloud-based spend management, today announced the general availability of InvoiceSmash, which is a new unified application within its spend management platform. The application helps make processing supplier invoices faster, easier, and less expensive than is currently possible with legacy optical character recognition (OCR) solutions, while also improving compliance, data quality and supplier participation.
Coupa takes the next step in transforming B2B commerce by further reducing the need for expensive supplier enablement initiatives and strengthening the way the world’s businesses use Coupa Invoicing and the Coupa Open Business Network™ for their e-invoicing transactions.
“We continue to collaborate with our customers to achieve our goal of continually reducing AP costs through forward-thinking approaches to automating accounts payable and e-invoicing,” said Raja Hammoud, vice president of product marketing and management at Coupa. “Our customers are always inspiring us to improve and deliver innovations to drive measurable value for their organizations, and InvoiceSmash is a direct result of that.”
The solution’s closed-loop learning capabilities detect supplier invoice format changes, and automatically creates smarter templates for future invoices. The Coupa system grows smarter, increasing Coupa community intelligence, after a new supplier invoice format appears. New invoices from any customer are then processed faster and more accurately because of the power of this community intelligence.
In today’s world of B2B commerce, extended global enterprises need modernized solutions to efficiently manage supplier transactions while staying compliant with local government requirements. These businesses also want to transact with one another quickly, without fees, paper or friction, which impact the overall cost of doing business. Coupa’s model of delivering e-invoicing compliant systems as a fully managed service delivers on this promise.
InvoiceSmash’s cloud-based technology has innovative closed-loop learning capabilities that extend Coupa’s Invoicing solution by instantly converting emailed invoices from suppliers into the digital format required for the buyer’s accounts payable process.
As Coupa brings these innovations to market, supplier enablement efforts and invoice processing costs will decrease as buyers and suppliers gain instant connectivity and the freedom to interact using their preferred processes and without supplier registration or fees via the Coupa Open Business Network™. Finance and Treasury also get the added benefit of enhancing working capital and additional days to apply early payment discount terms to earn a return on payables.
Innovative Accounts Payable & e-Invoicing Technology
Designed to help organizations of all sizes digitize and automate the often painful accounts payable and invoicing process, InvoiceSmash is a unified application available within Coupa’s cloud-based platform to instantly convert emailed invoice attachments into the field formats required by Accounts Payable organizations.
The Coupa Open Business Network™
With no fees or friction, the Coupa Open Business Network™ instantly connects the world’s businesses, providing customers with both the flexibility and freedom they want to transact with their direct and indirect suppliers. Today, more than 3 million suppliers connect to Coupa customers to easily collaborate and transact.
By incorporating InvoiceSmash into the Coupa platform, emailed invoice attachments that currently flow freely through the Coupa Open Business Network™ AP Inbox functionality will be able to process automatically, resulting in more accurate and timely invoice processing.
With faster invoice processing times, finance teams benefit by gaining additional days to support their cash flow management initiatives, and the ability to maximize supplier discounts and earn a return on their payables through the power of Coupa’s dynamic discount support. Customers can also benefit by increasing e-invoicing connectivity with more of their suppliers without the pain and cost of extensive supplier enablement projects or having to use OCR systems to manually scan and digitize invoices.
Born in the cloud, Coupa delivers a modern spend-management platform that accelerates business by unifying processes across all the ways employees spend money. These processes cover travel and expense management, procurement, invoicing and related source-to-settle areas. Using the Coupa Open Business Network, the platform has connected more than 3 million suppliers and delivers a powerful solution for businesses committed to controlling their spend.
About Coupa Software
Coupa Software (NASDAQ:COUP) is the cloud platform for business spend. We deliver “Value as a Service” by helping our customers maximize their spend under management, achieve significant cost savings and drive profitability. Coupa provides a unified, cloud-based spend management platform that connects hundreds of organizations representing the Americas, EMEA, and APAC with millions of suppliers globally. The Coupa platform provides greater visibility into and control over how companies spend money. Customers – small, medium and large – have used the Coupa platform to bring billions of dollars in cumulative spend under management. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.