SYDNEY and LONDON, 6 December 2017 – CloudTrade, the leading provider of cloud based e-invoicing and e-order services, has today been named as Downer’s preferred e-document supplier.
CloudTrade will help to drive Downer’s finance transformation with CloudTrade’s patented e-invoicing and e-order solution, which is built firmly on the premise that e-invoicing, should be easy to use and non-disruptive.
Downer’s adoption of CloudTrade’s e-invoicing solution will substantially reduce the time associated with invoice capturing and validation, lower administration costs and drive efficiencies across the Group, by automating its accounts payable processes.
Downer is based in Australia and employs over 56,000 people across more than 300 sites, primarily in Australia and New Zealand. Downer’s shared service division manages the Group’s accounts payable processes and is responsible for processing over 600,000 purchase orders and invoices per year.
Micha Veen, an Operational Innovation specialist and Downer’s P2P Lead for Group Finance Transformation, explains: “Following the CloudTrade implementation, Downer’s suppliers can submit their PDF invoices to Downer in an easy and non-disruptive way, supporting Downer’s vision towards a best in class Procure to Pay.”
David Cocks, CloudTrade’s co- founder and CEO, says: “CloudTrade enables companies, like Downer, to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity. CloudTrade’s unique technology, delivers services not widely seen in the market, in a cost-effective way. Our software is also protected by lasting patents in Europe, the U.S. and Australia.
“CloudTrade offers an e-invoicing service that removes the barriers typically associated with supplier adoption. Because the process of on-boarding through CloudTrade is so simple, Downer is set to achieve more effective invoice on-boarding rates and can get their suppliers up and running within days, something no other e-invoicing solution can do.”
CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 150 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe.
How CloudTrade’s solution works
CloudTrade’s patent-protected software uses unique rules based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders and advanced shipping notices, CloudTrade processes them automatically and cost effectively, with unprecedented accuracy.
Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality. PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.
About CloudTrade
CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 150 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/ or contact Nick Jones; 07832 115362, nick.jones@cloud-trade.com.
