FOR IMMEDIATE RELEASE:
Features Such as Straight Through Processing and the Invoice Virtualization Center Increase Productivity
Fairfield, NJ (June 20, 2008) - Archive Systems, a leading provider of accounts payable automation, today announced that three more companies have selected ASPEN 360 Accounts Payable Edition, a subscription–based service that automates the AP process. These companies include a leading manufacturer of construction equipment, a leading marketer of apparel and consumer soft goods, and a leading multichannel specialty apparel retailer.
ASPEN 360 will provide these organizations with an advanced imaging and workflow solution for accounts payable. The solution includes the ASPEN 360 Invoice Virtualization Center (IVC) for invoice scanning, data capture and OCR, online image storage, and automated workflow management. Once completed in the IVC, invoices are automatically routed in ASPEN 360 for approval based on each company’s existing business rules. The invoices are also available online for viewing throughout the approval, payment and audit processes.
The ASPEN 360 solution also integrates Straight Through Processing, which uses automated three-way matching to auto match invoices to PO and receipt line items. Invoices are processed programmatically without AP processor involvement. When exact matches or matches within predefined tolerances are met, ASPEN 360 auto matches the PO, Receipt and Invoice, then completes the transaction by passing the data directly to the ERP system.
"We are pleased to have more companies select ASPEN 360 for accounts payable automation," said Dave Craig, President of Archive Systems. "What really sets the AP Edition apart is that AP Best Practices are built into the system. Capabilities like line item capture, PO matching, and automated 3-way matching are delivered in a way that supports the needs and requirements of organizations in a variety of different industries."
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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