New Electronic Invoicing Community Brings Trading Partners Together.Transcepta Leads Movement for Electronic Invoicing
ALISO VIEJO, Calif. -- Transcepta LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control is leading a movement to popularize pop·u·lar·ize
tr.v. pop·u·lar·ized, pop·u·lar·iz·ing, pop·u·lar·iz·es
1. To make popular: A famous dancer popularized the new hairstyle.
2. an Internet-based electronic invoicing community that brings trading partners together. The leading innovator of hosted electronic invoicing solutions has introduced the Transcepta Electronic Invoicing Community - a place where buyers and vendors find common ground to process invoices free from the everyday constraints of paper and rigid computing systems.
The paper invoicing process has long been a major hassle, particularly for businesses that deal with a large number of vendors. In addition to driving high operational costs, paper creates slow, inefficient, manually intensive workflows. Many businesses are living the same scenario, where a large buyer receives thousands to tens of thousands of paper invoices each month from thousands of vendors. The data entry alone is overwhelming, draining the company of valuable resources.
To alleviate the problem, businesses are continually looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to eliminate paper processes. Until recently, however, electronic invoicing projects have had mixed results at best. The primary reason is that the value proposition is typically strong for the buyer but weak for the vendor. The business world is littered with electronic invoicing projects where only a small portion of vendors participate.
While traditional forms of electronic processing - such as Electronic Data Interchange See EDI.
(application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ), eInvoicing Networks and Optical Character Recognition optical character recognition (OCR), method for the machine-reading of typeset, typed, and, in some cases, hand-printed letters, numbers, and symbols using optical sensing and a computer. (OCR OCR
in full optical character recognition
Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. ) - have had only limited success, the tide is turning as a new, clever approach is gaining momentum. Just as social networking for personal pursuits brings together a diversity of individuals, Transcepta's
new electronic invoicing community is poised to do the same for business partners whose common purpose is to buy and sell goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. .
"The Transcepta Electronic Invoicing Community introduces a unique 'many-to-many' relationship that benefits both buyers and vendors across the board," said Transcepta's director of product management, Shan Haq. "In many industries, numerous buyers are likely to share the same vendors. As the community grows and matures, the benefits of this 'many-to-many' relationship are fairly obvious. For example, when a new vendor joins the community, over time it becomes more likely that some of their buyers will already be members - and vice versa VICE VERSA. On the contrary; on opposite sides. ."
Using Transcepta's Community process, vendors simply print their invoices out of their existing system to a Transcepta virtual printer that is downloaded off of the Internet. Transcepta takes over from here by transmitting the invoices to their data center, which converts them into whatever form the buyer chooses. The buyer receives the invoice and can directly import it into their accounts payable process. For vendors looking for additional value, invoices can be sent to other smaller buyers by email, postal mail, or fax. This flexibility enables vendors to outsource the entire invoice send process.
The process is hassle-free for Community members because the technology that does the mapping and parsing of invoices is hosted in Transcepta's data center. There is no on-premise software or integration on the vendor's site. This is particularly important for a quick, cost effective on-boarding process, which Transcepta initiates on behalf of buyers.
"Electronic invoicing is something to consider whether you're a buyer interested in improving efficiency, reducing costs, and taking early pay discounts or a vendor interested in improving trading relationships with your customers," added Haq. "The Transcepta Electronic Invoicing Community is the ideal solution because it is free of start-up barriers and benefits the vendor, which dramatically increases adoption rates."
Transcepta was founded in June 2005 with the mission of creating easy-to-implement, on-demand, electronic invoicing and Electronic Invoice Presentment and Payment (EIPP EIPP Electronic Invoice Payment and Presentment
EIPP Electronic Invoice Presentment and Payment ) solutions for businesses of all sizes. Transcepta offers its services through an online Community, where Vendors and Buyers meet to invoice electronically. Thousands of companies have joined the Transcepta Electronic Invoicing Community, which offers cost reduction, efficiency and stronger trading relationships. Supporting all major accounting ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. systems, Transcepta's online trading community An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. offers quick and easy deployment and does not require in-house IT resources or an up-front capital investment. Transcepta is located in Aliso, Viejo, Calif. For more information, visit www.transcepta.com.