The companies said in an announcement this week that Link4 will provide its invoice delivery solution and use Squirrel Street’s artificial intelligence (AI) capabilities to streamline invoice management and processing. The combined solution can integrate into companies’ existing accounting systems to reduce manual data entry, the firms noted.
“We are aiming for more efficiency and less data entry, which is what this collaboration will achieve,” said Squirrel Street Founder and CEO Simon Foster in a statement. “It will also give our users the ability to send and receive invoices through Link4’s cloud solution for truly digital eInvoicing. It’s a major milestone toward a sustainable paperless future.”
According to Link4 CTO Sam Hassan, businesses using Link4’s eInvoice solution will be able to process PDF invoices that they receive from their suppliers and turn them into truly electronic invoices for automated data capture and invoice processing.
The tool can be used for micro-businesses, small businesses (SMBs) and large enterprises, the companies added.
“We are happy to partner with Squirrel Street, as businesses need both of these solutions,” said Link4 Australia CEO Robin Sands in another statement. “It is a logical move to offer them together, and we look forward to announcing more benefits in the near future.”
Australia has been promoting the adoption of eInvoicing standards in an effort to reduce paper waste and boost efficiencies. Last year, the Australian Tax Office lent its support for nationwide eInvoicing standards, with reports noting that the Australian government would likely take the lead in adopting those standards. According to a report commissioned by tax officials, standardizing eInvoices could yield $10 billion in savings every year, with government agencies saving a potential $3 billion a year alone.